You probably know how Covid-19 changed telcos’ plans in the last few years. This ended up being the main cause for a quick transition for many operators around the world. In a survey, 60 % of the companies said they were forced to alter their digital transformation for telecom plans due to Covid-19 in 2020, a number increased to 62 % in 2021. Today, telecommunications market is one of the fastest-growing: it will reach 2,467 billion by 2028, with a CAGR of 6,2 % from 2023 to 2030.
However, due to the quick changes propelled by Covid-19, we can see now some disparity in the digital maturity of telcos. Many telecommunications companies are still striving to deliver value to their clients in the digital environment. Even though at this point they all know it is inevitable, many companies haven’t really started their journey.
Starting a journey like this without knowing where to go may seem a lot to deal with. We give you some tips on the steps to take in five major areas for the future of telcos ― and maybe for starting the digital transformation in your own company.
1. What is Your Starting Point?
The beginning of your digital transformation for telecom is the right moment for an evaluation of your business and for making choices. BCG, for instance, names three groups of key-choices: the breadth of the transformation, technology change, and foundation.
Altogether, you must bear in mind that the future of communications is headed to five major trends (Artificial Intelligence, the rise of connected devices, automation, customer centricity, connectivity), and that your technical choices are not independent from your business plans and goals.
Tip: re-evaluate your core-business and get to know better what exactly makes your company stand out and succeed in the market. Also, you must map your digital journey in order to take full advantage of it.
2. Choose Automation and RPA
McKinsey says that “there has been business-model disruption” in telcos, “with technologies like AI, big data, and the Internet of Things redefining service-delivery and value-capture models”. AI and automation are major helpers when it comes to governance in digital transformation for telecom. RPA software works the same way with client processes, for instance. When used well, they all contribute for saving time and increasing your company’s efficiency.
Tip: You should update your IT and software, always according to your studied needs. This software could really make the difference in your company’s productivity. It is mandatory to also update your software in order to prevent attacks and downtime.
3. You Cannot Escape: Connectivity
There is no bigger revolution in this century than mobile communications. Connectivity is now the queen in the CSP efforts and concerns. The rising of 5G will distinguish the quality of the service, the ease of use and, of course, speed.
Tip: 5G is a priority. Add it to your omnichannel mix and you will offer a perfect experience to your clients. Only telcos providing 5G will be able to claim a true quality service.
4. The Digital + The Customer = The Customer’s Digital Experience
A study reports that 90 % of the companies “find it challenging to know where to start to improve customer journeys and experiences”, but this is now a core element for any telco business. Customer Experience (CX) is a key factor when it comes to customer retention and ARPU (Average Revenue Per User) calculation, for instance, and it is especially relevant due to the bad reputation that communications service providers (CSP) have gained in the last years.
Tip: implementing company-wide CRM systems (Customer Relationship Management) will let you gather data about customers in a unique platform. It will make your processes go digital and seamless. Also, you must try to communicate with your clients in their preferred channels.
5. Where are Your Partners?
Partners will help you bridge the gaps or shortages of your services. They will also help your company in creating an omnichannel strategy for a fully integrated experience, which will strengthen your relationship with clients and, of course, improving sales.
Tip: Create an omnichannel mix with partners. “Telecoms can either sell through these partners, sell with these partners, or they can white label it and sell it as their service. But in doing so, they maintain their entire ecosystem, and then they can provide a consolidated service and offering for customers”, says Infobip.