How Telecoms Are Staking Out a Digital Future at the World Trade Show
While most telcos are betting big on 5G, they are also betting big on other technologies such as cloud computing and software-as-a-service. Qualcomm Inc, for example, expects to partner with more than 30 carriers and telecommunications gear providers to use faster 5G technology. Other partners include China's Fibocom Wireless Inc. and China Unicom Ltd., as well as Taiwan's Chunghwa Telecom.
telcos face a choice between incremental gains or value-creation formula
Telecoms are at a crossroads. They can either tinker with the edges of the industry to achieve incremental gains or embrace a radical new value-creation formula. The latter option will require them to bravely commit to a new value proposition and take full advantage of the unprecedented opportunity to reshape the world we live in.
As the market for standalone connectivity becomes increasingly commoditized, value-focused telcos will focus on concentrated coverage and narrow product lines, enabling customer-facing functions to be powered by automation and self-service tools.
5G
Telecoms are making big bets on 5G, and a key topic is the role that cloud and software-as-a-service will play. A recent announcement reveals that Qualcomm Inc will partner with more than 30 carriers to use 5G technology and develop new products and services. Other notable partnerships include China's Fibocom Wireless Inc. and Taiwan's Chunghwa Telecom Co.
Cloud players have the potential to completely transform telecoms. But the cloud's role in the industry is far from clear. Cloud hyperscalers can be both friendly and unpredictable. It's unclear how telcos will manage them, and some are worried that they could suck away value.
IoT
With revenues exceeding $6 trillion globally, telecoms must adapt to a changing customer experience. They must compete with new competitors and make significant investments in next-generation technology, as well as figure out how to monetize current infrastructure. In a world where everything is digital, telcos are looking to the future and how to make that vision a reality.
One way to accomplish this is through the ITU, which sets internet standards. This is a multi-stakeholder process involving government, civil society, and industry. The ITU is a little-known organization to the public, but the election for its secretary general is a defining moment in a new age for the Internet, a time of global geopolitical fault lines and the future of digital technology.
Customer experience
The future of telecommunications is in digital, and companies must adapt their business models to stay competitive. In a digital economy, customer experience is key. Subscription models are giving way to services pricing, and service platforms are spreading across industries. Telecoms are making significant investments in new technologies and infrastructure.
In a digital world, consumers are demanding instant and seamless experiences. This requires a significant transformation of the telecom industry. To stay relevant, the industry must adapt to this new world by focusing on its current customers and focusing on what they value. Digital-native companies are driving a revolution in customer interaction and service, forcing incumbents to rethink their business models. By adopting a new approach, telecoms can improve the customer experience and reduce churn.
Talent
At the World Trade Show, telecoms are trying to make a point of staking out their digital future. After decades of dealing with deteriorating economics, the telecom sector has now begun the process of redefining their business models. The emergence of digital-native companies has pushed incumbents to redefine their interactions with customers. In addition, the use of AI and big data has transformed how services are delivered and value is captured.
With a $6 trillion global market, the telecommunications industry faces a number of challenges. The industry must adapt to changes in consumer expectations and fight off new competitors, while making huge investments in next-generation technology and infrastructure. It must also determine how to monetize its current infrastructure.
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