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5 Steps Telecoms Can Take to Compete in the Fast Changing World of Digital Services

Guest Author

Ulrich Schell, VP Industry Solutions Group (ISG), Communications Industry, at Oracle

With connectivity becoming crucial and commoditized, the telecommunications industry is changing rapidly and unpredictably. Operators face an uncertain future where agile infrastructure, processes, and operations will be key to success. Today’s telecoms must launch innovative new services quickly, redefine the customer experience, and transform and unify their core processes to reduce the cost of innovation and operation.

Differentiate to succeed

One of the most pressing challenges for telecoms is to differentiate themselves at a time when consumers now place more value on the digital services that run on top of networks, compared to basic, underlying connectivity. Operators need to create wonderful, memorable customer experiences that improve retention and new customer acquisition.

Apple and Amazon have raised the bar. Consumers now expect a smooth and seamless customer journey that enables them to switch among channels effortlessly. Offers need to be timely, tailored, and targeted and more often, location-based. To gauge customer loyalty and value, operators need to adopt appropriate key performance indicators such as customer lifetime value and net promoter score (NPS), correlated with revenue growth.

As competitive pressures from online service providers intensify, operators must also identify and execute opportunities to monetize their assets and capabilities. They need to create new business models to exploit new value streams flowing out of big data, the Internet of Things, connected vehicles, connected homes, sensors and other new applications. The forthcoming rollout of 5G should open up further monetization opportunities driven by the superior speed, efficiency and coverage of this new technology.

Prepare for disruption

How can telecom operators organize to address these challenges and opportunities? Here are five steps they can take towards becoming future-proof:

  1. Strip out unnecessary processes and streamline your propositions.  This will cut costs and avoid confusing customers who value their time as much as money.
  2. Make smart use of behavioral data to establish a deeper, more meaningful understanding of your customers so you really understand what motivates them to buy.  Then, engage them with tailored content and offers that are personalized and highly targeted.
  3. In the enterprise market, collaborate with partners to deliver industry-specific solutions that reap the benefits of connectivity in truly compelling ways. To become a competitive digital services provider, you need to connect with top talent, start-ups and innovative companies to create new, combined offerings.
  4. Use 5G to deliver next generation communications infrastructure-as-a-service nationwide. One of the key characteristics of 5G is its flexibility. Operators will be able to slice and dice the connectivity to meet the specific needs of individual customers.
  5. Embrace cloud services as a platform for growth and consolidation. The agility and scalability of the cloud are essential for survival and differentiation.  

As telecom operators take these five steps, they need to make efficiency and simplicity the watchwords. Time after time, low cost, easy-to-use services win in the marketplace.

Read more on this topic and discover how Oracle can help telecom operators through the different phases of a demanding digital transformation.

Read our Telco Industry Viewpoints here.

 

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