Why Business Acumen is Essential in the Telecomm Industry
Throughout 2020 and early 2021, COVID forever changed how we interact and do business - and people were desperate for ways to stay connected. Many industries struggled, but some were ready for the challenge - like the telecommunications industry!
As the world switched to remote work, and from in-person to virtual events ranging from game nights all the way to baby showers, there’s been greater demand on telecommunications infrastructure and connectivity - demonstrating the importance that this industry has on keeping us connected. However, just because more people were glued to their devices, doesn’t mean that COVID didn’t cause problems for the telecommunication industry - they were negatively impacted just like all other industries and are still working through the effects.
For one, the telecommunications industry is people-driven - and they (like everyone else) are feeling the effects of the Great Resignation, and struggling to fill positions with the right candidate - especially for their large amount of hourly- roles. And like we always talk about in our business acumen training, people are a primary driver to the success of ANY organization. You can have the best-laid plans...but if you don’t have high-quality, motivated people to execute on them - they won’t succeed.
Supply chain issues are also impacting telecommunications in a number of ways! The obvious impact is on the availability of physical consumer goods like new mobile phones. However, an impact that you may not have considered is the industry’s advancement in 5G and Fiber Networks. With the delays in the manufacturing and delivery of equipment for these installs, the builds have slowed down. And, the increase in demand on the networks hasn’t been fun for any of us…
Now that things are starting to normalize, telecommunication companies are looking for ways to get back on track in these areas - and in my humble opinion, the answer is with business acumen. Now, that’s not to say that business acumen will solve all of your problems (although I think you’d be surprised at how much it does affect), but it gives your people the knowledge and base information they need to make strong and efficient business decisions - which is essential (always), but especially in times of big change and innovation.
Telecommunications companies are changing the way that they do business, and to succeed, it’s essential that they ensure that all of their employees understand their corporate strategy and executive alignment is achieved. That way everybody is making decisions in alignment with, and working towards the same goal. With business acumen training, your team learns the steps needed to make these connections. To deal with supply chain issues, it’s important that employees see the big picture of your organization, and understand not just how decisions will impact the silo of their position or department, but also how it will affect the overall organization. To make the best, and more informed decisions, this big picture view is essential - and business acumen will help you achieve it!
A great (and I should mention, free) way to start your business acumen journey, or to advance your skills if you’ve already taken one of our building business acumen courses is by listening to your company’s quarterly Earnings Call. I’ll admit, these can be intimidating...and even worse…BORING if you’ve never listened to them before and don’t really know what you’re listening for. Don’t worry, we’re here to help! Every month Acumen Learning hosts an Earnings Call Lab where our financial consultants will break down a major company’s most recent Earnings Call. On Wednesday, December 15, 2021, at 11 am Eastern, we’ll be breaking down telecommunication giant Verizon’s latest earnings call, and diving into their strategy and financial metrics.
If you’re interested in Verizon, the telecommunications industry, or in building your business acumen - this free Earnings Call Lab is a must-see.
During this Lab, you will:
Learn our three steps to analyze an earnings call.
Work through a real company case study - this month will be Verizon.
Receive access to our earnings call workbook.
If you don’t have any financial experience or you’ve never listened to an earnings call before, don’t worry! We will break things down so they are easy to understand and actionable for you and your team.
Visit our website to register, or click here if you'd like to learn more about our experience in the Telecommunications industry.