Innovating to Adapt to a Post-Pandemic World
Described as the most severe economic crisis since World War II, the COVID-19 pandemic affected almost every industry in all parts of the world. While Communications Service Providers (CSPs) felt relatively few short-term impacts, the long-term implications will require the industry to adapt to a new post-pandemic world.
The International Finance Corporation expects CSPs to face uncertain growth and business development for the foreseeable future. Industry analysts have also downsized previous forecasts and predict slower progress in the number of new subscribers. Consumer spending, in general, is down to the levels of the Great Recession, meaning that like many sectors — recovery for CSPs will take some time.
Cutting costs will help offset some of the losses incurred due to the pandemic. But cuts only go so far. To emerge successfully from the economic downturn and continue to expand, CSPs must innovate. New technologies provide some of the best opportunities to gain a competitive edge. This paper explores untapped areas where technology can boost competitiveness. By becoming forward-thinkers, CSPs can greatly improve their customer satisfaction, promote loyalty, and decrease churn rates.
