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To survive in today’s hyper-competitive communications and media environment, service providers need to innovate faster than ever before.

We recently partnered with Omnisperience to find out what challenges service providers across North America, EMEA and Asia are facing, and what innovations they had planned to help them rise above an ever-growing number of rivals.

With competition targeting them from every direction, service providers have never been more at risk of having a bite taken out of their core business. An eye popping 88% of survey respondents were most concerned about innovation from new market entrants, and know they need to act fast. To leapfrog the competition and maintain market share, 90% of the service providers surveyed plan to innovate around products over the next 24 months.

As service providers accelerate their pace of innovation, clear communication of new products, tariffs and offers has never been more important. Our study found that 95% of survey respondents cited that improving the bill design would have a positive impact on their call center traffic, and ultimately the customer experience.  Throughout the remainder of 2018 and into 2019, service providers plan to focus on how information is delivered to their customers and improve the billing experience.

The bill an untapped source of business value

Unfortunately, the bill – the most regular customer communication and the ideal forum for sharing vital information – remains largely an impersonal, hard call for payment. Survey results show that the bill is the least digitally transformed aspect of the customer experience. As an artifact from the nineties, it continues to be a customer experience blackspot that weakens customer experience efforts. With 100% of respondents planning to improve the billing experience, this is about to change.

Efforts to turn the bill into a communication that conveys innovation, friendliness, efficiency, approachability and customer-centricity include delivering bills that are easier to understand (75%), injecting relevancy and making bills more interesting (39%), and communicating the value of the services delivered – not just costs (23%).

As the bill becomes digitally transformed through improved bill design, service providers will be able to improve their performance across the business. Bills that were once dull financial statements that caused dread and customer dissatisfaction will be transformed into strategic assets that improve the customer experience and increases loyalty.

Find out more by downloading the full report, written by Omnisperience.