Riding the innovation horse

As new communication technologies move from the fringe to the mainstream, businesses can expect better agility, improved CX, new services, and higher margins

- PRATIMA HARIGUNANI

When the telephone came, globalisation began. When the Internet arrived, business models changed. When smartphones bloomed, every business became a digital business. Today, most businesses across sectors and industries have an app, a new customer platform, and a disrupted business model, thanks to extreme and irreversible digitalisation.

As we move ahead and embrace deeper imprints of 5G, the Internet of Things (IoT), metaverse, and Open RAN, there is a lot that will change for enterprises worldwide. A recent report by Research and Markets indicates that over 800 million people started using the Internet during the last six years. The report India Telecoms Industry Report - 2023-2028 estimates that another 200 million users will go online by 2028. If we turn to a recent Kearney survey in North America, 45% - 50% of consumers prefer digital service, while 40%-45% prefer physical stores. A similar survey by the consulting firm in 2022 found that digital channels comprise nearly 20% (or higher) share of the total sales volume in Europe and Asia.

Interestingly, in smaller markets, the share of digital channels is 30% or more for some operators.

As augured by STL Partners in its report Telecoms 2023, ten years down the line, telcos could find themselves growing into national or regional champions of connected technologies, working with enterprises and governments to help the world run better.

In a Nutshell

The emerging communication, connectivity and networking technologies would help enterprises get faster, better, leaner, and smarter. Here is what they should get ready to leverage.

Wi-Fi 6

5G in a stronger shape

Cloud model

Datafication

Edge Intelligence in many forms

Metaverse

AR, VR, and XR

ChatGPT