Today’s businesses and service providers are facing a daunting challenge: how to effectively streamline billing and payment processes to meet their customers’ ever-evolving needs. In order for them to stay relevant and competitive in a consumer-driven marketplace, one crucial tool that businesses and service providers need to invest in is a smart billing platform that will enable them to improve their processes while concurrently satisfying customers through their billing experience.
In the following article, Voip-info addresses how service providers can help their customer base to accelerate their revenue collection and to further enhance their operational efficiency by streamlining billing and payment processes. Suren Arustamyan, the Chief Operating Officer at JeraSoft, also shares insights on how telecom and Internet of Things (IoT) service providers can enhance customer experiences and shares how JeraSoft’s Real-time IoT Billing Platform enables businesses to maintain a high standard of service while reducing customer churn.
Why an IoT Billing Solution is Crucial to Deliver Exceptional Customer Service
Customer expectations continue to evolve as businesses shift to adapt to the digital era, with customers and clients constantly being influenced by social media and mobile technologies. No longer do customers want only a quality product, but they expect that the services being delivered to them meet their present and future needs. So how can service providers meet the demands of their customers and gain their loyalty in the process?
As more organizations roll out IoT initiatives, what today’s service providers need in order to deliver excellent service to their clientele and to add more value to every customer interaction is to invest in a smart IoT billing platform. According to Arustamyan, a smart billing platform should be equipped with features and capabilities that can help simplify business processes. “A smart billing platform should be well prepared to rate and bill vast amounts of network traffic, gathered from multiple devices (e.g. computers, vehicles, smartphones, traffic lights, droids etc.),” said Arustamyan. “It should be aimed at supporting home automation, health monitoring, vehicle tracking, and any other innovative IoT services and business models.”
With its ability to bill for IoT services through a combination of usage- and subscription-based billing, a smart billing solution will enable service providers to streamline billing processes and create innovative business models and product offerings to improve customer service and revenue opportunities. Additionally, it should also be able to deliver advanced system management, flexible integration support, powerful online reporting, easy policies management, and more.
How JeraSoft’s Smart IoT Billing Platform Improves Customer Service
As a leading developer of high-quality billing platforms and provider of Voice over Internet Protocol solutions, JeraSoft enables businesses to streamline billing processes and add value to their organization. By leveraging JeraSoft’s IoT Billing Platform, service providers can easily bill data, short messaging service (SMS), calls, Internet of Things (IoT) events and actions.
JeraSoft’s IoT Billing Platform provides flexible tools to create uniquely defined billable services. It also offers customization of many features according to a particular client's business needs and allows businesses to create their own types of services. “JeraSoft can bill consumption of services on a counted number or volume basis or support regular subscription plans,” shared Arustamyan. “The billing can be based on billions of events, activities, or different services usages. Popular use cases are based on meter readings such as time in standby mode, the distance that car has traveled, and more.” Plus, there is a special tool to create subscription plans based on sophisticated requirements or to integrate custom subscription plans that are defined by clients.
Aside from these benefits, JeraSoft’s innovative billing solution also provides various types of reports (e.g., quality, traffic consumption, group by service types) with a preset real-time dashboard that includes charts and visualizes on-line data. “The company’s smart, billing platform tracks the capacity of simultaneous channels that a single client is using,” added Arustamyan. “Plus, JeraSoft sends low balance notifications and it’s easy to set up specific thresholds for admin to flag details about services consumption or set automatic hooks when the balance is critically low to notify 3rd party software.”
Key Benefits of JeraSoft IoT Billing Platform
For telcos and IoT service providers looking to improve their customer service and revenue stream, leveraging JeraSoft’s Real-time IoT Billing Platform offers a plethora of benefits that include the following:
- Helps gain insight into customer interactions. JeraSoft’s analytics allows businesses to get the deepest insights from the data collected. This way, service providers can easily track the number of active users, registered users, and services consumption. “With JeraSoft IoT Billing Platform, it’s pretty easy to analyze (group information, filters etc) current situations and detect what are the weak and strong points of the business structure,” shared Arustamyan. “Also, there is an inbuilt tool to notify managers of the system about low service quality, a decrease of the services consumption, and many flags or indicators for delivering online information and analysis about the current situation.
