The telecom industry was crippling down as digitization gained pace in the last five years. In spite of positioning second to the media sector, it will face huge digital dispersion in the upcoming days. The statistics by the cross-industry survey by the senior leaders are expecting to disrupt the digital market over the next 12 months.
The telecom industry was entering a phase of slow decline. The revenue was going down from 4.5 percent to 4 percent in the last five years. There is a shifting mode of competitions as the core voice and messaging ventures are shrinking. This is happening partially because of strict regulatory authority and pressures. Another reason is via social media which is developing new passages of communications. The landline and voice-mail account for less cash flow margins. Accordingly, the data revenue is increasing in parallel ways from 25 percent to 65 percent in 2010
Most of the companies are thinking digitization has killed their market. But, on the other hand, they are not looking into the prospect of rebuilding their market stands, reshaping the business trends with the help of technology. Telecom can utilize the digital market for several creative offers for the customers. As of now, everyday people want something new. It is the right time to light the lamp for better visibility. Telecom industry is trying to hold on to the full potential of the digitization. Digital technology can increase their profit by 35 percent, which is a moderate but positive increase in comparison to 2010.
Telecom industry and Digitization – How It Will Be Reshaped
There is a need to bridge the gap between the Telecom industry and Digitization. Here are some ways through which the telecom industry can help themselves.
Reinventing the Core
With digitization, the telecom industry can almost explore all the avenues of development. One of them is Omnichannel sales. Customers engage in several channels, they look at online stores before buying any products and even research for the online before making a purchase. To have amazing customer journeys, there is a need to provide the best interaction, clear channeling ways for the smooth experience. Online stores need to have a vibrant mark to pitch to the customers and make their online journey better. Some of the companies are investing in digital sales that have remarkably transformed their revenue generation by 30 percent and also is helping reduce the commercial costs.
Another avenue is the E-care. Customer service transactions basically undergo digitization today. This is is because customers prefer digital services as they are fast and easy. 76 percent of the telecom customers prefer digital pathways. Compared to this, its traditional counterparts account for about 57 percent. Many of the sites take the e-care platform and then may change to the traditional ways. Now, for the telecom industry to take the help of E-care is a great option. This helps them to lower their operating expenses and call volumes. One company implemented the E-care and drastically saw a 40 percent rise in customer satisfaction and reducing the cost of the customer care support.
Taking onto adjacent business like financial service, media, It services and any other utilities is evident. This is done to look out for new opportunities and ways to increase the revenue. For creating new services some telecom companies have been setting up a hardcore digital business along with funding the research and development. Presently, most of the companies are in the baby stage for growing their digital offers. These companies have a restricted set of services for now. These linking involves a partnership with the other third-parties whereby technical experts are being hired to complete the work. These comprise of building customer relations by widening the circle. For example, Netflix and Spotify are brilliant steps taken forward in collaboration with third-parties.
The telecom industry must create a focussed offering for adjacent avenues. They need to create a platform based solutions for troublesome areas which are trying to penetrate in the core of the business.
Build Talent and Capabilities
it is highly recommended to cornerstone more on the sharpness, cleverness and learning prospect of digitization. Rather than running after planning and predicting. We all know technology is dynamic hence, there is no relevance in forecasting anything. Fostering mindset gear to learning, testing, creating iteration for the customers. This evidently means making customers the central point to experiment on their appetite, purchasing sensitiveness, and developing services for them.
Majority of the operators channeling their services is important. Making a standardized and automated IT structure is their topmost priority. Complex digital legacy IT are the reasons for the obstacles coming for the telecom industry against their competitors. For growing markets, the telecom industry is gaining two million subscribers each month. It is having the ability to automatic capacity, provision for storage is allowing seniors to keep the business growing.
Start with the Customer Workback
Individual interactions among the probable buyer and the other parts of the business, for example, products and customer service, sales, marketing and other important materials. are important. By empathizing with the customer is the only way to understand their perspective from the beginning to the end.
Questions like what will be the type of journey they want? What are the kinds of services they will need? The basic motto here is not to digitize every aspect but to have a smooth conversation and offer quality service to the customer. Companies which soar high on superior customer service are better transforming their business. They are able to identify and prioritize their work for the people. In addition to this, they can start mapping their customer journeys and help them with a better facility. With this, they are also able to eliminate the probable problems which they may face in the long run.
Using digital technology is an imperative today for any business. This helps them not only to fight slower growth pace but most importantly, increase the revenue. Telecom industry has been incurring huge losses in the past few years. Therefore, Telecom industry and Digitization going hand in hand will help it climb up the ladder of development. Choking out the right imperatives for themselves is all that they require now.