Digital Transformation for Telcos Explained! IT Ukraine Association & JEVERA Whitepaper Presentation
Did you know that 73% of telecom companies are still using outdated technologies? It's a huge challenge, but we at JEVERA have found a way through! Our team just rocked an online presentation of a comprehensive whitepaper crafted jointly with IT Ukraine Association. We're super excited about how well it went and ready to share the insights explored below.
What was on the agenda? Key webinar insights
1. What 4 main emerging trends will be pivotal in telecom in 2024?
The surge in innovation is prompting telecommunications companies to adopt technology to maintain competitiveness and boost customer satisfaction swiftly. During the webinar, speakers highlighted key trends that could profoundly impact the transformation of business models, revenue generation, and the enhancement of cybersecurity measures.
To prepare for the upcoming challenges and business opportunities in 2024, telecom businesses should focus on four primary areas worth investing.
5G network deployment
Integration with IoT to enhance connectivity and services
AI-driven analytics to leveraging artificial intelligence for data insights
Cloud-native architecture to assist in adopting flexible and scalable technology
2. The purpose of digital transformation in telecom
Gartner claims that digital transformation encompasses a wide range of processes, from IT modernization to the creation of new digital business models. In the telecom sector, this is seen as adopting strategies that fundamentally alter how companies operate and serve their customers.
Such modifications pull into the introduction of new services, the evolution of business models, and the building of long-term partnerships. Overcoming the limitations imposed by legacy software is crucial in this process, placing customer needs at the forefront of driving business transformations.
The ultimate goal of any business is to deliver value to its clients and scale up this way. Hence, the focus of digital transformation in the telecom industry for the forthcoming years will be on:
Enhancing the customer experience
Introducing new offerings
Managing increased data traffic
Streamlining and optimising core business processes
3. New services as a competitive edge
Launching new services based on a synergy of customer behaviour and demands will be the biggest competitive advantage for telcos in 2024. The secret ingredient is quite simple - rapidly aligning customer needs with the services offered by the business. Yet such a dynamic process may be sharply stopped if the company uses legacy software.
Here are a few ways to overcome it:
A growing emphasis on increasing development velocity. By upgrading their software systems, telecom companies are promoting innovation and enabling faster development.
Scaled launching possibilities. Such a transfigured infrastructure equips companies to expedite adaptation to market changes, thereby staying ahead of the competition.
Faster market launch. Through digital transformation, the development cycles are significantly shortened, speeding up the process of introducing new services to the market.
4. Where to start the digital transformation?
For telco businesses, it's important to remember how customer-focused this industry is. At the webinar, the speakers drove home the point that if you're going to update anything first, it should be the customer-facing services, hosted by BSS.
Kicking off digital transformation with client-facing services and Business Support Systems is a smart move. It covers all systems that are at the heart of how the business interacts with customers and delivers services:
Customer Relationship Management
Income management
Order management
Service catalogue management
Partner management
Self-service portals
5. How to get back on track by omitting digital transformation barriers?
Digital transformation is not a few-click task to do, it is a complex process requiring substantial financial funding and not less portion of patience. So, what should one do when part of the journey is complete, yet unforeseen circumstances disrupt the progress? First, it is essential to pause it and think of a solution.
Reverting to legacy systems: It involves dedicating time and resources to transition back to the former system. This choice isn’t taken lightly, especially considering the prior investment of time and capital into the new project. However, if the assessments indicate that returning is the most beneficial course of action, then it becomes the sensible choice.
Seeking alternative solutions: Companies often give digital transformation another go, albeit after some delay.Should the business lean towards exploring alternatives, it’s important to recognise that getting a solution that effectively addresses all business needs while remaining cost-effective can be a challenging task.
Summary
The held webinar and JEVERA whitepaper created in partnership with the IT Ukraine Association serve as a crucial guide for telecom companies navigating the complexities of digital transformation. It also underscored the urgency of adapting to emerging trends to modify business models and improve customer satisfaction. As the sector prepares for 2024, the focus on efficient digital transformation, new services, and customer-centric strategies will be pivotal for competitive advantage and sustainable growth.
