Look around. Can you see how technology has changed our lives? From social networking websites and video conferences to automated door locks and security cameras, our lives are not the same: they are better. The best part is that technology is developing at a very fast pace. And what’s important is to keep up with it.
Another important part of technology is that it has its big influence on how businesses operate. Its influence is obvious, especially in all aspects of the day-to-day operations of, both large and small businesses. Companies today use technology in almost every stage of their operations.
And let’s not forget about the telecom industry: it remained untouched either. Combining together, the right strategy with digital technology has resulted in the emergence of new business models in the telecom industry. Going digital has given a bunch of opportunities for telecom companies to transform into a truly new-age industry. So, let’s check out 6 major technologies fostering digital transformation in the telecom industry.
#1 Business Intelligence
In today’s competitive environment, you need all the tools you can get to have that edge over your rivals. And here Business Intelligence takes on a very important role providing bunch of benefits. For instance, it provides relevant insights, centralizes data, it improves sales and negotiations, etc. Business Intelligence, therefore, improves profitability in the telecommunication industry and helps to develop strategies, define problems and substantiate actions, support decision making and finally, search for opportunities.
Business Intelligence technologies offer the tools for interpreting the collected information and using these insights for smarter business steps. Telecom companies should realize the importance of analyzing their key metrics by gathering information about their business performance and customer experience.
Overall, the adoption of Business Intelligence in telecom is aimed at improving core operations, eliminating risks, identifying market trends and producing data-driven forecasts. Did you already integrate Business Intelligence into your company? If not, go ahead and don’t miss out.
#2 A power of messaging technologies
One of the biggest challenges that telecom providers face is dealing with mobile traffic levels. Messaging technologies have revolutionized how we communicate, so today people are actively using at least one messaging app.
These technologies integrate features like photos, video, voice, e-commerce, etc. Such popular apps like Snapchat, Facebook Messenger, and Whatsapp have already overtaken SMS as the consumer’s favored form of communication. So I’m sure if I took a look at your phone, I would see at least one of those apps with tons of notifications blinking at my face.
#3. Big Data is fostering telecom providers
Big data describes the large volume of data, that inundates a business on a day-to-day basis. Big Data analytics provide telecom companies with a more complete customer perspective, where no data is too irrelevant.
Big data analytics provides more accurate and actionable insights and brings considerable value to decision making. Big data may not only foster digital transformation in telecom but also enable providers to prepare their networks for future demands. Sound like magic from heaven, right?
Furthermore, the examination of user behavior can play an important role in understanding how to deliver media content more effectively and deliver better customer experience. This detailed understanding of customers will help you establish customer-centric KPIs, which eventually will bring competitive advantages. And that is not all: it will surely increase cost structure efficiency.
#4 Digital transformation with Mobile Money
Ever heard of Mobile Money? Well, it is an electronic wallet service, that lets users store, send and receive money using their mobile phone. Many telecom companies nowadays deliver simple money transfer services within their solutions. They, for example, provide full-service smartphone apps that can guide customers to the choice of the best tariff, given their needs and behaviors. Clients can also automatically order and activate the new tariff. Mobile commerce present endless possibilities to the telecom industry.
For instance, Lebara company has created Lebara Money, a cross-border mobile money transfer service. It is easily accessible via smartphone and allows to make reliable money transfers in just a few minutes. Moreover, its users can check their balance, and view payments history with MyLebara digital wallet. Looks like digitization makes our lives easier than we thought it would.
Bringing all the financial operations to one place surely helps telecom providers significantly improve the user experience for their clients. Thus more and more businesses are likely to use mobile money technologies in their digital transformation strategies. Where is your mobile money technology?
#5 5G is fostering digital transformation in telecom
5th generation mobile networks are the proposed next telecommunications standards beyond the current 4G/IMT-Advanced standards. In this period of digitalization, mobile Internet and its speed play an essential role for telecom providers.
The growing popularity of 5G networks causes revolutionary changes in radio interfaces and spectrum use. The promise of 5G rests in providing more speed, efficiency, and less latency. And they will be highly reliable and effective in terms of handling a large number of devices.
According to Deloitte, there will be full, mass-market 5G coverage by approximately 2020 and it will have a transformational effect for telecom. “Wow,” right? Who would have thought about 5G when 3G was just rising up.
#6 The Internet of Things
The Internet of Things’ growing popularity is providing new opportunities for companies throughout the telecom industry value chain, ranging from mobile carriers to hardware manufacturers. Adapting to this change will require an effective innovation strategy and insights into both customer’ increasing demands and new technologies. IoT is progressively becoming a part of our daily life and is widely influencing telecom industry. In fact, Technavio’s market research analysts estimate that the global telecom IoT market will grow steadily with CAGR of more than 42% by 2020.
Connectivity and mobility have become major factors in our lives, and their power is almost limitless. The development of technologies such as IoT, big data, BI, and others allows telecom companies to get competitive advantages by making changes in their businesses.
Customer demand for new and low-cost services are forcing telecommunications service providers to increase their efficiency like never before. Moreover, putting customers and their needs first, Telecom companies are actively using new ways of analyzing their client’s’ needs and changing their traditional business operations accordingly. I mean, happy customers, happy businesses, right?