Leverage blockchain to automate dispute management and reduce the settlement time

Service providers in the connectedness industry receive intercarrier invoices worth over USD 1.2 billion annually and are challenged with revenue blockage of more than 25% due to disputes. Managing disputes and improving trust in intercarrier settlements is challenging for service providers. The traditional approach of dispute analysis and resolution is inefficient, delaying settlements for several months. The most common causes of dysfunction are:

• Multiple siloed teams and manual handoffs cause delays between invoice auditing and settlement
• Prolonged and expensive verification of claims due to third-party intervention
• Dependency on intermediaries for settlements is prone to high-security risks

The aforementioned challenges increase the cost of managing and resolving disputes. As the interconnect margins continue to decline, shifting to a smarter dispute management process will become critical for addressing the revenue blockages. Blockchain-powered dispute management increases the security, transparency, and traceability of settlement data shared across the network, reducing the settlement time by 60%. The inherent capabilities of blockchain reduce the dependency on intermediaries, with a simple, near real-time, error-free reconciliation and settlement process.

Leverage blockchain-powered dispute management to reduce the settlement time

Migrate your customers to digital payments using AI/ML

Customers around the world interact with the service providers for various use cases like payments, trouble tickets, service requests, and billing enquiries. However, a larger percentage of these interactions are still happening through traditional channels and service providers find it hard to shift their customers to digital channels. According to McKinsey, “Only 16% of enterprises see their digital transformation succeeding, and a major reason for that failure can be attributed to the poor digital adoption rate.” A few major challenges faced by the service providers in improving their customers’ digital adoption are listed below:

• Lack of mechanisms to target the right set of customers
• Difficulty in migrating and adapting to the digital channels due to complex and outdated processes
• No end-to-end visibility of digital adoption

To overcome these challenges, and improve the digital adoption rate and customer experience, Prodapt recommends service providers in the connectedness industry to leverage an AI/ML-based approach. McKinsey’s consumer survey responses indicate that interest in digital payments continues to grow and this insight details on leveraging an AI/ML-based approach to shift the customers to digital payments.

Fig:Leverage AI/ML-based approach to improve digital adoption rate in payments

Become digital-first organization and deliver superior experience faster to the customers

Service providers in the connectedness industry have invested heavily in tools and technologies to help them understand their customers more deeply and to gain the advantages of superior customer experience (CX). In the past, when executed well, CX investments have yielded good results: customer retention and acquisition, increased sales, and loyalty. But the world has changed. How we interact with brands has evolved and so too has customer experience. Yet as service providers strive to form a more complete picture of customer preferences and behaviors, they continue to struggle with inherent organizational and technological challenges, which includes organizational and cultural challenges, lack of digital maturity, lack of hyper-personalization, and increasing business complexity.

To overcome these challenges, service providers must digitalize their entire CX landscape by evolving from a multi-stack and multi-channel operator to a unified digital operator. This can be achieved by empowering people and processes with domain driven approach, shifting to mono-repo, hyper-automating development process with CI/CD and implementing the digital experience platform framework. Eventually, the digital CX implementation will enable service providers to become a digital-first organization and bring superior customer experiences faster to market.

Key transformation focus-areas to deliver a superior digital CX across multiple channels

Right now, we’re on the brink of an experience renaissance. CX is not going away, but its value proposition is stalling because many of the fundamentals of CX are now commonplace and no longer enough for differentiation and growth. This renaissance is galvanizing service providers to push beyond the CX philosophy and reimagine their entire business through the lens of experience. Thus, it is critical that every service provider must build digital capabilities to deliver exceptional experiences for their customers.