You might have felt that Covid-19 was the most powerful technological accelerator of the century for businesses all around the world. Social distancing and remote work gave telcos a key role, making extra efforts to meet the global high demand of Internet, phone, television, networking and IT services.
However, earlier this year, Boston Consulting Group (BCG) released a study about the IT and TMT sector, in which only 22 % of telecommunications companies report having successfully carried out a digital transformation (in Key Performance Indicators and in the sustainability of the change achieved). Are all our efforts of digitalization going in the wrong direction?
How telcos can engage quickly on digital transformation
When it comes to digital transformation among telcos, the main topic is precisely the digital realm. Unlike other sectors, telcos often have the technology and the IT infrastructure and connectivity in advance. They usually don’t have to be told to modernize them. But for your digital transformation to succeed, and to step in the digital age with confidence, your infrastructure must be prepared to host some technologies ― and to compete with IT companies:
- Cloud computing not only meets the flexibility needs of your customers; it also allows your company to save IT costs.
- IoT provides your company the data it needs to make predictive and prescriptive analytics and allows a better management of your infrastructure.
- Big Data is the most powerful tool when it comes to decision-making processes. It helps to get insightful customer behavior and analytics, making predictive analysis, customer segmentation, fraud detection.
How telcos benefit from digital transformation
According to BCG, the greatest challenge facing the TMT industry is to create an integrated strategy with clear transformation goals and to create digital engagement with customers, providing a pleasant digital journey ― because, sometimes, they might lack focus on the customer experience (CX). Therefore, the implementation of Customer Relationship Management (CRM) platforms should be on top of telcos digital transformation priorities, considering that customer base is the key advantage in telecommunications industry.
Also, process improvement and innovation should be on the top of your list. If your company still doesn’t work with some key technologies like AI, ML or RPA, this is the time to consider it. Your business will be able to manage smart networks, operations and functions with digital support, with state-of-the-art sales and marketing, will help your company to accelerate digital transformation even faster than you expected.
A human touch will always be an asset when dealing with customers. But software and technologies like conversational AI ― chatbots, virtual assistants, or even mobile apps ― can be quite helpful. You can get closer to your customers and manage most of their queries and complaints through automation, leaving your manpower time for more important tasks. Automated workflows reduce human error, failures and other network and technical problems.
Also, and because the market can be large and you might be lost in what choices to make, marketplaces are good places to be when the time comes to choose any automation technology. People with all sorts of backgrounds and expertise gather in these websites, and it will be helpful to hear from others previous experiences and to gather some relevant data before you can make informed decisions and acquisitions.
How digital transformation increases competitiveness among telcos
The major opportunity created by digital transformation is that it leads inevitably to greater competitiveness not only among telcos, but also between telcos and IT companies. And as we have said before, your digital transformation must lead to infrastructure modernization for your company to remain competitive in this environment.
Only this modernization will guarantee you capacity to work with key software and technologies. Nowadays, AI and Big Data, for instance, are critical in mature, based on data decision-making. All solutions based on AI will convert in less time spent in repetitive tasks, streamlined processes, and greater productivity. Also, only analytics can drive the change you look for in your company ― to a steady, sustainable growth.
We understand that the vastness of the market online might seem daunting sometimes. But your knowledge of it and your technical updating are no less important than your infrastructure ― and being online is probably the best way to keep up with all the trends and updates in telco business. Check our marketplace: it is a safe and secure community of telco professionals, where you can benefit from more efficient processes like finding new suppliers in a fast way or quickly start showcasing your products to new markets.