Telecommunications has always been an important Industry in contemporary economies, but with the COVID-19 pandemic unfolding, society has relied even more on interconnectivity to access essentials of day-to-day life, As a result, telcos today are looking into their business & operating models with a new lens, creating a strong foundation for digitalization with a potential value of US $2 trillion through 2025;
As the digital revolution unfolds, the telco ecosystem has opened up to an immense opportunity to move up the value chain to explore new revenue levers. BORN’s own Aditya Basu, Head of Corporate Strategy and Marketing in APAC and MENA, notes
“Today the telco ecosystem represents an increasing competitive pressure on core business and an immense opportunity to move up the Value-Chain to explore new sources of revenue levers. To excel in today’s ever-changing market dynamics and customer needs, telco needs to build agile, modular, customer-centric & intelligent platforms that leverage their own & partner’s services.”
Key-Value Drivers & Market Levers in Telecom
Telcos over the past decade have seen revenue growth stagnate, despite exponential growth in bandwidth usage, forcing them to contemplate upon the new age growth drivers. Even today, telcos are more prone to diversifying their revenue streams but margin management still remains a challenge. Some of the key pain points & opportunity drivers for telcos across the pivots of business, operations, customers & services can be seen in the graph below.
Hence the key value drivers & focus areas for telcos across the globe should be:
- Omnichannel Experience: The ability to provide an omnichannel experience by enabling the front (digital) to quickly adapt to market realities without having the backend (BSS systems) undergo major changes.
- Modular new-age scalable platforms to onboard and bundle new partners and their offerings quickly and consistent product & services information across channels.
- The ability to track consumer behavior across channels and achieve personalization at scale, thereby providing a superior customer experience.
- Expanding product portfolio from Core to Complementary and beyond, thereby increasing channels & digital touchpoints to reach a larger audience.
- Building and participating in ecosystems to collaborate and create economic value.
Now coming to niche focus areas of digital levers in the telecom, “Network of the Future” is a term telecom operators should swear by when developing their business models. Virtualizing current legacy Infrastructure promises to fundamentally change the basis of future service, as it can create self-optimizing and safe zero-touch networks. Expanding the product portfolio from core to complementary and beyond is another key driver. The increased digital transformation presents the telecom industry with opportunities to extend revenue streams beyond connectivity through IoT solutions, consumer and enterprise digital services across digital touchpoints, and reimagined digital communication models leveraging augmented reality/virtual reality and smart mobile advertising. Lastly, to win the race for customer loyalty and wallet share, telecom industry players should focus on providing superior customer experience and building and participating in ecosystems to collaborate and create economic value and exciting digital experiences.
Customer Experience Management in Telecom: What, Why, How?
We can break down the elements of a telecom value chain as follows; Network convergent technology and infrastructure, Products and services, Partner and ecosystem, Enterprise technology, and Customer Experience Management(CXM) form the core of it.
Drawing our expertise in CXM, we define CXM in Telecom as the amalgamation of the ‘system of records,’ ‘ system of intelligence,’ ‘system of engagement’ & ‘system of things’ for an end to end digital transformation across the customer lifecycle. Essentially, it means mapping customer interactions across touchpoints & channels and optimizing customer journey by delivering personalized experiences with Integrated technology & services. However, the needs and expectations of the partner ecosystem are always changing. Telecom providers will be facing discrepancies in consistent brand & omni-channel experience, and contextualizing personalization to align with the customer demands.
The need & expectations of our core partners and customers are changing rapidly and some of the key challenges in delivering a best in class experience are
- Consistent Brand Experience & Engagement – Customers expect the brand’s value proposition to be delivered consistently across their customer journey. Currently, there is a value leakage across the customer journey due to channel proliferation & inconsistent interactions across touchpoints
- A Holistic customer profile – Organizations & brands should strive for having a single source of truth on customer’s interactions, channels, purchasing behavior, experiences & social interaction to create an integrated & unified communication strategy.
- Omnichannel Experience – Omnichannel experience is one of the biggest challenges for organizations. An integrated channel experience is highly desirable, but hard to achieve
- Contextualizing Personalization – Every customer wants to be treated as a valued individual. Hence businesses should be able to chalk out relevant user persona and optimize their touchpoint management.
Aditya Basu further notes,
“Enabling telcos to measure customer experience by creating a differentiated experience across channels will be a major competitive advantage and will enable combat some of the bottom-line pressures “
Walking the Talk Leadership: Enabling Telco Transformations Across the Globe
BORN built a commerce platform for a leading telecom player in Malaysia that delivers an exceptional customer experience. One of the hallmarks of the solution was the implementation of the headless commerce architecture with a common commerce platform providing unified catalog, Payments, Order Management, and Fulfilment capabilities across all channels. As a result of the solutions implemented, over 3.5 million users were registered across digital channels in 8 months since launch. There has been a 150% increase in the number of transactions on web channels, a 300% increase in conversion rate, a 30% reduction in bounce rate with a 10% increase in average web session duration.
We were also approached by one of the global leaders in Communication Technology, to create a fully integrated solution that could deliver advanced services to 3.5 million businesses across six continents. We implemented a diverse range of technology improvements, including new feature development, integration of multiple updated applications, and development of automated workflows. The company saw an improved user experience with a 5 point NPS improvement while the bottom line improved with a 70% reduction in the manual intervention. Our solution combined insight-driven CX and strategy frameworks to deliver the best outcomes. The accelerator methodologies used, delivered a customer-centric approach at speed. The company was able to apply a catalog of behavioral nudges to review their current user journeys.