Is it time to reinvent telecoms through a transformation?
It is no secret that the telecommunications market is one of the most innovative and fastest-growing industries in the world today. According to Grandview Research, the industry will reach an incredible value of approximately $2,467.01 billion by 2028. Everywhere we look, new innovations are playing their part in this growth, from the rise of 5G in mobile to the increasing use of the cloud.
As in many other industries, the global pandemic has proven to be an important catalyst for change in the telecommunications industry. Travel issues, global restrictions, and changes in the way we work and live have led to a new reliance on telecommunications. Communications leaders have the potential to shape the future of human connectivity.
Of course, before they can create a new role for themselves in a post-pandemic world, telecom operators and service providers must reimagine what the future of telecoms should look like. That’s what we will discuss in today’s blog.
Where is the Future of Communications Headed?
Broadly speaking, the transformation of the telecommunications landscape will have a lot in common with the broader digital transformation of the IT world. We are already seeing an increase in things like:
Artificial intelligence has the potential to improve a variety of factors in the telecommunications roadmap. Virtual agents can improve how communications companies interact with their customers by handling a higher number of calls and messages each day than human agents alone. AI systems can also gather information and improve analytics to make better business decisions and improve communications quality management. Proactive network management is one possible outcome of using AI.
The rise of connected devices:
5G and an increasing number of connected devices could be another area that telecom companies need to keep an eye on. This is a particularly important area in the Web 3.0 era, where networked devices will play an important role in the decentralization of the Internet. In this environment, the possibilities of intelligent asset management will be crucial.
Automation can be beneficial in any industry, but it is already starting to have significant value in the telecommunications sector. The right automation systems can help with everything from automatically optimizing network performance to onboarding new customers and clients. Automation gives companies the critical added efficiency and speed they need in a competitive environment.
Automation and intelligent functions will also help companies in the telecommunications environment to focus more on the customer experience in the future. Today’s telecommunications companies already compete largely on the basis of customer satisfaction. To survive in the future, these brands will need to explore everything from predictive support for communication clients to automated troubleshooting and problem resolution.
Connectivity and telecommunications are becoming more intertwined with the advent of 5G technology. Companies in the communications landscape must ensure they implement the right tools to keep their customers connected with the fastest possible edge computing, IoT, and data processing solutions.
How Can Telecom Companies Prepare for Transformation?
To know exactly where and how to invest in the emerging opportunities of the telecommunications landscape, you need to re-evaluate, re-assess and turn around your approach to business success. According to McKinsey’s article outlining plans for telecom reinvention, there are five critical areas where telecom companies need to redesign their approach to the current ecosystem. These areas include:
1. The core business:
Re-evaluating your core business means looking at everything that makes your company unique and everything you can leverage to attract and retain your target audience in the new digital age.
McKinsey recommends reviewing your entire value pool and service model, especially as things like edge computing, 5G, cloud migration, and hybrid migration change the way businesses define their connectivity needs. Think about what you offer today’s evolving brands and how you can build a new offering based on specific outcomes, measured by cloud performance, resiliency, and scalability.
Remember, organizations will be under increasing pressure to ensure they make the right investment decisions today. You need to demonstrate exactly what value you can deliver to your customers and how you can solve their problems.
2. Customer engagement:
As mentioned earlier, the customer experience and the relationship you build with your target audience are critical to the future of any business. In the telecom landscape, the only way to retain your audience is to find out what they really need from you and your brand and to deliver an exceptional experience at every touchpoint.
Remember, we are entering an age where digital natives will have all the buying power. These groups have higher expectations than ever before, driven by things like the speed of Amazon Prime and the simplicity of app-based customer service. How can you develop a customer engagement strategy that resonates with your target audience?
If you are not engaging your audience on all the channels they consider important today, it could be holding you back from growing your business.
3. Your network
All companies are currently undergoing digital transformation, including the communications landscape. As you move into the future of post-pandemic communications, your network, IT, and data strategy will be critical to your ability to thrive. Look at your existing network and what kind of system you have in place to collect information and optimize your efforts over time.
Do you already have the right ecosystem in place to learn from every interaction with your customers or from every business process? Implementing AI systems and process automation could help you gain deeper insights.
4. Your talent
Talent is one of the many areas that many companies across industries will need to take a closer look at in the post-pandemic era. We are rapidly approaching a world where many repetitive tasks can and should be automated in many cases. That means the demand for talented, skilled, and empathetic professionals with unique skills will increase.
You also need to ask yourself if you have the talent to leverage the technology you’ll be relying on in the coming years. What kind of data scientists and AI experts can you bring into your organization to enable future growth?
5. Community Relationships
Finally, McKinsey recommends taking a closer look at relationships with key stakeholders and society in a post-pandemic environment. In recent years, telecommunications companies and operators have played a critical role in keeping people connected. These companies have also helped create important features such as virtual clinics and heat maps for contagion.
As we move into the future of telecommunications, there are still opportunities for telecom brands to capitalize on the new position they have carved out in the modern landscape. However, to maintain your position as a leader, you must first engage key stakeholders and find out what your community expects most from you in the coming years. Now it’s time to continue building on existing relationships and dive deeper into your connections.
Are You Ready for the Transformation of Telecoms?
In 2022, telecom companies and leading communications service providers will be in an important phase of transformation.
Businesses and consumers are now more aware than ever that they rely on communications providers to remain functional in unpredictable environments. If you build the right reputation now as an innovator, forward-thinking brand, and a company committed to digital transformation, the results could be phenomenal.
Of course, surviving and thriving in this new landscape will require a certain level of innovation and investment. For many telecom executives, that means finding the right partner to support your transformation efforts. Contact Bulb Tech today to find out how we can help you take advantage of the latest innovations in your market.