Global Telecommunication Industry Trends
The telecommunication industry has changed radically over the last couple of years due to continuous innovations and advancements in technology, and companies will continue to expand their operations at a global level. With increasing innovations in the telecommunication industry, companies are opting for IoT in their applications to streamline their operations and offer effective services. The accelerated growth in wireless telecommunications space can be attributed to increasing internet penetration, access to smart mobile devices, and advancements in wireless technology.
Although the telecommunication industry is witnessing promising growth owing to the growing demand for wireless communications among the end-user segments, diverse factors may impact the growth of the industry. They include:
Decline in voice revenues – In recent years, there has been a progressive decline in communications from the traditional voice and text messages. With the appearance of Wi-Fi, the use of internet messaging applications has increased; thereby, showcasing a drastic decline in voice revenue.
Rise of 5G – The telecommunication industry is witnessing the entry of 5G service providers. This is expected to be a challenge for the traditional service providers who specialize in offering 4G services.
Importance of Competitive Benchmarking
Benchmarking is the process of discovering the best processes, strategies, and techniques for accomplishing your business goals. Competitive benchmarking is the method of analyzing your products, services, processes, and practices to a direct competitor using standard measurements. This may be done to assess your current competitive position, develop strategies, and evaluate performance.
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About the Client
A leading player in the telecommunication industry in the United States.
Today, the telecommunication industry is witnessing major industrial transformations and changes in regulations owing to the rise in global competitive pressures. Therefore, to outpace the growing competition in the telecommunication industry, the client decided to conduct a competitive benchmarking analysis to analyze and outweigh their peers. Also, the telcom client wanted to understand their business as well as that of their peers to execute processes and internal policies to surpass the competitors.
The competitive benchmarking assessment helped the client identify effective business operations to capitalize on new opportunities. Competitive benchmarking also empowered them to identify and prioritize the benchmarked performance gaps. The results of this competitive benchmarking analysis study were employed to take maximum advantage of the benefits of benchmarking, which, in turn, improved the process of standardization of organizational data and hierarchies of information.