How Can Telecoms Remain Competitive in Future?
The telecom industry is one built on innovation and evolution, from the pioneering days of 19th century telecommunications systems through to the remarkable rollout of 5G data connectivity across the world.
This history of innovation means competition in the telecommunications industry is dynamic, built on strong foundations but framed by an adaptive mindset that allows organisations to respond to changing technology and market conditions. That means flexibility is critical to global telecom competitive advantage.
Digital transformation has driven sweeping changes within the trillion-dollar telecom industry, as communication service providers (CSPs) have expanded service offerings from traditional analog calls into data, internet connectivity, and multimedia experiences. While this has offered remarkable new market potential for CSPs, analysts Deloitte highlight in their 2022 Telecom Industry Outlook how keeping pace with network services and applications is now a real competitive challenge for operators.
The potential for more competitive broadband markets, more decentralised funding paradigms, the growth of multi-access edge computing, and changing cybersecurity and fraud risks are some of the headline challenges highlighted by Deloitte, joining some key market trends we address in our competitive landscape analysis.
Coping with competitive connectivity
Customers around the world have enjoyed huge expansion in their connected landscape in recent years, leading to evolving expectations around always-on connectivity in both the commercial and residential markets.
CSPs now face a landscape where customers desire dynamic and interoperable connectivity across broadband, fixed-line, broadcasting, and mobile data services. This frames an extremely complex landscape for the telecoms industry, but one which CSPs must respond to if they’re to remain competitive in future.
Those operators who deliver adaptive packages which can be personalised to meet evolving consumer needs in a competitive connected landscape will enjoy a distinct advantage over more rigid telecoms offerings. This need for flexibility is why Neural Technologies’ data-driven solutions are built on a foundation of adaptive, scalable technology that can respond to a changing landscape.
Addressing evolving cybersecurity and fraud risks
Our increasingly digital world necessitates new avenues of fraud risk and cybersecurity protection, and one which is highly valued by consumers. According to Experian’s 5th Global Identity and Fraud Report, 55% of consumers cite security as the most important aspect of their online experience.
With more than half (55%) of companies actively deepening investment in fraud and detection software and methods, and 47% noting it as their top priority in 2021, it’s clear that enterprises are recognizing the growing consumer focus on fraud.
It’s critical that CSPs act to address the convergence of traditional and cyber fraud threats, not just addressing the expanding threat surface of our digital landscape, but integrating those solutions with more traditional fraud threats. Consumer focus on robust fraud protection systems will ensure this remains an important pillar of competitive advantage in the year ahead.
Rapid onboarding for customer-centric journeys
Customers today expect smooth, user-friendly solutions throughout their customer journey. It’s imperative that this begins at onboarding, with rapid and secure integration of customers in the digital landscape. Full digital onboarding is an increasingly critical aspect of capturing customers in this environment.
Delivering effective revenue assurance and fraud management will be vital to ensure this opportunity is realized in a secure way, with robust application risk protection that quickly identifies high-risk events and mitigates any financial losses. With an appropriate data-driven solution in place, CSPs can meet the expectation for customer-centric processes while reducing any credit risk, and build positive customer experience from the very first interaction.
Responding to challenges in training and attracting talent
Attracting and retaining digital and data talent remains an imperative for enterprises across the business landscape, and a major challenge for CSPs seeking to unlock value through digital transformation and data-driven processes.
In a recent study by EdTech company Udacity, it was revealed that more than half (59%) of employers reported a shortfall of skilled employees as having a major or moderate impact on their business.
In this landscape, automated solutions and machine learning-driven technologies will be a powerful enabler for risk and revenue management functions, allowing CSPs to reduce demand on human risk resources. This can also support wider efforts to free up important digital talent to unlock value in critical functions, making a more encouraging working landscape with wider benefits to employee retention.
Leveraging data to meet evolving customer expectations
The need to meet evolving customer expectations is something that runs like a thread through future competitive advantage in the telecoms industry. Major digital players have embedded an expectation in customers of responsive, personalised, and rapid customer service that not only adapts product offerings to unique demands, but is responsive to feedback and broader communication.
Integrating a wide range of data sources and data types is invaluable in this landscape, allowing for automated and responsive solutions that can rapidly adapt to evolving expectations, but also providing decision makers with key insight to inform business strategy.
Neural Technologies works with customers to ensure data is at the heart of competitive advantage. Our Optimus Platform integrates data of any type from both new and legacy data sources, including structured and unstructured data. This data-agnostic approach will be an important advantage for CSPs seeking to remain competitive in a landscape of evolving and expanding customer expectation.