- Enables businesses to maintain high standards of service. Through JeraSoft’s powerful report tool, managers can easily get all the necessary details and then analyze them in order to create better offers for their subscribers. “It [JesoSoft IoT Billing Platform] allows the business to track subscribers behavior patterns, observe the changes in traffic consumption, get details about service usage per special offer, and more,” said Arustamyan. Additionally, JeraSoft’s billing solution has the option of creating its own defined subscription offers and different types of service that a client is looking for. “JeraSoft gives a business the possibility of entering new markets and attracting customers via changes in what and how they offer their services,” Arustamyan added.
- Supports organizations by improving their decision-making process. The Jerasoft Billing platform continues to evolve with the feedback from customers. “As we clearly see that smarter features are needed, we allow for better and more flexible Dynamic routing of the calls, making the real-time analysis of statistical data more efficient and cost-effective,” explained Arustamyan. Through their Customer Dynamic Report, businesses can generate statistical reports and create a chart to efficiently interpret key information that is helpful in the decision-making process.
- Allows businesses to create transparent data flow. The billing platform incorporates functionality related to the different organizational units of a company. Their application programming interface (API) allows billing to populate and interact with external databases and reporting systems. “We provide full API access to our platform in order to allow customers to create their own features and have a better interface to billing and reporting,” said Arustamyan. “Plus, we constantly improve automation for vendor price importation and tariffs creation, helping the operational management of the overall process while avoiding possible financial issues due to human errors.”
Technology Trends that are Transforming the Customer Experience
Technology is a driving force in delivering exceptional customer service. Three major technology solutions that have changed and continue to transform today’s telecommunications landscape by helping service providers and businesses enhance customer experiences and improve client interactions are the cloud, Voice over Internet Protocol (VoIP), and IoT technologies.
“Cloud solutions reduce time-to-market for many projects and gives an opportunity to react much faster and be more flexible to any changes in the market,” said Arustamyan. “For companies in the different business areas who want to build a good connection with current and potential customers, it’s a must-have option to prepare VoIP telephone networks to achieve these main goals and increase interaction with potential leads,” Arustamyan added.
The IoT / M2M technologies, on the other hand, improve customer experiences by changing the way companies operate and do business. “Today, IoT / M2M technologies have already irreversibly affected the way people, businesses, and governments interact with the outside world and each other,” said Arustamyan. “More sophisticated technologies appear on a daily basis and bring the IoT industry to a new level. Hence, the telecommunications market has been extended. And based on our experience and the experience of our customers, we recommend regular review analysis of any possible ways to monetize IoT developments.”
According to Arustamyan, technology trends are rapidly transforming the customer experience and what the best providers can do is to leverage them in order to stay in line with the progress and boost their margins. “Now is a great opportunity to create a new service offering that attracts clients and indicates you as are a key player in this new market,” said Arustamyan.
Indeed, for service providers to keep up with the changing business landscape, they need to fully embrace digital transformation and take advantage of the cloud, VoIP, and IoT technologies for them to deliver excellent customer service. “Each player should analyze their current position and the list of services that they provide now and how they are going to develop and provide new services and revenue streams in the future, to ensure they retain their market position and boost their future revenues,” said Arustamyan.
Aside from leveraging these technology trends, service providers need to take advantage of over-the-top (OTT) solutions to improve business and customer interactions. “Personal OTT solutions for the VoIP provider is a must-have feature today,” said Arustamyan. “Also, it’s a common situation that providers choose and prepare a platform as a background to create new business scenarios, services, units of measurements. In fact, it’s critical to react to all market changes as soon as possible.”
To learn more about the company’s comprehensive business communication solutions, visit JeraSoft’s website.
As an engineering company, JeraSoft heavily emphasizes technical support and integration work, helping their family of clients with their custom implementations. Established in 2005, the company’s main goal is to “help service providers and their customer base grow their business”. For a decade, JeraSoft engineers have been putting together key insights and successful billing management practices, combining them with state-of-the-art web and telecom technologies, in order to support their wide range of clientele that includes Telecom and IoT Providers in 35 countries.