At TM Forum Live! Asia in December this year, Raja Ravi, Senior Solutions Architect, Mobile Engineering, Telstra, and Shreshta Shyamsundar, Principal Technology Architect, Enterprise Architecture, Infosys, will deliver a presentation entitled Enabling Customer Centricity through Data Currency. Here’s a flavor of what they will talk about.
Today’s technology-driven atmosphere is nurturing a better equipped customer base with higher expectations. Consumers have greater power in picking what suits them as they can research products in depth, using online price comparison tools and so much more – this breeds competition. Staying close to data to know what consumers want and need is how to succeed: One or two failed products can wipe an entire company off the market.
Based on PwC’s 2017 telecommunication industry trends, average revenue per user is falling in most regions, with Latin America losing up to 10 percent in the five-year period to 2016. It states that the competition comes from over-the-top (OTT) players offering apps. Streaming content in OTT messaging apps like WhatsApp, Viber, Skype and iMessage account for more than 80 percent of all messaging traffic; Skype alone accounts for 33 percent of all international voice traffic.
Communications service providers (CSPs) must fight back against competition by using digital channels instead of traditional promotional channels like radio, TV and print to market their products, and over traditional service channels like call centers to provide customer care. This presents a major cultural shift for companies with little confidence in non-human interactions, but it’s an opportunity. The greater demographic reach, improved usability and immense amount of additional data can drive customer centricity and disrupt the paradigm – online sales and service can be a principal portion of the business, not just a contributor.
In fairness, CSPs have tried hard to use technology to be more customer centric, but their programs could do better. Addressing the questions below can help them figure out where they are so that they can start on a plan that will carry them the distance:
- Do you understand your customers’ demographics (behavior, spending appetite) as well as your competition does, if not better?
- How important is customer experience in product design?
- Are you so weighed down by legacy technology that customers’ needs do not matter to you?
- Do you know the next big thing you need to prepare for? Are you investing in the right areas ahead of your competition? What bets are you hedging?
CSPs can start to harness the necessary data, using the following parameters, to work their way towards customer centricity:
Unlocking customer centricity
As for those CSPs who have already commenced the journey, it is tough going. In transitioning toward customer centricity, they often find themselves stuck supporting multiple stacks of platforms as many channels still use old network technologies (like 2G) and IT applications.
Our talk will aim to clarify how data currency and curation, data funneling and channel management will help to build a sustainable path to customer centricity.
Join us at TM Forum Live! Asia 2017 as we discuss our experiences in enabling customer centricity and our journey so far.