Verizon — The Company That Is More Than Just a Telecom Network Now
Having Paul Marcarelli back on screens is just like meeting an old friend from our joyful childhood. As perceived by millions of the U.S. audience, the amusing and ubiquitous “Can you hear me now” guy was once an iconic spokesman for Verizon Wireless. Yet, as you know the rest of the story, Paul’s return in 2016 was definitely a nightmare for his old boss.
In the U.S., telecommunication is a highly competitive industry. With more industrial followers coming into the marketplace and the commodification of wireless network service, the potential revenue for Verizon is reaching its ceilings. Nevertheless, under such pressure, the company has managed to find another way out.
What’s new about Verizon?
Earlier this month, Verizon launched a new advertising campaign called “Humanability”. Aiming to implant confidence in Wall Street investors as well as to break its old brand image as an ordinary phone/internet plan company, the wireless giant unveiled its unknown faces in technology advancements.
- AI Technology in Smart Cities
Driving off work yet stuck in the traffic and unable to move an inch for centuries is just like a pain in the ass. Now, partnered with Sacramento, CA, Verizon is building a “Smart City” program to help the city ease its traffic congestion. This idea is based on the company’s telematics products and AI technology. By embedding sensors into pavements and installing cameras on traffic lights, it expects to collect, process, and analyze real-time traffic data; and accordingly optimize the timing of traffic lights. In this way, traffics can flow more easily and faster.
2. Telematics Devices for Food Safety Tracking
In another case, telematics can also be useful for restaurants to monitor food quality during the transportation process. Currently, Verizon has created the sensor device to detect temperature, moisture, and pressure of the cold chain environment. By simply placing the small device into the package, people that are concerned would be able to know how well the food have been preserved before it is served on the table. For countries like China, where food safety has been a constant issue, there is no doubt that this product will have a wide application.
3. 5G Network for Remote Surgery
Three components are indispensable for the performance of remote surgery: virtual reality, robot technology, and high-speed connection. The reason for high-speed network connection is that surgery is a precise procedure, which requires low latency and immediate responses. Right now, Verizon is testing the world’s first 5G wireless network. If the test goes well, Verizon would be able to support the advanced healthcare technology with its lightning network environment.
Is Verizon Shifting Gears?
Given what Verizon has created in the new ad campaign, we can clearly see that the company is trying to redefine its brand image from being seen as a wireless carrier to an innovative tech company that has an impact on changing people’s lives. As a matter of fact, according to Wall Street Journal, Verizon’s CMO, Diego Scotti, is actually expecting the new move to bring the company more opportunities to expand its technology business and discover multiple revenue streams. Nevertheless, network service is still the major business unit for the company. Therefore, it is still early for us to drive the conclusion.
What we can take away is Verizon’s attitude towards industrial competition. Even when you are facing a fierce competition in your industry, instead of going after your a price reduction and cutting your revenue, a wiser move should be looking into your own resources and establishing core competitiveness that can not be easily copied.
