4 minutes read
Re-imagining the digital economy offers a range of new opportunities. Our world is more connected than ever, and in some ways every company is a technology company. “Smart” products and services are changing commerce goals and outcomes. The lines between industries are becoming increasingly blurred. Communication Service Providers will be integral in helping industries to integrate and adapt to these changes. For example, we are headed toward a sensor-based world in an Internet of Things; CSPs can, and should, be front and center for this digital transformation across just about every industry.
Network Connectivity is Key
The growing digital economy is powered by network connectivity. This means CSPs are poised to lead the digital revolution. However, it isn’t just about hyperconnectivity; data generated by clients and networks must be converted into usable information. Predictive analytics from sensor data allows the smart management of assets. A digital allocation of work, spare parts, logistics and other services can be delivered. CSPs will have to change with the times to meet and monetize this demand. Those that fail to proactively adapt in this digital era will lose both relevance and profits. Business agility and embracing digital technology will not be optional going forward. Pivoting for these changes as well as developing new revenue streams is critical.
The sharing of data will be paramount going forward. CSPs can assist not just in creating and supporting the data economy, but also act as data brokers, as they are at the center of the digital traffic web. Digital data will be more significant than ever going forward, and CSPs will have their fingers on the pulse due to their networks. They will assist businesses in collecting, aggregating and analyzing traffic, monetizing this service through data science and analytics offerings. For customer-centric data, opt-in models and third parties could be commissioned to parse the data so that privacy laws are honored.
Cloud and Mobile Services
They might also begin to offer cloud services to new and existing clients. Cloud services are a natural offering for operators. CSPs understand the importance of security, scalability, reliability and uptime – this is their lifeblood and their business relies on doing it well. Adjusted solutions could be created to address regulations and privacy concerns. They can assist with supporting new business models and processes. The digital transformation and economy will require new skills and an adaptive workforce. Mobile digital processes can assist with inventory management, procurement, payment processing and invoicing. Key software solutions can also assist with providing real time data on the go. Businesses can then exceed their customers’ expectations.
Creating and Supporting a Digital Lifestyle
With the digital revolution comes an emerging digital lifestyle for consumers. CSPs are already providing services such as mobile wallet, tele-health and media sharing. Entertainment, wellness services, home automation and home security will only continue to become a part of the core service offering from operators. Providers can engage the digital consumer very persuasively while increasing their product line and profits. Recommendations based upon context and location can be made in real time in line with user preferences. These creative offerings can enhance the digital experience and create user loyalty.
A Multi-Sensory World
CSPs will also be integral in assisting industries in becoming sensor-based and embracing the Internet of Things. The use of sensors requires scalable, adaptable solutions for connectivity and processes. Sensor-friendly vertical solutions can be offered to industry ecosystems. E-healthcare, tele-medicine, remote diagnostics and in-vehicle security are all possibilities. Enterprise customers can also benefit from sensor-based technology.
Smart network assets will remain significant despite some activity toward virtualization. Predictive analytics based upon sensor data can help with even smarter asset management through digital allocation of key business areas.
Anticipating the Ideal Products and Services
The analysis of such information as consumption, usage patterns, preferences and context data could be extremely valuable for planning changes and developments. With insight into the customer base, the best ideas and offers for specific segments can be created to maximize impact with existing clients. And this data and capacity to analyze data, can be a valuable tool for all industries looking to become more engaged with their customers and deliver a highly personalized experience. CSPs are in the unique position of understanding the needs and interests of their subscribers and can leverage that knowledge and expertise to help other industries move towards better engagement with customers.
It’s Time to Look to the Future
The opportunity for CSPs to play a pivotal role in the transformation of other industries is enormous. Taking advantage of that opportunity requires re-thinking the business, the market approach and core business processes. For those that do this well, they will become critical partners to their enterprise customers in their digital evolution.
To learn more about how CSPs are transitioning their business and rethinking how they run their operations, download the whitepaper, “From Telcos to Digital Service Providers: Enabling the Digital Life.”