The global landscape of the telecom industry is evolving as digital transformation takes the telecom industry by storm. Telecom service providers are facing challenging times today. For consumers however, the fast developing mobile technology has brought them a connectivity like never before. Experts at Aarav Solutions offer insights into the future of the telecom industry in light of this fast paced digital transformation.
The last five years digital transformation has caused the primary revenue sources of telecom companies – voice, text and data to shrink significantly. Powered by digitization, social media has opened up many alternative communication channels which is one of the reasons for this decline. However, digitization should not be seen as just a threat. Experts believe that Telecom companies can shine through this revolution of digital transformation and by using the opportunities offered by digital transformation – they can easily turn the tide in their favor.
Digital Transformation in Telecom: What does the future hold?
Experts opine that the wave of digital transformation will bring a change in the organizational mind-set, structure and customer interaction for the telecom industry worldwide. Some of the important developments that that the digitized future holds for telecom industry are as follows:
1. Increased Omni channel Sales: Customers now engage on many different channels with their telecom service providers making the customer journey more complicated to analyze and manage. Investing in digital sales channels so as to offer an excellent customer experience across channels is one of the most important changes predicted by industry experts today. Even today we see a lot of telecom service providers trying to develop a seamless customer experience – but with the industry set to be more customer centric than ever increased omni channel sales will be trending soon.
2. Holistic Analytics: Digital transformation in the telecom industry is set to change the way telecom companies work on data analytics, say experts. As of now, we see telecom companies using customers’ usage data to make marketing strategy decisions and optimize network. However, in future a more holistic approach to data analytics will allow telecom companies to identify consumers who are likely to deflect to other service providers. They can put together more specific and targeted retention programs. At the same time, network operators can optimize their marketing spending by using advanced analytics tools, such as forecast simulators and econometric models, to predict acquisition and retention at the level of individual advertising channels instead of relying on predefined percentages or gut instinct to allocate their ad budget and ceding the details to an agency.
3. Developing Adjacent Services: Access to a high speed, seamless network gives customers the freedom to avail a plethora of services online. Although every industry is innovating to find newer ways for customers to interact with their brand or service online; telecom companies may come up with adjacent services of their own in future. A good example could be services like mobile wallets and DTH services by telecom service providers.
Using the digital transformation revolution to their own benefit would be the smart way forward for telecom companies in future. With core voice and messaging business fast shrinking – due to regulatory circumstances and social media offering newer channels of communication; innovation in digitized services is key. It would not be surprising if the telecom companies go through a complete top-down revamp and change of business outlook in the coming decade because of digital transformation.
Aarav Solutions is a leading name in IT Infrastructure and Telecom Consultancy Services. We provide a plethora of Consultancy services to Telecom businesses across the country and the globe. Our vision is to transform Indian businesses with the help of innovative technological solutions and our expertise. We aim to provide each of our clients with out-of-the box solutions which are customized for their needs and helps their business surge ahead in today’s dynamic business environment. Aarav Solutions helps businesses gain a competitive edge with the best Consultancy Services.