22 February 2024

How Telcos can drive the Digital Economy?

We are living in a digital world where the digital economy is not a distant dream but a reality. It is changing the way businesses work. In this ever-changing world, innovation has become an essential force that drives the digital economy. Every industry wants to go digital looking at the current scenarios. Telcos are also opting for digitization.

For telecom operators that want not only to battle the declining growth, diminishing margins, and increasing competition but also want to seize opportunities that will strengthen them and make them more profitable, it is of utmost importance to make smart use of digital technologies across the whole business.

Are you a telecom operator? Do you want to drive the digital economy? But don’t know where to and how to start? No worries! We are here to help you. This blog is all about strategies for telcos to drive the digital economy.

Let’s proceed! Digital economy

Strategies for Telcos to Drive the Digital Economy

Adapt Innovations

Being digital does not always mean discovering new revenue streams but doing the basics intelligently. Ensuring innovation also means the identification of new ways of running a business to pull in more revenue. Adapting innovations helps telcos in bringing more revenue generation opportunities for existing and new partners. These can be revenue share models or the new age pay as you grow model. For example, along with ISP Software, Height8 is ensuring innovations by offerings multiple addons like WhatsApp integrations, various payment gateway integrations, eKYC feature, triple play service, various BRAS & NAS integrations, franchisee-wise caf, and much more to provide a seamless customer experience. Are you an ISP? Are you looking for an ISP Solution to manage your business seamlessly? Have a look at H8 ISP Solution. Click here for Demo.

Customer Experience

To remain in this competitive world, it is necessary for all industries including telecom to satisfy their customer's needs and provide them with a seamless experience. The telecom market used to be an oligopoly in nature, wherein the major players in telecom industries used to commodify the subscribers to mint money out of them. But now the tables have turned, in a perfectly competitive transition, telcos have to shift the paradigm to make customer and ISP relationships more human-centric. This will help ISPs in designing the offerings to ensure consumer retention and win new customers. The new age customers are demanding in nature and look for the ISPs who are agile, innovative, and cost-effective.

Operational Efficiency

At the end of the day, a streamlined business can witness tremendous cost and time savings, along with delivering better experiences for customers and employees. Most of the leaders in the telecom industry have started focusing on operational efficiency to become more productive and profitable. For e.g, John J. Stephens, senior executive vice president and chief financial officer of AT&T said “We’re streamlining our corporate functions and pushing costs directly to the business units to drive operational efficiencies and respond more quickly to customers’ needs.”

Optimize Expenses

Expenses are inversely proportional to profit. An ambitious digital operator must have a strategy around cost reduction. This helps in reducing the expenses of investing in multiple systems. Leveraging solutions that are based on modern technologies like Cloud technology is another way of optimizing heavy recurring costs. If a telco can bring in operational efficiency, expense optimization will happen automatically.

Enable Digital Operations

To drive the digital economy, ISPs have to digitize their operations. Operations can be digitized by automation, reducing redundancy of systems and data, seeking help from domain and system experts (consultation and managed services), and empowering partners with self-care capabilities.

Discover New Streams

There is no doubt that digitization has opened up new revenue streams for ISPs. The mantra to grab a share of this pie is to act fast. ISPs have to establish a strategy that is valued faster so that they can identify core areas of strength early in the digitization journey. Such a strategy shall enable them to continue only with those new streams that make sense to the ecosystem in which they do their business.

Summing Up

Above are the 6 key strategies based on the idea of helping telcos in increasing their revenues and driving the digital economy. Hope this blog clears all your questions. If you have any further questions or want to have a demo of the H8 ISP Software? Write us a mail at h8ssrms@height8tech.com or call us at +91-6358931775.

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