Spurred by the availability of new technology and efficiency processes, front of house transformation will focus on marketing (37%), sales (33%) and the customer experience (26%) while in the back-office, HR (30%), compliance (22%), IT (22%) and procurement (22%) were most frequently cited as areas of focus.
The research, published by Parseq, surveyed more than 50 C-suite executives at some of the UK’s biggest telecoms firms. Parseq said "every executive polled will also take steps to make their business more efficient in the next 12 months, indicating how the UK’s biggest telecoms businesses will realise their transformation plans".
Craig Naylor-Smith, MD of Parseq, said: “In a competitive climate, when consumer and business confidence is low, transformation projects that drive growth must remain on the agenda.
“Our first Big Business Efficiency Report shows executives are pursuing transformation to secure new business and maintain important customer relationships as the shift towards more digital ways of working across almost every industry accelerates in the wake of Covid-19."
The use of AI and machine learning (46%), learning and development for staff (42%), and new workflow management software (38%) were the most popular steps telco executives said they would take to increase business efficiency in 2021.
When asked how they would use the capital unlocked through efficiency gains, almost half of respondents said they will invest in new technology (46%) and expand within new and existing markets (44%). More than a third said they would improve customer experience (37%) and develop new products and services (37%).
Executives also highlighted several barriers to making their businesses more efficient, citing cost (42%), complexity (38%) and lack of knowledge (38%) and time (35%) as their biggest hurdles. Almost a third (31%) flagged a lack of awareness of available third-party support was holding them back.
Naylor-Smith added: "Increased efficiency unlocks the investment needed for successful transformation projects. Support from third parties with the right expertise and experience can help executives achieve this, take advantage of the latest innovations and build resilience as we head into a critical year for UK telecoms.”
