Declining markets and increasing competition from digital natives have left many Communications Service Providers (CSPs) struggling with shrinking customer numbers, lower earnings, and a continual battle to control costs and optimize existing business systems.
TODAY vs TOMORROW
One of the most important steps in making your transformation successful is to determine what you expect your transformed business to look like.
Cloud-based, software-defined delivery model, with resources focused on building the business rather than simply maintaining existing market position.
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Strategy brief: Transform your business for Smart Home 2.0
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A real solution requires new models and strategies built on digital, smart home thinking. And thanks to the cloud and its many “as-a-service” possibilities, CSPs today have the potential to transform their businesses and be ready to compete with new models and disruptors.
Are you ready to start building a successful smart home strategy?
Smart Home Services Provider
Reliance on hardware and infrastructure, with the bulk of your workforce, focused on installing, maintaining, and repairing physical systems.
Communications Service Provider
Competing with other CSPs based on speed of connectivity and price.
Physical systems that serve as barriers to scalability.
Traditional CSP workforce lacking the digital skills needed to compete with the likes of Google or Amazon.
Data-driven insights allowing your workforce to:
Identify and resolve technical issues more quickly
Target customers with more tailor-made, personalized offerings
Competing with big tech companies by offering consumers easy-to-deploy, cloud-delivered digital services on top of quality connectivity.
Software-defined platforms that bring flexibility, agility, and scalability.
Key stats that make the case for transformation
digital voice assistants will be in use around the world by 2024.
value of the global smart home market by 2026, up from $85 billion in 2020.
within a single household by 2024.
Recognize that trust and familiarity make CSPs natural partners for customers who want to add smart services to their homes.
Here’s how to get started
Think beyond B2C and look for B2B opportunities as well. Digital disruptors like Amazon and Google have already tapped into such markets and are growing B2B revenues by as much as 30–50% annually, according to Accenture research.
Beyond looking for new potential growth areas, also seek out ways to better monetize existing offerings.
Focus on providing digital, customer-centric experiences driven by data that allow for hyper-personalization.
Seek ways to introduce more competitive cost structures that increase both flexibility and profits.
Look for opportunities to reduce support costs by investing in proactive technologies that can resolve service issues before customers call.
While looking for cost-saving opportunities, make it a priority to reinvest savings in strategies that drive future growth.
Think about platform economics and flexibility while making investment and capital allocation decisions.
Make network quality, reliability, and speed a priority, as these create the foundation for future Smart Home Services.
Focus on products that are software-driven and can be launched rapidly to meet customer expectations and demands.
Look for open platforms, network-agnostic devices, and easy-to-deploy technologies that help overcome customer concerns about confusing devices or incompatibility.
Employ robotic process automation, artificial intelligence, chatbots, and other technologies to improve customer service and agility.
Enable transformation of costs and customer experiences through data-driven insights, orchestration, and software-defined solutions.
Keep management of legacy infrastructure lean and efficient while also pursuing new digital offerings.
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