Facing the challenges in the communication industry like a pro

Image courtesy of andersbknudsen at Flickr.com

Telecommunication, like everything else, is changing at such high rates that some companies are being left behind. The rapid progress is sure to raise some challenges to the industry as a whole and facing these challenges head on will ultimately determine who remains standing after it’s all said and done.

Data is the most important asset in this day and age. So as a service provider, being able to make data a priority will go a long way. With the new apps and services being offered by use of Wi-Fi and internet, data usage is becoming more sought out than voice services. Service providers should be ready to be able to offer better and faster bandwidths at competitive prices, because more and more the trend is turning towards increasing the data capability on our plans rather than voice. Now, with this consideration, it will become more and more difficult to monetize services for service providers, since increasing bandwidth will not allow them to charge for minutes or text messages as they were before. Due to this, it is imperative that these companies start to consider launching apps and services of their own like HD quality video conferencing. By making it exclusive with features and content, providers will have to set it apart from the rest, thus making the brand competitive in the market. Considering the increment in use of data, service providers must be prepared in terms of infrastructure. They should have a system that is scalable and controlled so that it can grow parallel with the industry. This will also allow companies to control costs by having scalable solutions to each of the challenges faced not only by service providers, but the industry as a whole.

The industry on the other hand, has four major types of challenges that will affect all of those who participate and take part in this industry. Compliance threats, such as corporate governance, regulations and laws that will directly affect how the business is run. Then there are operational threats that impact the systems and people in it, as well as the overall value chain of the business and its processes. Strategic threats will arise as well, as the constant struggle between competitors continues, and the relationship with customers and investors becomes even more important. Finally, there could also be financial threats arising due to volatile markets or in the economy in general. Through these four threats, the industry must maintain afloat where telecommunications are more important than ever and the possibilities seem to be endless. Within each one of these threats there are challenges that the industry should prepare for.

One of the biggest challenges will be ignoring the new roles within the industry’s ecosystem. As mentioned before, failing to recognize new opportunities will not let you position the value chain under the new conditions of the market. Many options will arise, but the important part is to stay relevant with consumer needs and innovate ways to offer packages that will stand apart from the rest of the things offered in the market.

Image courtesy of thecrazyfilmgirl at Flickr.com

Considering initially the challenges that are considered to be compliance threats the most important one is the lack of regulatory procedures for all of the new services that are popping up. These new market structures are reinventing everything as they go along, and most of the time regulations can’t keep up. The other hot topic, especially recently, has been privacy and security. As technology opens the door to new communication channels, authorities begin to wonder and analyze the different needs that may come up while persecuting criminals and how this new technology will affect their roles. Up until now, the new players in the telecommunication industry has sent a clear message saying that they believe in the user’s privacy and will uphold it no matter what.

Organizational agility will be essential when it comes to facing operational threats. Being able to stay up to date as an organization with its infrastructure and qualified personnel will be a big challenge with so many changes coming our way. But the other important factor will be not understanding what the clients want. By continuing to offer the same as always, we are not necessarily tapping into the needs that the consumers have, and by not doing so becoming obsolete. This will be the biggest challenge as far as strategic threats go.

Finally, not taking on innovative solutions to the challenges that arise, will ultimately prove to be the biggest challenge when it comes to financial threats. In reality, not being able to envision the growth of the industry, understand where its heading and find ways to keep up or even be ahead of the pack will prove to be challenges that companies within the industry may not be able to bounce back from. The telecommunication industry is sure to be one of the most important in the years to come, offering us new and innovate ways to communicate with our loved ones, and to keep in touch with our company’s stakeholders, employees and consumers.