And yet, many telcos continue to do business the same way. After all, customers are often locked into long-term plans, which suggests that the industry will be able to continue the way it is for some time…right?
Wrong. The many outside influences impacting the telco industry over the past few years have meant that telcos now have to implement innovative strategies and focus on the businesses where they have a competitive edge. They can no longer be sure that their current business model will have years of life left.
Competition has now arrived. OTT (Over-the-top) players are offering apps and streaming content through the internet. Apple’s iMessage, Viber, WhatsApp, and Skype have caused massive disruption to the market, tightening margins and declining average revenue per user.
Telcos now have to redefine their value proposition for the future. Luckily, many companies are now modernising operations. Here are a few ways the telco industry is embracing innovation:
Network Upgrades
Soon, 5G will be a reality in Australia and around the world. This means internet service will soon be 100 times faster. As we see more and more connected devices, customers are becoming even more reliant on telcos to provide them with 24/7 access to the internet and information resources they want or need. Whether it’s through apps, the web, or a VPN, consumers are increasingly reliant on their devices-giving telcos the opportunity to provide them with unprecedented data speeds.
IoT
Soon, any object that uses electricity will be able to be connected to a smart network. This is a major opportunity for the telco industry, which is already securing the infrastructure needed to connect all these smart devices. Forward-thinking telecommunications companies are already defining strategies to increase market share and provide cost-effective bandwidth options for IoT devices.
Off-Grid Power
Telcos are increasingly turning away from the electricity grid and its ever-increasing prices. In Australia, telecommunications companies are already challenging utility companies and are offering solar-plus-storage and other off-grid options to customers around the country.
Cybersecurity
Before now, the effort telco companies invested into cybersecurity didn’t reflect the potential hazard by cybercriminals and hackers. But future-ready telcos are investing in measures to tackle the increased risks to networks, applications, and data.
Artificial Intelligence
Telco companies are already showing a huge amount of interest in the potential of AI to improve both their service delivery and customer service through better network reliability and performance.
Telcos are already using digital assistants and chatbots to answer basic customer questions and perform simple tasks. AI is also allowing customer service and marketing teams to better understand their customers and user behaviour.
Big Data
Big Data has telcos a huge opportunity to gain insights into their customers and operations. By analysing this data, telco companies are predicting periods when usage will be heaviest so they can optimise network services and usage.
Big data also makes telcos better informed about what customers actually want, leading to the development of new products and services.
Are you planning to grow your telco business in the next few years? We can help with your power needs. Get in touch today to learn more.
