Majority state-owned Telecommunications Services of T&T (TSTT) has invested more than $2 billion in capital expenditure over the last five years to ensure this country's digital communication platform is world class.
Rakesh Goswami, executive vice-president of strategic alliance, enterprise and Tobago operations at TSTT, revealed the level of the investment the board and executive management at the company approved and effected, in delivering remarks at the T&T Coalition of Services Industries (TTCSI) 8th Annual Excellence in Services Awards Ceremony on Monday held at the Hilton Trinidad and Conference Centre on Lady Young Road in St Ann's, Port-of-Spain.
The allocation is believed to be critical in the upgrades of the ever evolving world of technology and to keep this country competitive in the information and communication technology sector.
Goswami said it was no secret this country needed the services industry for continued growth toward achieving a more resilient economy.
And, citing the ever-changing dynamics as it relates to how consumers interacted with businesses, TSTT's effective roll-out of services presented tremendous revenue benefits for consumer-to-business interactions.
Goswami made it clear that TSTT's range of business solutions is tailored to share the goals for growth by its existing and potential clients by increasing the penetration of technology nationwide. The company, he said, recognised that individuals, communities and business must have a symbiotic relationship which could not be achieved if TSTT followed other providers in the market and abandoned its commitment to making technology all-inclusive and available in every corner of the country.
"What technology has done is give you an opportunity to serve your customers in unprecedented ways. A report published by the European Commission identified that service companies that make use of technology in their business are four to five times more productive than service sectors that does not use it. From accounting to marketing, to logistics and inventory to electronic sales, I can assure you that technology is versatile enough to have a scale that suits any size service company," he said.
Goswami continued: "There is also immense potential for the use of technology in services to help local service providers innovate. The triumvirate of the internet, smart devices and apps or software, has given business owners, in this sector, the potential to create magic. By magic I mean innovate. Services may be as old as time, but you will be fooling yourself if you think that your customers want to be served in the same old way.
"For savvy business owners, augmented reality technology now allows customers to see themselves in their new spectacles, hairstyle, apparel renovated home, landscaped property and the like, all before they have paid a cent."
TSTT's landline business remained strong, despite the recent surge in smart devices and for that reason the company still published the traditional telephone directory called the Yellow Pages, which consumers still fancied.
In keeping with the times, the company now had a Yellow Pages App which not only gave the names and addresses of business, but a map on how to find the desired service provider with greater ease.
Goswami cited a World Trade Organisation (WTO) Report which stated that the services industry covered a wide range of endeavours with some of the more exotic one being architecture and even space transport and that services were the largest and most dynamic component of both developed and developing country economies, providing crucial inputs into the production of most goods.
"The fall in oil prices and other changes to the global economy have brought us to a critical juncture in our country's economic development where highlighting the value of the services sector has never been more important. There is hardly a day that can go by without the public in some way making use of the services industry. The services sector has a profile that blends the passion of entrepreneurship with the flair of a craft and the conviction of a patriot," he said.
The TSTT official added: "For the services sector, new innovations are constantly being developed in this area and it's all with the customer in mind. Some estimates have it that by 2020 there will be 75 billion connected devices all over the world. We know of smart homes, driverless cars, smart appliances, smart watches, but there are countless more innovations for the services sector to explore and implement if you don't want to be left behind."
