With global adoption of 5G fast becoming a reality, telecoms face new challenges. How does consumer connectivity accelerate emerging revenue opportunities? Here are our four recommendations for telecoms to move beyond their current role and power up new cross-industry revenue streams.
In short, telecoms need to move beyond the role of providing the network backbone and enabling content delivery (learn more about the 5G marketplace for network providers here). Crucially, they must decide if they’re going to power customer relationships for others or own that relationship themselves. Although some industry players have made good strides in seeking incremental revenues through a broader ecosystem and facilitating the interconnectedness of adjacent industries, more must be done – and at a faster pace – to create better experiences or reduce costs.
Utility to value: Changing the customer relationship
First and foremost, telecoms need to identify how they can make the most impact and create the most value in the customer relationship equation. This means focusing on building strategic use cases for industries or powering them at the nexus of their partners’ ecosystem.
Here are four recommendations for telecoms to reap the opportunities ahead:
The road ahead
5G presents both a challenge and an opportunity for telecoms, which must transcend the networks they’ve built and leverage them to add differentiating solutions and enhance customer experiences.
While leading telecoms have already explored investment in adjacent industry offerings, many others continue to search for ways to more organically infuse themselves in what is a continuously evolving value chain (learn more about opportunities in the IoT value chain here). While certainly the stakes are high for anticipating new consumer and cross-vertical needs, so will be the rewards.
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