Telecommunications Business Sector
The evolving indirect competitor landscape of the telecommunications industry creates a number of anticipatory procedures which are essential for such businesses. It is one of the industries which face the highest levels of competition. With ever changing technology and consumer patterns, telecommunications businesses must arm themselves appropriately to maintain growth and profitability.
In today’s market, consumers continuously need more connectivity and speed. With the increase of high quality content through video, gaming and apps, telecommunications companies must maintain and improve their rhythm to satisfy the market.
Companies operating within the Telecommunications industry must be able to adapt to the rapid reduction in SMS usage due to cheaper alternatives. In such a situation, telecommunications companies must invest significantly in more creative and consumer friendly approaches. Also, major investments are targeted towards network management due to the immense growth of data.
A company wishing to establish itself within Malta may seek the services of ARQ Advisory so as to facilitate the process of licensing with the Malta Communications Authority – MCA. The business may then proceed to ensure appropriate financial management through the provision of accountancy and tax services offered by the Group. Also, the company may utilise services on an outsourced, pay per use basis. These services are offered by the Resources unit within the Group which includes Billing, Credit Control, Human Resources and Recruitment, ICT, Marketing and Administration services.
Investment in customer satisfaction and loyalty is key to cementing a beneficial and sustainable position in the market. Maintaining competitive advantage requires minimisation of certain risks. Today’s consumer is more willing to purchase a service which is mostly oriented towards amount of bytes rather than minutes. In certain cases there may be a lack of investment resulting from hesitancy due to low expectancy on potential Return on Investment. This lack of investment may be misplaced strategy resulting in negative repercussions for the organisation’s growth. Non-appropriate research results in meager data which places the company in an inferior position. This leads to customer dissonance as the service they demand is not provided.
The lack of sophisticated measurement tools are also a hurdle for Telecommunications companies. The inability of successfully measuring success and KPI’s in an accurate manner blurs the decision making process, leading to the wrong investments and additional costs. Embracing new types of connectivity is of paramount importance as this keeps the organisation updated with the latest trends.
An essential component for a Telecommunications organisation is security. Investing in a solid and secure infrastructure is a good Risk Management procedure as a cyber-attack may have severe implications for an organisation within this industry. Not investing in appropriate security measures may result in disruptions for a substantial number of users, especially when Telecommunications companies have become popular targets for cyber-crime. ARQ Resources may provide services pertaining to ICT to ensure a secure infrastructure.
Innovation has been one of the cornerstones of success for this industry. Maintaining such a business requires continuous improvement and investment, notably through significant budgets being provided for Research and Design. ARQ Group can provide extensive financial advice for a company operating within the Telecommunications sector.
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David is a Chartered Accountant and a Fellow of the Association of Chartered Certified Accounta... More