Why Finance Majors are Essential in Telecommunications

With the field of telecommunications expanding exponentially every few years, and new companies entering the space left and right, the highly competitive industry has become a tough playground for new telecom businesses. Ultimately, the chances of a new telecom entity's success will depend largely on its ability to adapt to an increasingly web-centric state of communications, with products like voice over internet protocol (VoIP) becoming essential options for providers to offer. However, the selected employees and specialists within each company's managerial team also have a profound impact on the outcome and results of company affairs. With that said, here are a few reasons why every telecom company should have at least one in-house finance major:

1. Managing the Company's Bottom Line

First and foremost, every telecom business operates with the primary goal of expanding while staying profitable. Someone who has graduated with a master of finance online will be well-prepared to do an exceptional job in helping telecom providers avoid and mitigate financial risk as it becomes apparent. A finance major can assist in identifying and rectifying key shortcomings in mission-critical areas like revenue, development, and expansion. With many major providers experiencing downturns due to fierce competition from mobile carriers and other industry giants, a number of firms have begun bringing financial professionals on board in their day to day operations.

2. Facilitating Better Decision-Making

With many telecommunications providers facing significant financial hardships at the moment and an increasing number of consumers flocking to the major brands that continually monopolize a large share of the market, it's imperative for every telecom business to have at least one finance major that can help make informed recommendations during economic challenges. Anyone who has earned a master of finance online is going to be in an ideal position to make critical decisions versus someone who only has a rudimentary understanding of corporate finance. As such, many companies are moving away from the “one size fits all” approach to management, assembling specialized teams that consist of a diverse range of professionals, each with their own intended operational and/or analytical role.

3. Ensuring Accurate and Timely Reporting

Anyone who has earned a master of science in finance online is going to be equipped with the skills and knowledge needed to effectively manage and oversee all accounting and reporting practices. Although accountants are still needed, having a finance major overlook all aspects of the company's finances on an ongoing basis is the best way to minimize the chances of taking losses during each fiscal period. Keeping financial figures accurate and up-to-date is an essential aspect of proper business management, particularly in the ever-fluctuating telecoms sector.

Finances are the Underlying Component of Every Telecom Company

In conclusion, given the current turbulent state of affairs within the telecom industry, every company operating in this field should have access to at least one financial expert at all times. Without a strong understanding of finances guiding the company's direction, the likelihood of failure and downsizing becomes almost inevitable.