Nokia (NOK) Boosts Network Operations via AI-Enabled Solutions
Nokia Corporation NOK recently unveiled a slew of innovative digital solutions to speed up network efficiencies while delivering a superior customer experience on the back of ultra-low latency capabilities across multiple digital channels. Notably, the automated services have been specifically designed to tackle challenges associated with network support and maintenance.
At a time when the telecom industry is leaving no stone unturned to bolster the widespread adoption of complex 5G networks, it is essential that the service providers must have an out-and-out know-how of updated network information and skills that are required for establishing a streamlined infrastructure. In sync with this, the latest move is likely to prove highly beneficial for Nokia and its associated network engineers.
Markedly, the Finland-based telco equipment vendor is focused on four strategic priorities. The first is leading in high-performance end-to-end networks with its service provider customers. The second priority is to expand network sales to select vertical markets, specifically energy, transportation and webscale players. Building a strong standalone software business is the third priority. The final priority is creating new business and licensing opportunities in the consumer ecosystem.
Nokia has launched a trailblazing suite of artificial intelligence (AI) and machine learning-driven support solutions, namely — Nokia Digital Assistant, Nokia Learn and an AI based work-flow optimization service. Nokia Digital Assistant acts as a knowledge library, and aids network operations center staff and engineers to find the right information swiftly from various sources with first-hand access to relevant technical tools and documents, via a single intuitive conversational interface.
Designed for telco-specific activities, the advanced offering combines AI-based Natural Language Processing with different platforms and enhances the productivity of engineers backed by live network information. This, in turn, saves a lot of time, thereby driving operational efficiency. With 5G-backed rapid technological shifts, network operators must be accustomed with ways to improve their knowledge, and Nokia Learn aptly serves the purpose.
The platform capitalizes on a mobile learning technique that trains engineers with interactive technology and product, which can be implemented in their day-to-day operations. Lastly, an AI-based work-flow optimization service leverages automation capabilities to streamline hardware and software maintenance. Driven by such focused endeavor, the offerings are likely to not only boost Nokia’s approach to simplify network operations as demand for 5G surges but also create a sense of urgency among tech companies to develop a unified omnichannel experience with improved infrastructure.
Moving forward, Nokia intends to accelerate strategy execution, sharpen customer focus and reduce long-term costs to fend off competition from rival firms. Its 5G technology has been contracted by the top three U.S. operators — Verizon Communications Inc. VZ, T-Mobile US, Inc. TMUS and AT&T Inc. T. With 165 commercial 5G deals and 66 live 5G operator networks, the company is well positioned for the ongoing technology cycle given the strength of its end-to-end portfolio. This, in turn, positions Nokia to achieve sustainable growth and expand its business into high-growth vertical markets for technology leadership.
The Zacks Rank #2 (Buy) stock has gained 29.9% in the past six months compared with the industry’s growth of 2.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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