A challenge for the telecommunication sector today is to balance between the technological advancements and the improvements in new products. The telecommunication industry is transforming to improve the customer experience while meeting the client needs. The advantage that every growing company has is access to new technology, but they need to build credibility as a brand.
The businesses in the telecom industry already possess long-term customer relationships, network ownership, and reliability. However, they need to adopt new technologies to enhance customer service, internal cost structures, and grow revenues. To achieve this, they need to digitally transform their marketing strategies and their offerings in a customer-centric way. Telstra, Australia’s leading telecommunications and technology company which provides a full range of communication has built a $3 billion worth network and application services business. Comcast, an American global telecommunications conglomerate that focuses primarily on small and midsize enterprises has grown B2B revenue by double digits annually.
Artificial Intelligence, 5G, augmented reality, virtual reality, and machine learning are some of the key drivers of the telecommunication industry today. Analytical CRM solution proactively creates reminders for cross-sell opportunities allowing businesses to manage relationships with customers as well helping them to grow. The analytical approach also enables companies to understand their client needs better and offer custom services based on their preferences.
According to a Gartner survey, 5G is expected to be adopted by pioneering players in the telecom industry in between 2018 and 2021. The most used case for 5G is the IoT followed by the video case for live streaming and broadcasting. However, lack of readiness of communication service providers (CSPs) is a major issue for users. The 5G networks are not capable enough to cater to organizations’ needs. The new network topology with new network elements like edge computing, core network slicing, and radio network densification are required to exploit the 5G network fully. The application of augmented reality significantly changes the way people perform their jobs. It also helps employees save time in performing troubleshooting, finding the problem, and fixing them. The VR-powered platforms will assist telecoms in providing unique entertainment experience to the consumers.
The technological advancements will put telecommunications in a stronger position to profit from the next wave of digitization, and also takes businesses a step closer to the vision of an interconnected world.