New Trends Rebuild Telco Industry
By Telecom Tech Outlook | Friday, July 12, 2019
The telecommunication industry is witnessing transformation by adopting new trends that help to deliver better customer services and enhance its working process.
FREMONT, CA: The telecommunication industry is in its transformational phase of development due to the impact of disruptive technologies. Presently, the industry is under pressure to invest in technology while focusing more on developing business models that help in generating revenue from 5G and other opportunities.
Here are some of the significant telecommunication trends that are anticipated to revamp the sector in the coming years, which includes:
Escalating cloud adoption
By taking advantage of the scale and agility of the cloud, the Telco companies can virtualize networks, rapidly introduce innovation, and accept internet of things (IoT) opportunities. In addition, the companies invest in cloud platforms to bring new digital services which incorporate over-the-top (OTT) content, software-as-a-service (SaaS) applications, and cloud-based combined communication services.
Significance of 5G
All the sectors such as energy, transport, healthcare, agriculture, and manufacturing are ready to seize on the potential offered by 5G and IoT technologies as they become mainstream. The emergence of 5G helps the telecommunication industry to collaborate with other providers to gain new market opportunities. Besides, it helps in providing more opportunities right from machine-to-machine services and autonomous vehicles to remote healthcare and innovative video delivery services.
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Ecosystem value creation
To embrace IoT opportunities, the telecommunication industry needs to smoothly organize an ecosystem of independent partners who jointly create value.
Mind the margin
To monitor the margin, Telco companies leverage the data which they already possess by using analytics and machine learning to get insights into product, asset, and customer profitability.
Addressing privacy and digital identity
Telco companies ensure customer satisfaction by offering greater visibility with control of personal data in exchange for personalized services and advertisements.
Telecommunication industry grabs opportunities to implement blockchain for data and value exchange to cut down on frauds and release new revenue-generating embedded SIM identity-as-a-service.
Creative ways of utilizing AI
Telecommunication industry uses machine learning to enable intelligent search and solution recommendations, automated ticket categorization, smart call routing, and optimization of field service resources. Likewise, robotic process automation (RPA) helps in streamlining complex case management and highly repetitive service process workflows.
Transforming field service
Telco companies are leveraging gig economy and using crowd service to generate more service ecosystem that helps in providing better customer services, which are cost-effective.