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Optiva, which provides telecoms firms with cloud-native billing, charging and revenue management software on private and public clouds, has revealed that its business support systems (BSS) platform now allows users to leverage generative AI (GenAI) technology to quickly highlight new, targeted revenue opportunities and dramatically reduce customer churn.
Full integration with Google Cloud’s BigQuery and Analytics capabilities powers the deep learning needed to customize offerings and attract and retain customers with tailored service bundles.
A report by McKinsey recently revealed that GenAI could add up to $4.4 trillion to the global economy, with customer operations and marketing flagged as top revenue drivers.
Optiva BSS Platform, empowered by GenAI, can leverage real-time customer behavior and in-depth market data to identify hidden revenue opportunities and proactively suggest market proposals. It allows communication service providers (CSPs) to use GenAI-based recommendations and automatic configurations within the BSS platform to speed up new product and pricing launches. Hyper-personalized service offerings can be created at the touch of a button, automatically configured and upsold in real time.
With the rich resource of millions of customer interactions, integrated GenAI tools learn deeply, determining opportunities to upsell at the right price, offer new innovative bundles and proactively predict churn for greater customer retention. GenAI uses up-to-date market data, analytics feeds and detailed competitor analysis tailored to the market, saving time previously required for manual searches and audits. The power of GenAI empowers CSPs to generate fast new pricing options automatically without IT having to perform platform configurations, accelerating time to market and revenue with AI-based customization, suggestion and automation. As a result, CSPs are more competitive, able to protect their customer base and increase new revenue.
The new combination of GenAI and real-time market data delivers on the expectations of a new generation of consumer and enterprise customers while reducing costs. It is a tremendous advantage for new MVNOs that will be able to rapidly launch their new businesses on Optiva MVNO Hubs, a multi-tenant solution that extends Optiva BSS Platform with payment gateway integrations, taxation calculations and support for multiple MNOs globally. MVNO innovators, in particular, will benefit from the new updates to the platform, leveraging its deep learning and GenAI capabilities to optimize their service offerings and differentiate themselves in the market.
Matthew Halligan, CTO of Optiva, said: “In today’s highly competitive market, it’s vital that CSPs start leveraging the power of generative AI and real-time BSS data to better target their offerings and win customers.
“This technology is evolving fast, and market players now have a narrow window of opportunity to seize these capabilities and become instrumental in driving the industry forward.”
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