The telecoms industry is currently at a crossroads. Convergence is on the horizon. 5G will open up huge revenue opportunities but also strong competition with tech giants and OTT providers who have huge financial resources. If telcos are to be considered as more than just utilities by consumers they will need to transform themselves into entertainment or service providers – or perhaps something else altogether. At the same time, eSIMS will allow customers to be nimble, no longer locked into long-term contracts, able to hop to and fro between providers depending on what they’re looking for at any given moment. One way or another, telcos will need to put the customer experience centre stage and radically change their business models if they are to thrive in this new landscape.
Given the uncertainties that lie ahead, telcos are facing considerable challenges. Obviously, every business has its own internal teams and resources to take on these challenges, but experience has shown us that there can be gaps, particularly in devising long-term strategy as opposed to dealing with the day-to-day and putting in short-term measures to fix particular problems.
This is where BIO can help. We have experts in areas including business analysis, strategy CX, UX, design, data, behavioural science and employee experience. These are not our only assets: we can also access the large-scale proven technical delivery, engineering, operations and contact centre resources of our parent company, Tech Mahindra. Given our wide range of skill sets, clients can either bring us in to work in the particular disciplines or areas of the business that need support or utilise cross-functional teams who can deliver every aspect of customer experience. In addition we can bring in agile methodologies and best practices empowering businesses to work more effectively long after we’ve left the building.
By coming in as a partner, either to work on end-to-end solutions or to focus on one particular area we can help businesses scale up effectively to deliver change, bringing in layers of consistency and governance to ensure an effective outcome for both the company and customers. As a third party, BIO can also take an objective, holistic view of how employee culture might need to shift in order to deliver a new customer experience successfully.
We understand that transformation projects can make businesses nervous and delay them taking necessary action – not surprisingly when, according to McKinsey, as many as 70% of transformation projects fail to meet their objectives. At BIO we firmly believe that CX-led initiatives need to be accountable so we’ve developed frameworks to do just that. For example, recently BIO was brought in to help define a unified service design experience for a leading telco operating in New Zealand. We created a prioritised roadmap of transformation including many ‘quick wins’ and game-changing initiatives. But crucially we utilised our unique experience performance modelling framework to forecast and measure innovation and transformation against what mattered most to our client: NPS, CSATs and revenue.
Risk/reward contracts are another way to create more accountability and they are something that we welcome. Sharing risk with our clients drives motivation on both sides to meet deadlines, form a true partnership and ensure that our goals are aligned. Our robust experience with telcos has given us confidence that we can hit tough deadlines and achieve business goals on the most challenging of projects.
If your telco needs support to create the change needed for a successful future, please get in touch. Our New Business Director, Jason Greenspan, will be at MWC2020 and would be delighted to meet with you to discuss your business challenges.