5 MIN READ
BY ADMIN | AUG 08, 2020
Quit the offline game and Go Digital
In the recent past, Telcos have always been ahead of the game introducing innovative inventions and creating value for consumers. With the fundamental change in the way people consume telecommunication services, Telcos are challenged to remain the pioneers in the face of digital service creation and keep up with the ever-evolving digital world. Although Voice and message communication and bulk SMS for text messaging still drives revenue and remains on top, the OTT-players continue to unfold the future of entertainment. This is when the Telcos need to transform into the new game-changers!
In order to keep up with the competition and remain in the forefront of the digital game, Telcos now need to focus more on how they can sustain and grow within the industry instead of solely focusing on existing products and offerings with a few tweaks here and there. That, is definitely not going to help. Adapting to digital transformation is not easy, it takes a lot of work. However, a small change can have an impact on the entire industry thus, a gear towards a transformation path will benefit Telcos and the telecommunication industry too. Remember, a positive impact can have a major impact on all stakeholders including subscribers and the end users so, it is very important to have a strategic approach to tackle the shift onto digital transformation.
Did this get you thinking about what this strategy could be?
Well, there are basically two strategic paths that telcos can take up to win at digital transformation:
Incorporating a digital centric business model such as implementing an API management strategy to expose core telco resources to external parties accelerating digital service innovation
Or expanding their telco digital footprint by investing in different digital business avenues such as M2M, Ecommerce and Data Monetization etc.
The transformation into a digital business opens up a plethora of opportunities for telcos to tap into new sources of revenue, such as enabling the cloud, API Management, M2M, mobile commerce and the monetization of customer data. In a world where everything relies on a digital connection, Telcos are already on a path of rebuilding their identity and redefining their role in the new ‘digitally connected economy’ ecosystem. It is not just devices or people who are connected but even industries and enterprises are connected with one another. No one needs to stand alone in this digital era; the roots of digital transformation have been spread across every nook and corner possible. So even for a telco, just being a purely telco company is not not the key for survival anymore. Telcos need to embrace the limitless opportunities which open up during the continual digital transition. Unlike other industries, telcos operate on complex infrastructure with stronger connectivity and wider reach so, rooting for the new digital trends will not be a challenge!
This is where strong partners come in to play: they provide the expertise, customer relationship and a footprint in the target markets to help enter an entirely new business successfully. Transformation is not something that could happen overnight and it’s all too easy to make a hasty move in the wrong direction, however, considering options for too long would be fatal too. Therefore, finding the right partner will be crucial. The right partner must have the appropriate credibility and market access to drive the significant change telcos need.
Having said that, it is right about time for you to start thinking out of the box, come out of the shell, action your ideas faster, take a few risks and dive into the game to overcome the “digital transformation” challenge.
hSenid CPaaS is a cloud based telco specialized API Management solution which helps pioneer digital service innovation bringing in new revenue generating streams for Telcos. With hSenid CPaaS, telcos can set up their roots in the digital sphere eliminating the revenue pressure taking lead in the face of digital transformation. Its simply a digital service enabling platform! Schedule a demo.