In a greatly evolving and unsettled industry, telcos face enormous challenges and opportunities at the same time. Thus in order to overcome the challenges and seize the opportunities, telcos must evolve much more rapidly. Whether the change shall come in their business models or operational procedures, telcos should have quite a strong belief of their unique value propositions, and they need to assertively figure out which assets they can invest in, or else they will run the risk of not being able to compete anymore.
So where is the industry going and what will be the new sources of revenue?
We all know that the telecommunications industry is encouraging telcos to provide a wider range of services. But what services?
Straightforwardly, telcos need to be more responsive and shift their new products and services to where customer needs are going.
Two of the biggest areas of potential, and that many telcos are aware of, are VAS (Value Added Services) and IoT (Internet of Things). But when it comes to what VAS they shall offer or how IoT works, very few are aware of that. In addition to that, other telcos also see cloud services and video just as important.
But is it enough to be aware of the new opportunities?
Of course not!
Four major obstructions are blocking the way for telcos to transform themselves:
- The struggle to change their internal culture
- The difficulty to find the right talents
- The outdated regulation in many countries, which is not able to keep up with the changes happening so fast
- The country-specific regulation which hinders the ability of regionally based operators to grow and transfer data across borders.
Consequently, transformation on all of these levels is the key to the transformation of telcos! Even if telcos are ready to invest to develop their culture, there is also a big need for the support of the regulatory bodies to help foster these changes that are drastically required for telcos to survive in today’s environment.