Top Digitization Opportunities for Telcos

Telecom companies are facing increasingly tough times as digitization reshapes the industry landscape. The industry is experiencing moderate to massive digital disruption. But digitization should not be perceived as a threat. For Telcos, it comes as an opportunity to rebuild their market stand, re-create their business systems, and design innovative offerings for customers.

Most industry CXOs consider digitization to be one of their top priorities. Not surprisingly, digital business models, customer experience and cost control lead the 2020 strategic agenda. (Source: Global Telecom Study - EY). However, the ground reality is that few companies are truly capturing the full digitization potential.

Let’s take a look at the top digitization opportunities which pave the way for telco digital transformation:

Digital monetization of subscriber intelligence

Every telco operating today has access to arguably the deepest and richest insights into customers’ behaviors and usages. Having business transformation potential, the data and the derived insights can be put to diverse uses, leading to the maximization of top-line and bottom-line revenues. Adopt and invest in automation and analytics tools to transform data into meaningful decisions.

Digital monetization business models range from providing customized data for developing custom products and solutions to tracking locations of customers for marketing. Amongst recent marketing digitization tools, moLotus with advanced data curating and analytics features makes data mining, management, and analysis a cakewalk for you. Your campaign data can be compiled into crisp and comprehensive reports enabling you to decide upon and strategize further.

Digital advertising & promotions

The future of advertising is digital and telcos are taking a leaf from this. They have access to millions of subscribers and have the privilege of communicating with their subscribers one on one. Hence, the focus should be more on reaching out to customers directly using social media and advertising platforms. Smartphone penetration has further shifted the focus to mobile advertising platforms. One such mobile advertising platform with powerful capabilities of running highly personalized, customized and targeted rich media ads is moLotus. The ads are delivered directly to the mobile inbox of the customer. Unlike other ad platforms, the ads have a longer shelf life as they remain in the inbox until the customer manually deletes them.

Telcos should consider using real-time data of individual customers for successfully executing personalized promo campaigns along the entire customer journey. Major Telcos have already started riding on a few mobile ad platforms like TubeMogul, InMobi, Airpush, etc. They can create innovative customer loyalty campaigns with high acceptance rates utilizing the unmatched potential of such platforms.

Digital sales and invoicing

Today’s consumers research and buy more online. Investing in digital sales has enabled some top telcos to increase revenues by 30 percent and reduce commercial costs. (Source: McKinsey Report)

Via digital platforms, telcos can educate and inform customers showcasing best offers, product comparisons, and availability checks inducing sales. Through native mobile-based or desktop-based applications, the telcos have a complete, actionable overview of their account including finances, usage and services they own. Non-app platforms like moLotus are being used by top telcos to run sales campaigns because of their high conversion rates.

Telcos can accelerate and simplify customer billing processes digitally by adopting a trusted and proven tool like Comarch Convergent Billing. Such tools support flexible definition and flow of mass processes like rating, invoicing, printing with validations and checks.

Digital customer service and engagement

If trends considered, convenience and speed are topping the telco consumer agenda. Engage this convenience-driven and speed-driven consumer with digitized services. Moving from traditional customer support and service to e-service can be viewed as a key driver for telco business transformation.

Customers prefer digital service, with 76 percent of telecom customers satisfied with digital-only journeys, compared with 57 percent for traditional channels. (Source: McKinsey Report).

Prepare for more live chat and co-browsing that supports customers during the buying process and post buying support. Live chat platforms like ZenDesk Chat, LiveChat and acquire.io are convenient for your web-browsing customers. moLotus platform has revolutionized the way Telcos can serve their customers. ‘Rate-it’ an additional capability of moLotus guarantees real-time customer ratings and feedback for different service issues to the Telcos enabling them to analyze and improve upon.

Cost minimization

Digitization offers cost minimization opportunities especially in production and delivery by using automated and “low touch” processes. Telco brands can cut costs by reducing headcounts in call center processes. You have a choice to use advanced automation tools for the purpose. Unleash the cost-cutting potential of moLotus and bring down headcount significantly together with printing and stationery costs by automating the marketing processes.

The big picture

Make no mistake: Top Telcos are already reaping the benefits of digital initiatives. Automation platforms are improving efficiency and customer engagement. New service offerings are helping operators stand out from the cut-throat competition. New business models in areas such as advertising and data analytics are opening the door to high margin revenues.

By better tracking their digital transformations, you can also turn your payoff into a windfall—and lead yourself, your customers, and the entire industry forward.