Focus Areas for Telecom Companies to Improve Business Performance
Customer analytics, network analytics, CLV, automation, and big data are few tools used by telecom companies to improve business performance. Telecom companies have to look at multiple factors to implement such tools and continuously monitor them. However, profitable telecom companies look at few of such tools and focus on improvement and adoption of digitalization. Many […]
Customer analytics, network analytics, CLV, automation, and big data are few tools used by telecom companies to improve business performance. Telecom companies have to look at multiple factors to implement such tools and continuously monitor them. However, profitable telecom companies look at few of such tools and focus on improvement and adoption of digitalization. Many telecom companies have reaped the benefits of going digital by increasing efficiency, reducing costs, and improving customer relations. So what are the areas telecom companies should focus on to improve their business performance?
Tips for Telecom Companies
Robust customer-analytics capabilities
Customer is king, and companies should do everything in their means to keep the king happy. However, it doesn’t mean that telecom companies should forego profits to do so. Traditionally, companies used very few metrics to segment their customers and offer customized plans and promotions. However, today, with the advent of complicated data analytics capabilities, companies can segment customers to multiple smaller groups for personalized offerings, which can considerably increase their profitability. A more precise customer profiling allows telecom operators to eliminate guesswork and implement data-driven decisions. Apart from that, customer service is another area helped by the digital age. For instance, Avaamo offers chatbots that can interact with customers for troubleshooting their issues.
Automation of order management process
The success of Amazon and many other e-commerce companies in the order management process has led the customers to demand the same speed, convenience, and accessibility in the purchasing process elsewhere. Telecommunication companies are trying to replicate the same by digitizing the order management process. Telecom companies are also using automated order management systems to capture and validate data, authorize payments, automate billing, and communicate with customers more effectively. Companies using automated order management systems have repeatedly shown an increase in business performance. For instance, a majority of the service providers have developed apps that can facilitate customers in picking their own tariff and payment method.
Digitization of customer relationship management (CRM) process
Customer churn is the biggest nightmare for any telecom service provider. Elimination of switching costs has encouraged customers to leave the service provider when desired service level is not met. This calls for a robust CRM solution to keep hold of profitable customers. Digital CRM can help companies reduce customer churn and costs; thereby, improving customer satisfaction. For instance, instead of diverting customer to call center, companies can use online forms and FAQs to help reduce the burden on the call center. It’s a win-win situation as customers get timely resolution and the company can save on call center and personnel costs.
Improving IT infrastructure
Outdated IT infrastructure and legacy systems impede companies seeking to improve business performance. As the amount of data collected by companies on customers are on the rise, it is equally important to store and process in real-time. Legacy systems and inefficient IT infrastructure cannot keep pace with the required computational power to process such data to generate relevant insights. Additionally, telecom companies looking to improve business performance should look at automation of process and systems including load balancing, automating server deployments, and service-ticket management. Improving IT infrastructure is highly important in developing regions where telecom operators are adding millions of subscribers every month.
To know more about improving business performance in the telecom industry, automation, big data, IoT, and data analytics: