Change happens in the business world. The telecommunications industry is a principal example of the fluid, dynamic and rapidly evolving business environment. The dividers between telecommunications, technology and entertainment are becoming less-and-less prevalent; thus creating an entirely new telecommunications industry.
Blockchain in the telecommunications industry isn’t a crazy idea to fathom at all. In fact, pairing with blockchain technologies assists leading telecommunication companies to become more efficient, and reduce costs. But the biggest benefit of blockhain is the high level of security it provides.
Currently, the telecommunication industry faces incredible security concerns. Blockchain technologies address these concerns by breaking down the chain of work. Thus, maximizing company efficiency with streamlined internal processes and stronger encryption protocols. With one single view of work, a telecommunications company can immediately notice breakdowns, or security concerns; thus having the instantaneous ability to correct the issue.
Blockchain in the global telecom market is expected to grow to reach revenue of $1.37 billion by 2024. It’s clear these technologies will have a big impact. Telecommunication companies are already implementing blockchain technologies to focus on customer needs, and increasing overall profitability through optimal workflow opportunities.
Artificial Intelligence (AI)
Imagine optimizing artificial intelligences (AI) ability to engage in proactive learning while evaluating large quantities of data. In a telecommunications setting, applying these learnings open up a major assortment of practical use cases within both company operations and management, as well as supporting a range of revenue-increasing applications.
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Currently, AI in telecommunication focuses primarily on network management. Still, AI can be more advantageous if the networks are upgraded and lead to the implementation of increased cloud-based services and overall network virtualization.
Another benefit of AI in the telecommunications industry comes with the implementation of virtual assistants. These assistants provide a cognitive opening conversation with customers to get quick information and provide simple solutions to their queries. Virtual support for customers provides an efficient usage of time, so much to the extent that these one-on-one conversations efficiently projects business expenses to be cut by $8 billion over the next five years.
Implementing artificial intelligence into the daily workflow regarding labor-intensive and time-consuming processes optimizes efficiency. Daily tasks done instantaneously via virtual methods allow the staff to be open to new and higher value-based work. Which then engages the workforce more, and enhances company moral and efficiency.
AI predictive analytics are aiding telecom companies to provide superior services by applying data, refined algorithms and machine learning techniques to calculate future outcomes based on historical data. Calculating the future is key. With higher quality and a longer set of historical data, the better the predictability for the future.
Implementing this, telecommunication companies can work with data-driven insights to evaluate the state of equipment, predict future flaws based on patterns, and proactively service communications hardware, such as cell towers, power lines, data center servers, and even boxes in customers’ homes.
5G brings three new aspects to the table: greater speed (to move more data), lower latency (to be more responsive), and the ability to connect a lot more devices at once (for sensors and smart devices).
This connectivity is about much more than smartphones. Sensors, thermostats, cars, robots, and other new technology will all connect to 5G one day. The 5G network is anticipated to assist the fourth industrial revolution, the growth of artificial intelligence, expansion of robots for use across telecommunication sectors and other industries. Facilitating machine-to-machine communications is also a possibility.
It will be exciting to see what kind of benefits 5G technology can bring to the table. Once the broadband technology is final, connectivity will be within milliseconds. This is a ground-breaking step, in a technologically advanced world.
Implementing these technologies and remaining proactive instead of reactive, will give telecommunication companies the proper tools to keep customers happier with a quality experience, thus building customer loyalty.