So, what’s the current status and efforts of carriers in telecom toward Big Data Analytics?
Good question – and one that’s hard to answer because there doesn’t seem to be much publicized on this front.
There are plenty of companies willing to help telecom carriers to analyze all that data they’re collecting, but not many carriers are advertising their current status and efforts in this area.
The biggest push is creating real-time access to the data so that there can be a real-time response. And that makes sense. Who wants to wait even five minutes if there is a problem with their cell phone connection?
Here are five reasons real-time analytics is key to telecom carrier success:
1. Customer Loyalty: The chief reason to analyze data at all is to have a clearer understanding of your current clients. Globe Telecom, partnered with SAS, is able offers its customers their favorite products and services faster. And by focusing on building relationships, Globe has been able to gain a competitive advantage, all through the use of real-time analytics.
2. Anticipatory selling: One sure way to Customer Loyalty is to anticipate client needs and provide for them even before your client knows there is an issue. The example in this article has the telecom sending an automatic text message to notify customers when their data plan is running low. A real-time special offer enables the customer to renew their plan right then and there, perhaps at a discount. Not only does this make it easy for the client to make his purchase, the risk of his seeking out a different carrier is minimized.
3. Innovation opportunities: In the special report Benefiting from Big Data – A New Approach for the Telecom Industry, the authors urge telecom carriers to
“Learn from companies such as Google and Facebook, where data is king and virtually every product decision flows from what the available data says about customers.”
They believe that by looking at the data first, before applying a problem to be solved, new business opportunities could open up, particularly for campaign marketing and, more importantly, fraud prevention. And what consumer wouldn’t want that in real-time? (See also: Telco Case Study: Vodafone and Argyle Data on using big data to combat fraud)
4. Make better decisions: Telecoms can empower their entire enterprise by having access to actionable insights created by real-time analytics. Everyone in the organization becomes a problems solver, providing quick and accurate responses to customers.
5. Increase revenue: The bottom line, of course, is your bottom line. When all is said and done, you’re in it to make a profit. Manx Telecom is expanding its data centers in anticipation of the need for access to all that Big Data has to offer. Between revenue enhancement and ‘churn prevention,’telecoms have the potential to capitalize – literally – by analyzing and understanding their data in real time.
Telecom providers are anticipated to increase their investment in big data analytics. Mind Commerce offers Big Data and Telecom Analytics Market: Business Case, Market Analysis & Forecasts 2014 – 2019 providing an in-depth assessment of the global Big Data and telecom analytics markets, including a study of the business case, application use cases, vendor landscape, value chain analysis, case studies and a quantitative assessment of the industry from 2014 to 2019.