Telstra CEO David Thodey says consumer behaviours are changing and expectations increasing.
“Consumers are more informed, more demanding and less patient than at any other time,” Thodey told a Telstra investor forum.
“Not only are they more informed about the products and services they require, they have higher expectations about the services they receive.”
He identified immediate opportunities for Telstra in network applications and services business and Asia, as well as emerging opportunities in digital media, global applications and platforms, and eHealth.
Here are the key trends Thodey identified which place telecommunications companies at the heart of a social and economic change around the world:
Exponential Growth in Connectivity: Everything will be connected, wherever you are and whenever you want to be connected. This will require different network design and configurations, and different business models.
Demand for Bandwidth: The growth in connected devices and use of the network is driving an extraordinary increase in demand for bandwidth, across fixed and mobile networks (entertainment; equipment monitoring and maintenance; environmental controls). This is driving a new age of innovation. Telcos must remain ahead of this demand curve but what a wonderful industry to be in with such demand.
Consumer Behaviour: Is changing and expectations are increasing. Consumers are more informed, more demanding and less patient than at any other time. Not only are they more informed about the products and services they require, they have higher expectations about the services they receive. We must continue to improve our service and products.
Smarter Networks and Improved User Interfaces: The intelligence that now exists in networks has improved functionality. New generation human to machine interfaces like Siri and Google allow technology to be used more simply and by more people. Machine intelligence, gesture recognition and new user interfaces mean millions of people are able to participate in this digital revolution.
New Network Dependent, Innovative Applications Growing Quickly: There are now billions of mobile and fixed network applications available around the world and an innovative software industry has been born. Each one of these applications is dependent on the network and is both driving network usage and creating new opportunities.
Data Analytics: To deliver the type of experience customers are demanding requires the analysis of vast amounts of data. Data analytics have always been a part of our world. Our ability to use this data to improve the customer experience is an essential part of our future.
The Asian Century: The Asian region presents a huge market opportunity with its growing middle class; rapid urbanisation; and unprecedented economic growth. Half of the world’s internet users live in Asia, and their influence in the online world is only set to grow.