Are you a technology company with a Telco license?

There is potential, as we have been told through numerous research reports and surveys, about digital technology – IoT, Industry 4.0, intelligent networks etc. each offering a whole new way, equipping you to better service your customer needs, now easier to realize and more low-hanging with the advent of 5G.

According to a world economic forum whitepaper, the digital transformation of telecommunications represents a $2 trillion opportunity for industry and society. Yet, we find the number of CSPs extending their revenue streams beyond connectivity to be minimal. Key areas where APIs seem to make a difference include:

1. SDN / NFV APIs, an area that could be worth $220 billion in the near future

2. API-driven marketplaces, generate up to 90% revenue for enterprises like Expedia and eBay but barely 5% (if that!) for CSPs

3. APIs in IoT (home automation, connected cars etc.)– the number of connected devices is slated to reach 30 billion this year.
   CSPs can add more than $400 billion in operating profits by 2025 according to the world economic forum’s findings

4. API ecosystems with adjacent businesses such as healthcare, insurance, energy and retail, offering services like credit scoring, inventory tracking, insurance-risk management etc. can add a substantial 35% to CSP profit margins, apart from significantly expanding your offering portfolio

5. ICT services such as consulting, API enablement and digital enablement services to empower customer communities. This is a relatively untapped, but significant source of revenue today

Given the need for speed, to shed our conservative approach towards viable new business models and with the current stakes on the table, it behoves us to identify market-proven best practices and standards in increasing the effectiveness of our API portfolio. For starters, such standards will indicate to your customers that you’re respectful of their time and needs, thereby improving your relationship with them.

TM-Forum Open APIs are not just about technology but an evolved, collaborative approach to allow you and other telco-like businesses to enable frictionless integration by fostering interoperability. When you commit to building partner ecosystems in adjacent industry verticals, like healthcare, retail or smart buildings, there is an overlap of capabilities. By using TM-Forum Open APIs, there is a standard data model that both parties can adopt to reduce time to market.

Some examples of Open APIs that are relevant in this context are:

• Appointment API
• Customer Bill Management
• Federated Identity Management
• Partnership Type Management

Typically, every digital business model has a “customer service” element. The “appointment API” provides a standard means to allow customers to view available slots, book appointments, re-schedule and manage all related use-cases. Partners have a starting point to plug their appointment system or even better, subscribe to a TM-Forum Open API compliant SaaS service for Appointment Management. It fosters an environment of interoperability, reduces integration challenges and decreases time to market.