The client: Telecommunication industry firm
Area of engagement: Sales forecast
Over the years, the global telecommunication industry has witnessed a paradigm shift and has gone through numerous changes to meet end-user requirements. This shift is mainly due to technology and the way people live and do business today. Earlier, telecommunications needed physical wires that would connect homes and businesses. But, today, this is changing with mobile technology and wireless technology becoming the primary form of communication. Additionally, the global telecommunication industry has become an increasingly important industry for the global economy, which bodes well for its prospects and continued growth. The enduring growth in high-speed mobile services and internet connectivity between devices keeps driving competition and innovation within the industry. Also, much of the telecommunication industry’s focus is on providing faster data services, especially in high-resolution video.
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The Business Challenge
The client, one of the leading providers of transmission solutions for the telecommunication industry with a significant focus on manufacturing optical fiber cables, wanted to leverage sales forecast solutions to virtually manage all aspects of their business. Additionally, the client was looking at developing appropriate strategic plans by improving their knowledge of the market space. As a result, they wanted to gain better insights on future sales and predict revenues and profits of the organization.
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The Solution and the Business Impact
The telecommunication industry client’s engagement with Quantzig helped them better manage their inventory and avoid stock-outs and overstock situations as it provided an opportunity to anticipate future sales and develop strategies to improve revenue. Additionally, the client identified the service delivery gaps and brought about noticeable changes in accuracy by enhancing product development timings.
Sales Forecast Solutions Insights
Companies operating in the telecommunication industry can gather relevant market knowledge to devise strategies that would improve the overall accuracy of operations with the help of Quantzig’s sales forecast solutions. Solutions that aid in sales forecasts also assist businesses in enhancing several aspects of the business including better inventory management and establish robust supply chain processes across various business units.
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Let’s take a look at some of the factors curbing the growth prospects of the telecommunication industry space in the coming years:
- Diversification: Today, the telecommunication industry players are growing at a rapid pace and are expanding their reach to new markets. As a result, it becomes crucial for the firms to develop innovative service lines to enhance profitability and optimize their ROI.
- Growth in IoT: Telecommunication industry players are facing pressures to stay relevant and offer cloud-based and VoIP communication services to remain relevant in the market. This, therefore, makes it mandatory for firms to implement systems that can leverage such technologies.