The Rise of Business Assurance in the Digital Era
Telcos have been at the forefront of integrating digital technologies into their arsenal. Beyond communication service provision, they have extended themselves into novel domains including entertainment streaming, shopping, and much more. Today’s market dynamics demand an “all you can eat” plan that complies with the “Fair usage policy”. Such plans can lead to revenue leakage in the telecom industry and other losses. The highly dynamic telecom market demands a transition from conventional revenue assurance. This is where Business Assurance comes in to save the day. Although creating an efficient Business Assurance system requires substantial effort, introducing such a system is certainly the way forward to obtain service assurance in telecom.
Why Business Assurance is not just an extension of Revenue Assurance
Beyond Revenue: Business Assurance is a level up from Revenue Assurance as it addresses not only revenues but also experiences, products, partners, and other factors that are a part of the value chain. Revenue Assurance addresses the operation aspect and is normally expected to offer a solution to a known issue. Business Assurance, on the other hand, focuses on the control aspect and isn’t directly involved in operational activities.
Line of Defence: Revenue Assurance doesn’t get involved in the second line of defence within a risk management operation. However, Business Assurance does get involved in both the first and second line of defence in case of threats.
Business Objectives: Parameters of revenue assurance are focused on revenue generation elements (or affected elements), while parameters of business assurance are specified and pushed by business goals and organisational techniques.
Management: Revenue Assurance policy is managed by C-level executives, whereas Business Assurance policy is handled by top management and is instilled in the decision-making process. It also offers Partner Incentives Assurance to allow operators to automate auditing and keep a close eye on the business.
Why Business Assurance is the way forward
Enhanced Customer Service
Business Assurance coverage extends to the entire consumer experience journey including Collection assurance. This will positively impact customer relations by ensuring greater consistency in interactions between telecoms and customers.
New Levels of Digital Maturity
Business Assurance places physical and logical assets under one roof. This is essential for success in the age of the Internet of Things (IoT) and digital services, where end-to-end integration is crucial.
Introducing Business Assurance builds trust by offering tangible results to consumers and providers. In turn, it helps telecoms address risks and threats to their company and maintains financial integrity. This in turn improves team morale and success in different verticals.
Watch our webinar on How to optimize Revenue reporting with Business Assurance