TM Forum boss warns of imminent industry crisis with code red alert

The Urgent Call for Change in the Telecoms Industry

In a recent event, TM Forum CEO Nik Willetts highlighted the need for a major overhaul in the telecoms industry to avoid being left behind in the revolutionary shift they themselves have initiated. Describing the situation as a "code red" scenario, Willetts stressed the urgency for service providers to embrace new business models to secure sustained growth.

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According to Willetts, the telecoms industry has been grappling with disruption for over a decade, spending more than £1 trillion in the past five years with meager returns of less than 1 percent. He emphasized the necessity to simplify and upgrade outdated legacy technology, products, and processes to adapt to the current era.

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While telcos face challenges, it has become increasingly easier for new players to enter the market, eroding barriers to competition. This has resulted in a lack of faith from most markets worldwide. However, Willetts remains optimistic about the future, mentioning the growing value of reliable connectivity and the potential of security, cloud, and IoT to counterbalance declines in traditional business offerings.

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Willetts believes that seizing these opportunities requires a more radical change than what has been done in the past decade. He expressed the importance of becoming "fit for growth" within the next three years through simplification, modernization, and automation.

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In addition, Willetts stressed the need to collaborate with new players possessing the relevant skills, such as hyperscalers, software vendors, innovators, and start-ups. Rather than competitors, they should be seen as allies in this journey.