Highlights from TM Forum @ Nice May 14-16, 2018
The main buzzword of this year’s TM forum was digital transformation, but are the world leading communication companies there yet? Are they ready to embrace the change? And what are the key pillars to drive a successful outcome?
CTO’s discussed the alignment needed between IT and the business departments to modernize the CSP’s operations on their way to becoming digital CSP’s. The speakers talked about the obstacles standing in the direction of a successful digital transformation. They mentioned the lack of collaboration between and inside the different departments at their respective companies, as well as the need for better analytics and better insights to create a more effective digital transformation. The top analysts reviewed the vision for the communication industry for the year of 2020, and how this journey will shape the new world of the digital CSPs.
Amazon as a Digital Transformation leader
While companies like Amazon are leading the digital transformation by leveraging new technologies and embracing data analytics to drive their business (like our flagship suite, Necto System of Insights which are extensively use), companies in the telco business can only imitate them and then shape their digital world. So, the big questions in the room were ‘Can CSPs become the Amazon of our industry?’, ‘Can CSPs drive the level of engagement that Amazon has with its subscribers?’ and finally ‘What is Amazon’s secret sauce’?
TM forum: CTIO’s summit at the first day
Working with Amazon as well as many leading e-commerce companies, helping them drive their “data insights” initiatives, recognize their secret sauce to driving high customer engagement resides in 2 areas. First, they treat their customers as subscribers and not as ‘transactional users.’ Using analytics, they define the required ARPU from its first log in, and from thereon focus on increasing the user’s LTV by providing ultra-personalized experience and recommendations. Second, they understand that analytics is not an end goal, but a journey that needs to be improved every day. Their focus is to bring all types of data, cross-departmental, cross silos, to drive the best insights.
The Secret Of a Good Digital Transformation
TM forum released two new reports at the event on Monday. For the 2nd edition of its digital transformation tracker, the TM forum surveyed more than 100 CSP’s. It found out that only 60% of them have started or are about to start a transformational journey. The survey also explaining how customer experience is one of the biggest single drivers for digital transformation and showed that 90% of those surveyed are already using analytics to get a better understanding of their customers journeys. I then thought they are probably doing something wrong by the way they conduct their analytics. It seems they use methods and processes which were great ten years ago but aren’t competitive anymore. My best advice to the forum’s members was to approach analytics more cohesively, which encompass cross function analytics.
Our research shows that CSP’s who prioritized data analytics and insights along with technology transformation has been achieving their digital transformation goals earlier than others. CSPs who wants to lead in their domain will need to deploy modern “system of insight” which help transform customers and operations data into insights. Those insights will help CSPs transform customer engagement to become more personalized and enriching, empower employees with better knowledge, optimize their operations, and use insights to transform products and services.
Want to find out how you can make a successful Digital Transformation using data analytics? Get you Demo today