With IoT evolving, we are soon to witness a ‘networked society’. A networked society will be one where all the devices will connected to each other empowering the people as well as industries to achieve their full potential. Telecom sector is no exception to the benefits of IoT. Internet of things is an opportunity for the telecom companies to innovate, reinvent, improvise and the sector needs it very much. The telecom companies need to utilize this opportunity to the fullest and be part of the IoT evolution.
IoT India Magazine brings you 5 definite ways which can help the Telecom sector to reinvent itself.
Way#1: Affordable Connectivity and Scalability
Telecommunication industry functions on scalability and connectivity. It is necessary to have cellular networks built in a way that they can handle huge volumes of mobile broadband traffic. Because if they will not be able to manage this traffic, then they will not be able to provide uninterrupted service to customers.
IoT can represent a unique opportunity to telecom operators by allowing them to offer affordable connectivity and that too on a global scale using IoT applications. IoT applications can easily absorb the traffic as it is relatively small for this technology. Also by using IoT applications, operators will be able to offer connectivity right from the start-up phase and they can grow this business at a low cost as only limited additional investment and effort is required.
Way#2: Innovative Products
IoT offers a huge opportunity for the telecom companies to innovate products and bring something new to the market. Also such offerings will give boost to revenues and more satisfied customers.
For instance, Vodafone has partnered with BMW to provide an innovative offering. Vodafone provides SIM cards to be put in cars which allows its user to track the vehicle’s location at any point in time. Also the user can alter the heating and cooling system and send alerts to emergency services in case of crisis or danger.
There are lot other offerings that Vodafone is able to offer using IoT. For instance, Vodafone uses IoT to help power companies in New Zealand to track electric meters and farmers in South Africa to determine whether the bananas have become overripe or no while in transit. Such partnering for smart offerings will be the next step for telecom companies
Way#3: Personalized Services
IoT will allow the telecom companies to offer personalized services to its customers. Internet of Things will allow for generation of huge amount of data with respect to customers and by applying consumer analytics, telecom companies can draw inferences and understand their customers. Using IoT, organizations can better understand their customer profiles and can offer their customers personalized products and services at an individual level, redefining the customer experience.
Way #4: Existing Product Improvement
In the current communication network system, customers receives services what is available and not what he has taken or promised. There is no guarantee in terms of performance attributes like data speed, network availability or responsiveness. For instance a customer has availed of 3G services but if he is at a place where there is 2G network, obviously he will be receiving 2G instead of what was promised, 3G.
However IoT devices can help improve this situation and the existing products and services. IoT is still in its nascent stage however as IoT evolves, the product offering by telecom companies will also evolve leading to an environment where the customer gets exactly what he is paying for.
Way#5: Enhanced Customer Value
With growing competition, retaining customers and building new ones is always a challenge. And now with the IoT wave, it will be important on the part of the telecom companies to take advantage of this technology to enhance the customer experience. Only companies who will ride the wave will be able to maintain their customer base and add to it. All the innovations, re-designing of existing products and improved services will enhance the overall experience of the consumer. This in turn will benefit the telecom companies with better revenues and more loyal customers.