Change happens in the business world. The telecommunication industry is no different. In fact, this industry is a principal example of the fluid, dynamic and rapidly evolving business environment. These changes are breaking-down the dividers between communications, technology and entertainment. Creating an entirely new telecommunications industry.
Moving forward, the ever-changing telecommunications industry needs to focus on security, artificial intelligence implementations, predicting future anomalies, and implementing the dark horse of 5G.
Blockchain enhances security
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 reduces costs. But the most significant benefit of blockchain is the high level of security it provides.
Currently, the industry faces incredible security concerns. These concerns are addressed through blockchain technologies breaking down the chain of work to maximize company efficiency with streamlined internal processes and stronger encryption protocols. With one single view of work, a telecommunications company can immediately notice potential concerns or issues, thus having the instantaneous ability to correct the problem.
Blockchain, in the global telecom market, is expected to grow to reach revenue of $1.37 billion by 2024. Proving 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.
Full time assistance from artificial intelligence
Imagine optimizing artificial intelligence (AI) 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.
Currently, AI in telecommunication is primarily concentrated 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 efficient usage of time, so much to the extent that these one-on-one conversations projects business expenses to be cut by $8 billion over the next five years. Implementing AI into the daily workflow; hinged on labor-intensive and time-consuming processes like billing, data entry, and order fulfillment, tasks are completed instantaneously via virtual methods and the staff is prompted with new and higher value-based work. It also engages the workforce more, and enhances company moral and efficiency.
Foresee challenges with predictive analytics
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.
How will this impact customers directly? Well, the telecom industry will be able to give customers something amazing; the ability to detect, fix, and ideally prevent outages. These analytics take historical data, compared with real-time data, and then provides possible network outage scenarios based on the collected data. This would change the public relations efforts of the telecommunications industry, remaining proactive instead of reactive.
Experience a new frontier with 5G connectivity
5G brings three new aspects to the table: higher 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. It’s even anticipated to facilitate machine-to-machine communications and virtual reality.
Once the 5G transition plan begins, it will institute an entire overhaul of the communications network unlike any other in history. Think of the level of transition like this. Directly following the type writer, our society implements a cell phone. This is essentially the scale of the shift from 4G to 5G. Going from a very successful method of communication, to a monumental level of technology and advancement. Now, keep in mind, the reason for this shift is not to get faster, it’s a part of it but not the primary, but rather to make the wireless industry sustainable for the long term.
It will be exciting to see what kind of benefits 5G technology can bring to the table. Once the broadband technology is perfected and rolled out on a global scale, 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.