Keeping the customer delighted and happier than your competition, now and in the future, is a key task for any BSS. With the transformative power of GenAI and its excellent analytics capabilities, the ability of Business Support Systems (BSS) is enhanced multiple times. Service providers are increasingly turning to GenAI analytics to provide better customer experience by anticipating future demands.
A June 2024 IDC report says that 62 percent of Communication Service Providers (CSPs) in the Asia-Pacific region are reallocating budgets to Generative AI initiatives. Evolving GenAI models are transforming BSS use cases by providing enhanced analytics, optimizing internal processes, and enriching end-user offerings. So, the question is: is your BSS aligned with this new reality? What are the GenAI-enabled functionalities and analytics that your BSS possesses?
The SMART++ GenAI superpower
The ability of GenAI to enhance and transform predictive analytics from a reactive into a proactive process is providing businesses with a new superpower. GenAI can develop more accurate models of customer behavior, a power that leads them to understand trends better, develop more accurate models of customer behavior, and accordingly take more informed decisions and tailor strategies in tune with market dynamics. For a telecom company, GenAI will enable more precise demand forecasting and network optimization, apart from bringing in efficiencies in their BSS.
In essence, GenAI is enabling SMART (Self-Monitoring, Adaptive, Real-Time, and Transformative) analytic capabilities for businesses in these areas, plus some more or ++ like synthetic data:
Self- Monitoring
Through self-monitoring and analyzing data, GenAI empowers BSS to identify patterns to not only optimize workflows but also predict issues before they escalate. This self-healing ability of Gen AI enables BSS to improve system reliability and performance. It also enables teams managing the business systems to take more effective data-driven decisions. An optimal use of Gen AI in BSS is to monitor the automations in the system.
Real-Time Adaptability
This self-monitoring feature of GenAI-based BSS happens in real-time, which in turn enables it to quickly adapt to customer preferences. For instance, if there is a sudden demand for a particular service, GenAI can propose changes in operational tactics and allocated resources, which a human manager can check (if need be) and implement to ensure customer satisfaction is maintained.
Transformative Business Insights
Organizations need to identify future trends and align their business systems accordingly to stay ahead in a rapidly changing market. GenAI enables such transformative business insights, allowing companies to adapt and move ahead. This enables better risk management by highlighting vulnerabilities and ensuring course corrections are done on an ongoing basis. This approach also pinpoints and maps the human workforce skills and competencies required to manage and drive the transformation.
Synthetic Data: The New Oil!
According to an April 2024 Gartner article, by 2026, 75 percent of businesses will use GenAI to create synthetic data, up from less than 5 percent in 2023. GenAI can generate synthetic data at scale, which is similar to real-world data, to power faster and better analytics. Synthetic data also includes unstructured data as well, like images and video. This is an important trend relevant for any futuristic BSS to imbibe, experiment, create, and offer new and better customer experience pathways quickly and efficiently.
The BSS market size is also increasing at a rapid rate. According to an IMARC study, the global market for OSS and BSS is expected to reach USD 142.9 billion by 2032, with a growth rate (CAGR) of 9.8% during 2024-2032 from the market size of USD 59.9 billion in 2023. Moving into the future, for meaningful growth to happen, there is no option but for the BSS segment to be integrated with GenAI.
In this new growth journey, GenAI analytics has the potential to unlock new revenue streams for companies across industries. For example, such next-gen analytics will enable CSPs to better monetize the significant investments in technologies such as 5G, live streaming, augmented reality, and network slicing. As CSPs deploy advanced infrastructure, their business systems have to leverage GenAI to analyze the vast amounts of data generated from these services in order to identify customer preferences and usage patterns. These insights will then allow them to create more personalized offerings and drive growth. CSPs can also innovate better by leveraging such analytics by creating new business models, including partnerships with content providers or for enterprise solutions.
Talking about Comviva BlueMarble BSS, our offerings are equipped with SMART GenAI capabilities that keeps us ahead of the competition. By proactively adopting GenAI as our North Star Metric, we deliver cutting-edge, technology-driven solutions that help customers unlock new revenue streams while reducing costs and effort. We offer a range of innovative SMART GenAI BSS use cases for our customers and prospects to explore.
In conclusion, the role of Gen AI in enhancing SMARTER analytics for BSS will only grow. The precision of AI-driven predictions allows BSS to allocate resources more effectively to gain a competitive edge. By working in real time, GenAI can factor in constraints and business rules to recommend the best course of action without interrupting services to customers and at the same time providing more personalized experiences. As new generations of AI come into play, it will also bring in new possibilities for data analytics. The challenge for companies is to harness these possibilities and create and upgrade business systems to be ready for providing new customer experiences in the future.
Are you interested in discovering more about how GenAI Data Analytics can apply to your BSS? To explore new possibilities, please contact us at: https://bit.ly/4hbYp65
