Top Telecom Industry News
- AI is Streamlining the Telecom Industry in 3 Ways:
The Telecom industry is heavily deploying artificial intelligence (AI) to optimize its workflow and processes. The industry is at the center of technological growth, driven by mobile and broadband services in the internet of things (IoT) devices. The rise is expected to continue as Technavio has estimated that the global telecom market will touch an impressive CAGR of greater than 42 percent by 2020 with the help of artificial intelligence (AI).
AI Provides Added Values to Telecom
Currently, communications service providers (CSPs) are encountering higher demands for better service qualities and better customer services (CX). Telcos are matching up with these demands with the help of vast sets of data collected over the years through their massive customer bases. The data is extracted from devices, mobile applications, networks, geolocation, and detailed customer profiles.
Telcos are also leveraging AI to process and analyze massive volumes of Big Data to gain actionable insights and offer better customer experience. AI is also becoming crucial for streamline operations and increase revenue through new services and products.
Future-centric CSPs have dedicated their AI investments on the following main regions:
Network Optimization
AI plays a vital role in building self-optimizing networks (SONs) that provides the operators with the capability to automatically optimize network quality as per the traffic information by time zone and region. AI application in telecom industry also employs advanced algorithms that search for patterns within the data sets. It enables the telcos to identify and predict network anomalies and allows them to deal with issues even before the consumers are affected proactively.
Predictive Maintenance
Operators can use data-driven insights to observe the state of equipment, identify failure based on patterns, and proactively fix them with the help of AI-driven predictive analysis. It also leverages historical data for the deduction of future results. In other words, network automation and intelligence allow better root cause analysis and estimation of situations. In the longer run, the technology will support more strategic goals such as dealing efficiency with emergency business needs and creating new customer experiences.
2. New Trends Rebuild Telco Industry:
The telecommunication industry is in its transformational phase of development due to the impact of disruptive technologies. Presently, the industry is under pressure to invest in technology while focusing more on developing business models that help in generating revenue from 5G and other opportunities.
Here are some of the significant telecommunication trends that are anticipated to revamp the sector in the coming years, which includes:
Escalating cloud adoption
By taking advantage of the scale and agility of the cloud, the Telco companies can virtualize networks, rapidly introduce innovation, and accept internet of things (IoT) opportunities. In addition, the companies invest in cloud platforms to bring new digital services which incorporate over-the-top (OTT) content, software-as-a-service (SaaS) applications, and cloud-based combined communication services.
Significance of 5G
All the sectors such as energy, transport, healthcare, agriculture, and manufacturing are ready to seize on the potential offered by 5G and IoT technologies as they become mainstream. The emergence of 5G helps the telecommunication industry to collaborate with other providers to gain new market opportunities. Besides, it helps in providing more opportunities right from machine-to-machine services and autonomous vehicles to remote healthcare and innovative video delivery services.
Ecosystem value creation
To embrace IoT opportunities, the telecommunication industry needs to smoothly organize an ecosystem of independent partners who jointly create value.
Mind the margin
To monitor the margin, Telco companies leverage the data which they already possess by using analytics and machine learning to get insights into product, asset, and customer profitability.
Addressing privacy and digital identity
Telco companies ensure customer satisfaction by offering greater visibility with control of personal data in exchange for personalized services and advertisements.
Blockchain
Telecommunication industry grabs opportunities to implement blockchain for data and value exchange to cut down on frauds and release new revenue-generating embedded SIM identity-as-a-service.
Creative ways of utilizing AI
Telecommunication industry uses machine learning to enable intelligent search and solution recommendations, automated ticket categorization, smart call routing, and optimization of field service resources. Likewise, robotic process automation (RPA) helps in streamlining complex case management and highly repetitive service process workflows.
Transforming field service
Telco companies are leveraging gig economy and using crowd service to generate more service ecosystem that helps in providing better customer services, which are cost-effective.
Check This Out: New Trends Rebuild Telco Industry
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