Telecommunications infrastructure plays a major role in determining the economic stability and growth of nations. All industries are dependent upon these technologies for increased efficiency and productivity, the ability to communicate effectively and increased acquisition and retention of clients. Major advancements in IT and telecommunications throughout the world have had a considerable impact on how people live, work and conduct day to day business. According to the 2015 ITC Development Index created by the International Telecommunication Union (ITU), Bahrain, Costa Rica, Lebanon, Oman, Saudi Arabia and Belarus are among the most dynamic countries in this area of development given the number of telecommunications improvements that have been made in these nations that are recorded as being above average.
Challenges That Nations Face In Technology Development
The pace of development in this area is staggering, but not without challenge. While advances can have a marked impact on how people work and function, innovations in telecommunications equipment are occurring so rapidly that new equipment can often be obsolete once countries have established feasible plans for having it installed. C-Level experience in dealing with telecommunications challenges on an international scale may foster a better understanding of the financial obstacles that exist on a smaller, more national scale. For instance, The CEO of Mikati, Azmi Mikati served as the Executive Officer of a top, international telecommunications company that offered services throughout a number of developing nations before starting a telecom service in Lebanon.
Allocating Scarce Resources
One study linking telecommunications development and economic development by Colorado University cited scarce resources as being both the primary challenge of these endeavors and the greatest incentive for investment. While developing countries must sacrifice to both secure and install new telecommunications equipment, the benefits of doing so far exceed the related drawbacks. With improved infrastructure, developing nations can better participate in the global marketplace and have a markedly increased opportunity to conduct profitable business that will further enhance their overall economic stability.
Learning how to best allocate these resources, however, isn’t always easy. Particularly when considering the speed at which new equipment becomes obsolete as noted by major telecom companies in Lebanon. A nation with limited resources cannot immediately upgrade an addition that it has recently struggled to install. Fortunately, C-level employees with experience in mitigating these problems on an international scale often have the best ability to determine how the available funds should be spent and which technological advancements should be targeted at a national level.
Telecommunications Costs Are Dropping
The ITC has also noted in its 2015 report that telecommunications costs are dropping, thereby making new equipment more accessible. Best of all, there is ample evidence of this in developing nations which need the greatest access to affordable solutions. Per this report, the countries with the largest price decreases over the past several years were small and developing nations. Thus, not only are there seasoned innovators at the head of these efforts to ensure that advancement occurs in a way that is sustainable and guaranteed to have lasting benefits, but there has additionally been a marked increase in overall accessibility due to declining costs.