Despite the potential of 5G, ROI has been scarce. Many of its promising applications such as smart cities and autonomous agriculture have yet to move beyond proof of concept. Inevitably, these applications will come to fruition and CSPs must act fast to leverage their potential and monetise their 5G investments.
At Hansen, we believe the key to unlocking 5G’s transformative potential is an agile commercial operation which affords CSPs the capacity to experiment efficiently with 5G propositions. Only then can they understand what resonates with customers and what needs to be iterated or retired. Achieving commercial agility is a multifaceted journey and is underpinned by a strong data foundation, enabled via a catalog-driven approach.
A common model
A catalog-driven architecture begins with a common commercial data model (CCDM), encompassing product, service, and resource (PSR) domains. This lays the foundation to eradicate the hurdles of working with disparate data sets which slow team progress and stifle innovation. By creating a single source of commercial truth, CSPs not only ensure an accurate creation of network resource definitions and supporting services but can also consume partner products and service definitions which can then be fed and modelled inside the Enterprise Product Catalog (EPC). The result is the ability to rapidly accelerate the proposition development process.
These efficiency gains realised through a catalog-driven approach are not merely about direct cost-saving; it’s a strategic pivot allowing CSPs to redeploy saved time into value-driving activities, such as customer and market research to power the next 5G proposition.
Downstream commercial systems
A catalog-driven approach amplifies control and precision throughout the entire commercial lifecycle. Catalog-driven downstream systems like, like Configure, Price, Quote (CPQ) and Order Management (OM), can natively interact and enforce data and logic defined in the EPC. As a result, all new 5G propositions are instantly available in these catalog-driven systems at launch, eliminating the need for specific configurations or coding for each new offering.
Catalog-driven CPQs and OMs, provide the autonomy to determine the sales and fulfilment processes and ensure the customer experience lives up to the calibre of the 5G products and services being sold.
Conclusion
While the path to 5G monetisation presents a stark contrast to the transition of 3G to 4G, and is filled with uncertainties, one thing is clear: CSPs must bolster their commercial capabilities to navigate the forthcoming complexities of next-generation 5G applications. Investing heavily in a handful of ventures which carry a high risk of failure is a risky strategy.
Hansen, and its suite of TM Forum compliant, cloud-native applications, is helping CSPs around the world to navigate these challenges by implementing a catalog-driven commercial ecosystem.
CSPs who don’t address these fundamental aspects first risk falling behind. While they’re stuck in old processes, competitors who adopt more modern approaches are setting their sights on new horizons, claiming their stake in a 5G driven future.
Connect with Hansen today to learn how a catalog-driven approach can position you at the frontline of the 5G race, ready to capture the potential of tomorrow’s opportunities. Or to read more about achieving commercial agility, download our exclusive paper – How to Monetise 5G Part 2 – With the Hansen Suite for Communications, Technology & Media.