We spend a lot of time talking to key decision makers at large CSPs about the challenges they face. Right now, they are feeling intense pressures as costs escalate, competition intensifies and B2B customer expectations become more exacting.
Many tell us that they struggle to modernize in response to these changes, held back by legacy tech systems that cannot evolve and respond fast enough.
Unresponsive tech calls for digital transformation. But transformation for its own sake is bound to fail; you need clear business goals for your transformation. So let’s take a look at two of them:
1. Evolve product offerings: the shift from connectivity to comprehensive industry solutions
Telcos are transitioning from their traditional role as connectivity providers to becoming comprehensive industry solution providers (techcos). This involves a shift in product offerings, moving beyond mere connectivity1 to provide diverse solutions tailored to meet the complex needs of customers.
Telcos are realizing that they need to provide a whole suite of offerings that include fixed and mobile connectivity, advanced data services, security and networking solutions, media streaming options and access to technology marketplaces. By expanding their product portfolios in this manner, telcos can position themselves at the forefront of innovation2.
With the increasing demand for on-demand content, telcos have an opportunity to expand into new markets by offering media services to their customers. This shift not only opens up new revenue streams but also allows telcos to leverage their existing infrastructure and billing relationships3 to deliver content efficiently.
Telcos must recognize the importance of partnerships and collaboration in driving innovation. By connecting with diverse partners4 and technology marketplaces, telcos can access cutting-edge technologies and expertise, allowing them to remain competitive in a rapidly changing landscape.
According to Accenture5, 90% of telco executives believe that emerging technologies will help their organization remain resilient on the global stage. By replacing manual processes with automation, telcos can streamline their operations, reduce costs and improve efficiency.
Embracing emerging technologies such as AI, IoT, and cloud services enables telcos to offer more sophisticated solutions.
By expanding their product offerings, embracing automation and technological innovation, and fostering collaboration with partners, telcos can position themselves as leaders in the digital economy and drive success.
2. Enhance customer engagement: turn omnichannel aspirations into reality
Telcos are undergoing a significant shift in their approach to customer experience, recognizing the importance of turning omnichannel aspirations into reality. Telcos are striving to deliver consistent user experiences across all channels, including direct interactions, channel partners, and customer self-service portals.
In today's digital age, convenience and simplicity are paramount. Telcos must ensure that their products and services are readily available to customers in their preferred manner, whether through traditional channels or innovative digital platforms. By embracing omnichannel engagement and prioritizing customer-centric strategies, telcos can stay ahead in a competitive market and drive lasting customer loyalty.
By aligning their strategies with customer needs, telcos are fostering loyalty through integrated digital services, such as self-service platforms. Partnering with communications platforms allows telcos to provide seamless omnichannel solutions, streamlining operations and enhancing the overall customer journey.
Customers today demand more than just reliable connectivity, they expect personalized and seamless experiences across all touchpoints. Through collaboration with channel partners, telcos can expand their range of services and solutions, catering to a wider range of customer needs and driving loyalty6 through partner-driven innovation.
The integration of AI and other advanced technologies enables telcos to deliver personalized experiences throughout the customer lifecycle. From order creation to guided support and upselling, technology allows telcos to meet customers' needs faster and more efficiently than ever before.
Moreover, self-service solutions play a crucial role in expanding telcos' digital footprint at a low cost7. By offering convenient and user-friendly self-service options, telcos can optimize customer relationships, increase agency efficiency and seize new business opportunities8.
Stay tuned for more articles in this series.
1; LinkedIn, 2023, 2; World Economic Forum, 2024, 3; CCG, 4; LinkedIn, 2024, 5; Accenture, 2023, 6; Adapt IT, 2021, 7; Maplewave, 8; Liferay, 2023
