With the launch of 5G in 2019 in South Korea, there has been anticipation worldwide to see how the next-generation wireless network will transform our lives completely with the metaverse, seamless connectivity, wearable devices, and more.
There are 6.64 billion smartphone users worldwide, and smartphones are the fastest-growing technology ever. Despite fast growth in technology and new generations of wireless networks, the telco industry has continued to hit roadblocks from a customer experience perspective. With the average consumer requiring approximately four days and two attempts to resolve an issue by a telco company, customers are frustrated by the experience and quick to switch allegiance despite customer churn costing up to $65 million per month across the industry. From onboarding and technical support to resolving billing issues and not rewarding loyalty, the industry is plagued with complexity that significantly impacts customer acquisition and retention.
The advent of 5G means low latency and better data rates, but the customer experience has to keep up with the quality of services provided. Telco industry leaders realize the need to accelerate their martech transformation to meet customer expectations and significantly improve their customer experience. There are several hurdles that they must overcome to accelerate and implement their martech transformation.
The right martech transformation vendor can help enterprises focus on exceptional customer experience, build loyalty, higher ROIs, and transform operations to outpace competitors. This can be done by aligning the emerging technology with end-to-end frictionless experiences.
What are the key aspects that drive an optimized martech transformation for telcos? What are the hurdles telcos face? What areas does a martech transformation vendor cover to give you the best end to end experience? Ravi Kumar Palepu, SVP and Global Solutions Head of Telecom practice at Virtusa, shares his insights on ideas telco leaders and enterprises should consider to accelerate their martech transformation.