The telecom industry is gearing up for change as the market realities face significant transformation due to the impact of COVID-19. The dawning of a new era seems to be imminent and so far the signs have been positive.
With people staying at home and sheltering in place, many companies have been able to already stand up to the increased requirements from their infrastructure. Embracing change, adopting new technologies and best practices, and resorting to tried-and-tested strategies like the MVNO model can become more lucrative. Going forward, the industry is on its way to evolve and innovate, while dealing with the Wuhan virus, in order to meet changing needs.
In light of the present circumstances, there can be a few key ways telecom industries can usher in change and evolve in order to keep growing and being profitable. Let us take a look at these important areas.
Crisis Response and Management
The increasing demand for connectivity and the massive surge in remote work requirements can definitely place strains on telecom infrastructure going forward. While most companies have been able to cater to the increased demand, problems in the future can lead to negative consumer perception.
Going forward, the evolution of telecom companies can encompass:
- A data-driven, proactive response to the crisis that can shape the attitudes of stakeholders
- Creating accountable leadership supported by a robust, cross-functional team
- Quick iteration through the response plan with a focus on excellent speed to action and the ability to pivot when needed
- Consistent, seamless delivery of infrastructure
Since telecom is a people-intensive industry, there can be significant changes in store as workers are forced to work remotely in the near future. Risks related to infrastructure and security can increase. Certain workflows can be difficult or impossible to adapt to remote work. There can also be a significant risk of exposure for frontline employees.
Some important steps to consider can include:
- Assess changes in workload due to the pandemic and the resultant changes in demand
- Determine how you can assign work to employees without losing productivity
- Ensure the safety and reliability of the infrastructure
- Ensure the safety of on-site workers
Brand Opportunities and Strategy
As more businesses make the switch to remote work, the telecom industry has a great opportunity to supply the support system for that remote work while providing customers with a positive, pleasant experience. This can provide an excellent boost to your brand.
Conversely, telecom companies should be prepared to embrace cost-cutting maneuvers while also being prepared for further uncertainty. With the potential for an economic recession becoming more real every day, it is important to be resilient and flexible.
For MVNO operators, this can be a great time to start a partnership with a company like Telgoo5 that provides tailored and flexible MVNO billing solutions along with several other important features that can help in brand-building and improving brand perception.
While the telecommunications industry has already invested heavily in a more diversified supply chain, the current situation can bring various difficulties. Trying to stockpile inventory might not provide a viable solution in many cases.
Excessive demand in the current situation can take a toll on service quality and create a ripple effect as more businesses plan remote work.
An integral part of the evolution of the telecommunication industry would involve a reimagining of supply chains to find and eliminate weak points. Contingency plans should be made and fee schedules should be duly assessed.
Riding out the Storm
While the telecommunication industry has indeed been stress-tested many times over the last century, this new set of circumstances can definitely provide a chance to evolve. Embracing evolution at this stage can help companies ride out this storm while also becoming more capable and prepared to handle future emergencies. Having a partner like Telgoo5 can be a definite strength in these times, allowing you the advantage of robust MVNO solutions heading into the future.