Part One of the Multi-part Series: Turn Big Business into Big Business
This week Blackberry announced that it has agreed to sell itself to a financial consortium for around $4.7B, a staggering 92% loss of shareholder value in only five years. Whilst some would argue that competitors such as Apple, Samsung and Google offer better smartphones, the reality is that Blackberry failed to innovate quickly enough and lacked the agility to adapt to the tectonic shifts in the market in which it conducts business. Cautionary tales such as this are legion in the technology and related industries, and the enterprise (B2B) communications services industry is no different. The rapid pace of change of technology, the meteoric rise of new competitors and the drastic shifts in customer expectations means that Communications Service Providers (CSPs) need to be ahead of the game to avoid the same fate as Blackberry.
CSPs need to be agile in their ability to serve demanding but highly valuable customers whilst adapting to new market requirements and aggressive competitors. That agility must be in place today. CSPs can’t afford to wait any longer for the wholesale rebuilding of legacy applications. Recent market research reveals that CSPs must deliver tailored service offerings and personalized customer experience if they are to gain market share against other CSPs, IT service providers and disruptive new entrants such as Amazon Web Services.
No single company can hope to spot every new trend or be the first to market for every must-have product or service. However, every successful company must have the agility to adapt and deliver new offers and business models. Organizations need to do this whilst providing the absolute best in personalized customer experiences across their entire business.
Being able to simplify the complexity of legacy systems for service innovation and delivery of differentiated customer service is propelling some of the more agile CSPs into leading positions in the race to acquire, retain and profit from enterprise customers. They are not resting on their laurels. They are also automating complex order fulfillment, unifying product catalogs and using dynamic case management to provide their enterprise customers with customized service offerings and exactly the customer service experiences that befit the value that they provide.
These CSPs are lining up, not just to protect their traditional lines of business, but to hurdle those competitors that have become too comfortable. In this ongoing blog series I will share insights from a Pega-sponsored study which reveals a massive opportunity for CSPs to grow enterprise revenues so long as they’re able to expand their product offerings, address delivery complexity and customer service quality issues to compete for new business.