GlobalData study says ChatGPT could help telecom companies boost their revenue and sales by giving customers exclusive offers and personalised recommendations based on their past purchases and interests.
A recent study found that telcos are becoming increasingly interested in the potential for generative AI tools. This is due to the huge popularity gained by ChatGPT.
GlobalData reports that the adoption of ChatGPT following its November 2022 launch has resulted in significant interest in generative AI.
The research firm revealed telcos were no exception to the trend, and they are rapidly warming up to these benefits.
According to Pradeepthi Kantipudi, a Telecom analyst at GlobalData, numerous generative AI products are emerging on the market. They can produce conversational texts and personalised content such as images, music or codes from a prompt. ChatGPT in particular is attracting attention because of its near-instant and accurate output.
“ChatGPT for telcos could disrupt many business functions including customer service and network management. It can also cause disruptions in sales, marketing, fraud detection, and customer service,” said he.
Samrat Volam, Technology Lead analyst at GlobalData, recommends integrating ChatGPT into the traditional customer service channels in order to enhance customer experience while reducing costs. This integration would allow telecoms the ability to offer instant, automated support 24/7 and provide information about their service and product portfolio. It would also enable them to quickly address customer questions and concerns. It would reduce wait times for customers and increase their satisfaction.
ChatGPT is a translation tool that telecom companies can use to better serve customers from different countries and languages. AI-powered software can be used to enhance customer experience while reducing costs.
ChatGPT is a tool that can assist telecom companies in increasing their revenue and sales by offering customers personalised recommendations and offers based on their past purchases and interests. ChatGPT also allows you to track and monitor fraudsters. You can even create a database to help prevent future fraud attempts.
Kantipudi stated that “With several telcos exploring and testing new use cases of ChatGPT, the investment in the telecommunications industry is expected to increase within the next two to three years.”
GlobalData’s AI Market Opportunity Forecasts estimate enterprise AI expenditure in the communications industry at US$1.6 Billion in 2022. The forecasts project this to rise to $2.9 Billion by 2026.
Telcos show interest in developing ChatGPT versions. KT is a South Korean telecommunications firm that has been working on its version of OpenAI. SK Telecom plans to launch its AI chatbot and has released a beta version called “A”, pronounced “A dot”, in South Korea. China Telecom also announced its intentions to develop a ChatGPT industrial version based on an AI foundation.
Volam concluded: “The benefits ChatGPT provides for customer support and technical assistance in the telecommunications industries are evident.” As the technology matures, and as companies explore new applications, telecom companies can benefit by providing an enhanced customer experience. This will reduce churn while improving their sales and profit.
