How Saudi Telecom Is Reinventing Itself Through Smart Strategy Delivery
By Forbes Insights
Saudi Arabia’s telecommunications industry is in the midst of a seismic shift. Consumer expectations are higher than ever, services are becoming increasingly digitized, and market deregulation has created unprecedented competition. At the same time, smartphone usage is exploding, with expected growth of almost 20 million additional users by 2019, according to Statista. Modernization is also underway as the Saudi Arabian government rolls out Vision 2030, an ambitious plan to diversify the country’s economy.
Saudi Telecom Company (STC), a 20-year-old, $13.6-billion digital leader, has responded to this changing climate with bold moves, including a new business strategy that focuses on growth in several key areas and digital transformation.
“STC will not only be a traditional telecommunications company. We are pursuing concrete opportunities for growth in media, advertising, financial services, tech ventures, and enabling digitization”.
Vice president of strategy execution and corporate affairs, Saudi Telecom Company (STC)
“Executing this strategy will diversify revenue and promote a culture of agility throughout the organization,” says Mohammed Alabbadi, vice president of strategy execution and corporate affairs for Saudi Telecom Company. “STC will not only be a traditional telecommunications company. We are pursuing concrete opportunities for growth in media, advertising, financial services, tech ventures, and enabling digitization.”
As part of its strategic objectives, STC signed a $1.8 billion soccer broadcast agreement, opened an academy to groom the next generation of digital leaders, and partnered with Cisco, Ericsson, Nokia and Huawei to develop 5G services.
For STC to transform from Saudi Arabia’s largest telecommunications company into a world-class digital services provider, exemplary strategy implementation has been critical, and Alabbadi says developing a strong execution plan has made a significant difference.
A Foundation For Orchestration
According to Alabbadi, the key to successful strategy implementation is a strong foundation based on three elements: executive buy-in, stakeholder accountability and clear communication. To begin its transformation, Alabbadi says STC sought “optimal buy-in from each of the company’s different stakeholders.
It’s really important for different groups to understand the role they play in achieving the company’s vision, and how their role contributes to the greater success of the company.”
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