Ask Me Anything: 3 Answers to Data Analytics Uses in the Telecom Industry
The profit margins in the telecom industry are shrinking rapidly as people are moving towards alternative services such as WhatsApp, Messenger, and Skype instead of using cellular voice and messaging services. Although telecommunication companies are focusing on data usage, the profits are not easily flowing as it used to in earlier days. Consequently, the telecom […]READ MORE >>
The profit margins in the telecom industry are shrinking rapidly as people are moving towards alternative services such as WhatsApp, Messenger, and Skype instead of using cellular voice and messaging services. Although telecommunication companies are focusing on data usage, the profits are not easily flowing as it used to in earlier days. Consequently, the telecom industry players have been compelled to explore alternative ways increase efficiency and profitability across the entire telecom value chain. Big data analytics has greatly enhanced the efficiency within the telecom industry by offering network infrastructure management, service access and integration, optimized marketing and sales functions, and strengthening the traditional value chain.
How Can Big Data Analytics in Telecom Industry Facilitate Customer Retention and Drive Customer Loyalty?
Customers are always on the lookout for the best service providers. A slight dissatisfaction can lead to customer churn, and them switching to the competitors. The company loses not only the customer, but also the subsequent revenues from the customer over the years. Companies in the telecom industry can analyze data to perform sentiment analysis and figure out if the customer is about to churn. The customers who are more likely to churn could be provided with new offers, or the company can work towards solving their problem to retain them. Also, today we can see the concept of base rates disappearing, and telecom service providers rolling out customized plans for each individual. Telecom companies collect data regarding individual’s usage patterns and predict the best plans that will increase the company’s revenue.
How Can Big Data Analytics in Telecom Industry Lead Towards Improvement of Network Services?
Quality of services is one of the major factors that determines customer satisfaction rates. There is a lot of background work that goes into managing the network efficiently. Big data analytics helps service providers in the telecom industry use data to optimize network performance with tools such as optimized call routing and real-time CDR analysis. Additionally, mobile data traffic is extremely dynamic, so companies have to take measures to optimize their capacity using various demand forecasting tools. Apart from network optimization, telecom companies can also detect anomalies, provide proactive care, and monetize GIS location data.
How Can Big Data Analytics in Telecom Industry Enhance Network Security?
Telecom companies can look at internal usage, location, and account data and correlate that with external sources such as credit reports to significantly increase the detection of fraudulent activities such as call forwarding or looping on hacked PBXs. Careful use of big data analytics can improve companies chances of false answer and long call detection, recognize unauthorized devices, and detect anomalies. Under the federal Telecommunications Act of 1996, it has been stated that every telecommunication carriers should protect the confidentiality of exclusive information of or relating to the customers. Although the law restricts usage of certain customer data, the use of aggregate customer information is permitted, which allows a multitude of data to be analyzed to provide increased network security. Telecom operators collect vast amounts of data from endpoints, firewalls, logs, and network devices to ensure incidence response, compliance, and vulnerability management.
Quantzig can help players in the telecom industry by assisting in creating accurate demand forecasts, churn rate analysis, network optimization, and enhance data security.
Today, managers have access to a large stream of data, and decision-making on the basis of gut-feeling, the rule of thumb, and guess work are eliminated with the advent of data analytics.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like a deer on a freeway,” said a leading data analytics expert from Quantzig.
For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities, and drive continuous business excellence.
To know more about big data analytics in telecom industry:
- Big Data Analytics Accelerates Growth in the Healthcare Industry
- Top Challenges for the Healthcare Industry In 2018
- Top Five Uses of Data Analytics in Hospitals