Telecom Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Telecom Tech Outlook
5G is here and now, and it is bringing along treats for every kind of industry. Sectors like energy, agriculture, transport, healthcare, and manufacturers are all waiting to pounce upon the potentials offered by 5G and IoT. With the advent of 5G, telecom companies should be able to partner with other providers to benefit from new market opportunities.
Fremont, CA: The 5G wave is here, and it is here to make some serious changes. Telecom companies are already feeling the pressure to make changes to their existing models and devise new ones that can leverage on 5G technology and other opportunities. The advent of 5G will bring with itself a range of revenue-generating opportunities in the fixed broadband and business to business arenas like smart cities, connected homes, and the Internet of Things (IoT).
Now the big challenge for telecom companies is to revamp their existing models and realign the business to be adaptable to a whole array of new opportunities and services without losing their focus on streamlining processes to cope with the anticipated growth in workloads. Here are seven trends to keep an eye out for in telecom.
Accelerating Cloud Adoption
Telecom companies must take advantage of the scale and agility of the cloud to virtualize networks, rapidly introduce innovation, and capitalize on IoT opportunities in order to stay in business. This can be done by making investments in cloud platforms to deliver new digital services like OTT content, SaaS applications, and cloud-based unified communication services. In the near future, cloud computing is set to be increasingly embedded into business processes as telecom companies look to manage and automate their omnichannel interactions with customers, and at the same time, mine big data to explore additional means of revenue generation.
Knock Knock, 5G Is Here
5G is here and now, and it is bringing along treats for every kind of industry. Sectors like energy, agriculture, transport, healthcare, and manufacturers are all waiting to pounce upon the potentials offered by 5G and IoT. With the advent of 5G, telecom companies should be able to partner with other providers to benefit from new market opportunities like fleet management, smart city technologies, predictive maintenance, data collection and analytics, and blockchain. Simultaneously, they must also aim to become primary OTT providers in their own rights.
From machine to machine services and autonomous vehicles to remote healthcare and innovative video delivery services, 5G is set to create a wide range of opportunities across sectors. Once capabilities are expanded for 5G, telecom companies will also have to invest in technology to develop go-to-market models that capture 5G-IoT business potential.
Ecosystem Value Creation
Just making available an API to their IoT platform will not help telecom companies take advantage of IoT opportunities. They will also need to seamlessly orchestrate an ecosystem of independent partners who collectively add value. Along with sophisticated integration capabilities and the secure exchange of data, operators also need to have the right decision and management systems in place in order to support a variety of revenue sharing models. By enabling virtual monetization schemas that support automated service delivery, telecom companies will also need to learn to handle complex and extended customer value chains.
Keep the Margin in Mind
Revenue growth is an essential factor to measure the growth of the company. However, it is not the only factor. There has been a rapid rise of business plans that are based on individual margin per user, rather than the conventional measure of average revenue per user. This trend will continue further as telecom operators initiate digital service portfolios, where direct costs and performance must be monitored closely if profitability is to be maintained. In order to keep an eye on the margins, telecom companies will try to take advantage of data that they already hold, by using data analytics and machine learning, in order to get insights into product, asset, and customer profitability.
Privacy and Digital Identity take Center Stage
Privacy and identity theft are two of the major issues faced by telecom providers. Today, data security is directly linked with customer satisfaction, and if the telecom company can offer higher visibility and control of personal data in exchange for personalized services and advertising, it will emerge victoriously. eSIM technologies are set to take IoT and mobile connectivity to a whole new level. Telecom operators need to understand and identify the limitations of their digital customer management capabilities.
Unlocking the Potential of Blockchain
Blockchain can impact the core management systems and services of a company, by providing multiple opportunities for efficiency growth and revenue gains through means of new value propositions. Telecom operators should look to seize the opportunity to implement blockchain for data and value exchange, which will help reduce fraud and unleash new higher revenue-generating services like eSIM identity as a service. Combining blockchain with eSIM provisions holds the key to unlocking new revenue streams, service efficiencies, and superior customer experiences. This enables interoperability between internal and external systems, while increasing transparency and effectiveness.
Increasing Industry Convergence
Telecommunication companies today are at the forefront of rapid innovations in various fields like fintech, mobile payments, location-based data services, and more. With money going mobile, more and more telecom companies are expected to grasp the financial services sectors and initiate new alliances that can enable real-time payments for enterprises and individuals. Media services, health, and smart automation are concerned as telecom companies try to make use of their diverse assets from connectivity and secure IT infrastructures to an online, retail, and call center presence.
Check This Out: Top Telecom Consulting/Services Companies
However, if you would like to share the information in this article, you may use the link below: