During the COVID-19 pandemic, digital transformation catapulted into the limelight as many enterprise leaders needed to quickly adapt and innovate to secure business survival. A testament to this is a survey from Analysys Mason, which found that a stunning 92% of respondents accelerated their plans to use more IoT, security, cloud, and unified communication services in response to the pandemic. While the pandemic could be nearing a close, the wave of innovation we have seen over the past two years is just the beginning.
Digital transformation is a journey, not a destination, and enterprises across industries must continue to invest in the future to stay ahead of the competition. This means seeking greater connectivity enterprise-wide, re-evaluating business models, and adapting strategies to place the customer front and centre of everything they do
Reinvent your business for the future
Technologies like IoT, machine learning, and AI are no longer concepts of the future. In today’s virtual-centric world, they are essential for any business to thrive. Looking ahead, leveraging the power of 5G will be the next game-changer for any enterprise to compete and operate seamlessly both internally and externally with customers.
The metaverse and other immersive virtual experiences will rely heavily on 5G. When we imagine a future where workplaces and social gatherings are hosted in the metaverse, we can really start to understand the vital importance of a powerful network connection and processing power.
That said, traditional enterprise technologies will struggle to support the faster speed, lower latency, and network support capabilities of 5G. Leaders must adopt a more powerful infrastructure with backwards and forward compatibility and capabilities like network slicing and virtualisation to effectively deploy 5G across the enterprise and allow for greater connectivity now and in the future.
Strategic ecosystems drive future growth
With this cry for greater connectivity comes a uniquely powerful business opportunity for communications service providers (CSPs) as they roll out 5G services and help enterprises eliminate siloes to become more connected. To best serve this influx of enterprise customers, CSPs are redefining their identity and the way they approach partnerships.
As CSPs adapt to this new identity, they create new dynamics in the B2B2X business model and shape a partnership-centric model CSG likes to call ‘The Reverse B2B2X Model’, which will soon dominate the enterprise ecosystem. In this business model, the CSP (the first “B”) provides connectivity services in the background, while the partner (the second “B”) gains a direct relationship with the end-user (X). The advantage of this partnership-focused model is the ability to lean on a trusted external partner to support the enterprise end-user.
New partner models like this will become ubiquitous in 5G-powered enterprise ecosystems, and as 5G revenue opportunities continue to emerge, it will be crucial for CSPs to package expertise, technology, and network capabilities in ways that effectively help enterprises realise their digital transformation strategies. In short, CSPs will be the ticket to the cutting edge as they play a more central role in enterprise operations.
Embrace a customer-obsessed mindset
Customer experience is now a company-wide mission, not just a marketing responsibility. As our world becomes more digital, there is a massive opportunity for businesses that prioritise customer experience and blend customer experience practices into every part of the business. Enterprises are increasingly shifting their strategies to put the end-customer at the centre and map out the full customer journey, from acquisition to long-term retention and brand evangelism.
5G and other connectivity-centric technologies will help enterprises further their pursuit of the perfect customer experience. With a stronger foundation for processing and communicating throughout the enterprise, employees – and the enterprise as a whole – will be better equipped to create a seamless customer journey.
5G arguably had a rocky and winding road to its initial rollout, but that doesn’t negate its immense power and long-term value for enterprises. Enterprises of all kinds, from retail to fintech to healthcare, are looking to the future while delivering in the present. This means adopting new system infrastructures, rethinking business models, and seeking closer relationships with their telecom providers. With 5G capabilities in hand, enterprises can transform from the inside out to become future-ready and more connected – both internally and for their community of customers and stakeholders.
James Kirby – SVP, Global Telco at CSG
James Kirby is Head of EMEA at CSG, where he is responsible for go-to-market strategy and business development across the region. His international experience helps him craft service offerings that improve customer experience.
With 20 years’ experience at CSG, James puts customer excellence and continuous improvement at the center of his strategy. He has previously held product management, business development and services roles within CSG.
