Market musings

$2 Trillion in Global Value Depends on Innovation in Telecom

by Sasha Viasasha
January 19, 2018

Digital transformation in telecom could unlock with more than $2 trillion globally for businesses, consumers and society at large in the coming decade, according to an economic analysis of innovation by the World Economic Forum (WEF). That figure includes a $440 billion market cap for future telecom networks and $30 billion for a redefined customer experience. Wider connectivity could add $490 billion to the world’s economy. Due to the central role of communication and collaboration in business overall, stronger innovation in telecom could boost the productivity in all other sectors. 

Hanging up on the past

What do businesses need to do now to start accessing that potential revenue? One major step in the right direction is surprisingly simple: Let go of aging, inefficient telecom tech.

 One of the biggest barriers that must be overcome, according to the report, is the widespread attachment to “clunky legacy assets and systems.” While technologies in other fields are rapidly cycling through massive design and functional reboots, the last major update to the desk phone was the pushbutton dial pad in the 1960s. More than half a century later, desk phones are still frustrating workers with operational complexity and poor UI design.

4 innovations with the greatest impact

The WEF found 4 top-level categories of innovation where digital will have the greatest impact on communications in the near future:

  • Networks of the future: Digital tools and capabilities are creating more reliable, secure and autonomous networks with increased flexibility to meet diverse and dynamic customer requirements. 
  • Beyond the pipe: Ecosystem members will reposition existing business models and launch new digital services, to move beyond connectivity to a new world of cross-industry competition and collaboration. 
  • Redefining customer engagement: Telecommunications operators will redefine their approach to customer engagement, as customer expectations, shaped by outstanding service in other sectors, cross traditional industry boundaries. 
  • Bridging the gap in innovation: The need for rapid innovation, greater convergence and new services will require telecommunications companies to fill key capability gaps with new innovation models and revamped talent strategies for a ‘digital workforce’.

There are many exciting new advances in each of these fields, and new software is taking advantage of the intersection of these innovations. As communications are woven into the operations of every other industry, innovation in how we talk to each other will ripple out to greater efficiencies in every sector.

Productivity lost to aging communications

A great deal of productive effort is lost every day on transferring information from one form to another. Sales people jot down notes on paper that must be entered into a system like a CRM. Customer observations gathered by the support team must be written down in an email or messaging app so it can be shared with those who can affect those changes. Voicemails must often be replayed in agonizing slowness to tease out the central theme or message of the caller.

Innovative startups have both the ability and the responsibility to uncork bottlenecks like these for businesses struggling under market pressure and time constraints. The next generation of telecom solutions will be 100% mobile, building on the UI expertise of handset makers and the accumulated customer experience data from app developers. Countries that lead the world in mobile adoption and connectivity are guiding the way into a future of more intelligent communications networks. 

Mobile connectivity in the new world

Asia Pacific is the world’s largest spender on telecom equipment and services, with 42 percent of the market. Globally, software related to data communications is on track to grow by double digits over the next few years.

Forrester analysts concluded that economic growth of close to 6% across Asia Pacific in 2018 is putting greater pressure on business owners to do more with less, and innovation in telecom is central to achieving that goal.

Under those conditions, it should come as no surprise to find that the most tech-enabled Asia Pacific countries have leap-frogged current telecom tech into the mobile future. That’s the case with Australia, which now leads the world in mobile connectivity, as well as New Zealand and Singapore, in third and fifth place respectively. South Korea and Hong Kong are not far behind.

These countries are the places where you are most likely to see the kind of innovation in telecom that will define the future of work.

A mobile conversation engine

Spoke created a low-cost global communications network for smartphones so small businesses can ramp up engagement with both their customers and employees. We help teams stay productive no matter where they go. When officer managers are able to instantly contact anyone across a distributed workforce, they can close sales faster and resolve customer issues without delay.

No desk phones, no wires, no IT department needed. Within 3 minutes, your growing business could set up Spoke Phone and start accessing next-generation capabilities like:

  • Project the professionalism of an enterprise-class PBX system
  • Instantly contact anyone in your organization
  • Determine who is available and who is on a call
  • Establish employee DDIs with local numbers in 53 countries
  • Keep private mobile numbers and company data secure
  • Make sure missed calls are handled by the right team members
  • Allow your customized, multilingual AI attendant to direct calls to the right group
  • Transfer or conference calls to resolve issues on the spot

In 3 minutes, you could have Spoke Phone up and running, transforming the smartphones you and your team are already using into a powerful, enterprise-grade phone system, for a fraction of the cost and effort of legacy systems.

You will never have to:

  • Call IT to set up or change network settings
  • Tell customers to call back another number instead of transferring
  • Waste time tracking down people or phone numbers
  • Hassle with complex phone trees and menus as employees move around
  • Lose valuable call data or customer contact information to employee phones
  • Give out your own private phone number or ask employees to do so 
  • Pay for team-to-team calling, even internationally
  • Lose business due to missed calls that aren't recorded in a smart call log

Click the link to arrange an interactive demo and see Spoke in action. Get more calls made and answered to ramp up innovation at every level. The future of telecom is calling. Are you ready to pick up the phone?

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Selecting and Implementing a Business Phone System