The first major independent report ever written investigating innovation best practice in the UK Telecoms market, has revealed that UK Telecoms companies (Telcos) are at an innovation crossroads. The report, entitled “The Snell UK Telco Innovation Report 2004”, was based on interviews with over 25 executives at the UK’s premier Telcos. The research reveals there is a gap between those Telcos that understand the process of innovation and those that do not.
According to the report, Telcos must,
1. Innovate – the only long-term strategy for reversing continuing revenue decline is the acceleration of product and service innovation.
2. Manage innovation strategically – to meet all future opportunities
3. Adopt formal innovation strategies – with strong business cases.
4. Measure innovation – no UK Telcos are currently doing this
5. Follow the lead of the few who have developed strong and successful innovation strategies.