Industry 4.0 is Disrupting and Redefining the TMT Industry. How?
With the evolving technological trends, digitalization is more a concept limited to a few. It has swiftly become an integral part of business operations across diverse sectors. This is often referred to as Industry 4.0. It simply signifies the marriage of physical and digital technologies for those who are still new to this.
Undoubtedly, the TMT industry sits at the center of this revolution. Why do we say so? It's because most advancements are directly because of telecom research to improve communication via faster speed and fantastic connectivity.
New technologies like 5G, AI, IoT, and others are helping this sector to collect large amounts of data and transfer it across within no time. Since these technologies are becoming interlinked, telecom can quickly improve practices and push innovation.
But where do Telcos fit into this current Industrial revolution? Let's find out more about it!
TMT Sector and Industry 4.0: What to Expect?
Digital transformation is the key driver that's driving change in the world. It's improving people's lives and helping society by pushing to create new business opportunities. Without telecom, it is not possible to achieve this goal. With its global connectivity, it allows access to real-time information and marketplaces. Thus, it helps improve the quality of life.
If you are still wondering how telcos are in the Industry 4.0 revolution, let's tell you that with telecom technology, the global flow of goods and finance will triple to around $80 trillion by telecom technology.
Clearly, the world is moving towards a connected and smart infrastructure. And with the developers integrating ML into IoT platforms could give an edge to the network. The majority of TMT CXOs believe that if you want to stay ahead of the curve, you need to integrate technology because that helps deliver value to the company itself and customers simultaneously. Thus, leveraging such innovations is helping this industry to invent new business models while reinventing consumer relationships.
This new-age digital revolution will touch almost every aspect of telecom operator's business:
- The industry can reinvent its core using omnichannel sales strategies. Investing in such a strategy can increase revenue by around 30% and reduce commercial costs. They will switch to customer-centric solutions, giving them an edge over others. This is because it will help them reinvent core telecom services.
- It will help them drive innovation for telecoms. Operators can now include financial products, IT offerings, media, or utilities. This will allow them to bring the telcos' strong user base and experience onboard experts.
- The ones with a large market share are willing to watch the tide and change the course while it gulps the smaller market holders. But it's only possible if you have the data and insights that are only possible with the industry 4.0 revolution.
How to stay ahead of the competition in this era of industrial revolution/ Industry 4.0?
Despite being the center of Industry 4.0, TMT companies ensure that they are going by the book. They want to prepare well for the potential disruptors to invent business/ delivery models and acquire new customers and market opportunities. It won't be wrong to say that digital transformation is becoming stronger.
But if you are not a front runner, you need to have what it takes to succeed in this smart, connected era. Here are some guidelines to stay ahead of the competition.
- You need to be prepared for modern-day business trends. For instance, ask yourself a few questions like "Are you prepared to adopt smart, autonomous technologies? How are you going to use them for a competitive advantage?" Besides this, you need to be ready to meet the needs of digitally savvy customers. If you are prepared for all that, are you prepared for changing regulatory environments and evolving trade landscapes?
- The businesses need to transform to business value. Innovation is the key to this, but if you aren't catering to the needs of the customers, you won't be able to fend off your rivals. This is why you must discuss how you will integrate new products or services in your internal and external systems.
- Once you build a more robust network, you must shift to creating a stronger network of partners. This is why you need to assess whether you have relationships when you don't have any in-house expertise. Do you have any extensive and diverse network?
- How are you reimagining and reinventing your future? Is your vision aligned with your future of business? Are you using new ideas to experiment with newfound technologies?
If your company is doing most of it, you are a front-runner. You must identify areas of improvement and develop a strategy to stay ahead of the curve. This will allow you to position and thrive in this digital transformation era.
Final Thoughts- Telecom Industry Changing in the Times of Digitalization
Digital transformation provides an ample opportunity for companies to update their practices, diversify their businesses, and thrive in an entirely new world of possibilities. Since the telecom industry can’t change the market or stop it, they must embrace it. That’s the only way to stay connected to their consumers amidst the changing consumer trends.
They should think of becoming conduits for customers to access digital platforms. They need to reevaluate journeys and identify the customer touchpoints. By doing that, they can ensure that they are delivering with similar intent.
Remember, if you aren’t embracing the change, you can’t differentiate solely based on the infrastructure and operations. You need to be worried about media companies trying to expand their legacy and with Google fiber already starting to expand their infrastructure.
And with the increased bandwidth requirements and growth of the IoTs, you need to make constant upgrades to keep up since it is critical for profitability.
More than that, you need to know how to leverage the data assets, cloud, and AI technologies to create new revenue streams. So, are you all set to invest in next-generation infrastructure? Or are you again procrastinating and waiting for the trigger?