Today’s world of communications is driven by data produced by connected devices, social media networks, customer behaviours, call data records, government portals, and billing information. Telecom operators are finding it very difficult to deal with this avalanche of data. However, big data and analytics solutions can transform this challenge into an opportunity efficiently. By leveraging big data and analytics solutions, telecom operators can integrate new types of data in larger volumes and in real-time. Also, data analytics can help telecom operators in optimizing service, improving customer satisfaction, boosting revenues, and enhancing overall business value. In this article, our team of analytics experts has highlighted a few important ways in which big data and analytics can impact the bottom line and drive profitability for the telecom industry.
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Benefits of Big Data and Analytics in Telecom
Big Data and Analytics Benefit #1: Improved Customer Insights
By leveraging big data and analytics solutions, telecom operators can turn structured and unstructured data into actionable customer insights. Big data and analytics solutions enable telecom operators to establish customer-centric KPIs, develop better customer profiles, and provide more targeted offers. Now, with the help of big data solutions, operators can retain that data longer and join different datasets together to gain better insights. Following are the components of customer data that telecom operators can consider reaching meaningful customer insights:
- Customer information data
- Device data
- Usage data
- Location data
Telecom operators serve a huge number of customers. By analyzing such customers’ data correctly through customer churn analysis, sentiment analysis and clickstream analysis, telecom operators can segment their customers into similar groups. Furthermore, this can help them to personalize their approach to meet the needs of each customer group and identify valuable customers, which is very crucial for strategic decision-making.
Big Data and Analytics Benefit #2: Accuracy in Churn Prediction
One of the most critical challenges that telecom operators face is customer retention. For any company, acquiring a new customer is more expensive than retaining the old ones. Therefore, churn prediction is very crucial for telecom operators. Big data analytics solutions include techniques such as data mining that helps to determine unseen patterns and decision trees, which enable early detection of customer’s value loss and long-term forecasting. Also, it enables telecom operators to identify factors responsible for customer churn and influence customer decisions.
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Big Data and Analytics Benefit #3: Enhanced Customer Experience
Big data analytics offer insights that help in improving the customer experience at every touch point through fast feedback, high-performance services, and personalized offerings. Big data applications allow telecom operators to unlock new insights in real-time that help them to proactively offer products or services to their customers at the right time. Additionally, this aids telecom operators to up-sell and cross-sell their offerings and improve revenues.
Also, with the help of predictive analytics, telecom operators can accurately predict and identify scenarios that lead to bad customer experience. But with the help of big data and analytics solutions, telecom operators can turn all the potential bad experiences into good ones by providing them user-specific solutions.
Big Data and Analytics Benefit #4: Increased Revenue
Big data and analytics solutions can bring considerable value to decision-making and provide more meaningful insights. This can further help to build competitive advantages and a more efficient cost structure. Driven by insights into big data trends, telecom operators can launch new business models and venture towards new niche segments.
Big data and analytics solutions provide telecom operators capabilities for business optimization, that can help them to boost revenue through better-targeted marketing strategies and minimize costs by identifying revenue leakages. By leveraging big data and analytics solutions, telecom companies can analyze the effectiveness of their marketing investments and optimize their marketing spends across channels to drive maximum ROI.
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Big Data and Analytics Benefit #5: Improved Quality Of Service
Big data and analytics solutions can help telecom operators to gain actionable insights into their networks in order to make them optimized, endurable, and scalable. This, in turn, helps in improving service quality in many cases. Also, big data and analytics solutions enable operators to optimize call routing by analyzing their network traffic with real-time call drop rate analysis.
Telecom companies can manage their network better through the measurement of cellular network performance and data traffic in real-time. Big data and analytics solutions can also efficiently help in adjusting maintenance schedules and proactive care by comparing real-time information with historical data.
Big Data and Analytics Benefit #6: Enhanced Security
Telecom companies can use big data and analytics solutions to investigate and identify fraudulent activities simultaneously. Data analytics solutions can help companies monitor large volumes of data gathered from customer demographics, customer usage patterns, sentimental data, geographical usage trends, and behaviour data. Furthermore, this can help telecom operators to predict the likelihood of unexpected behaviour through analytically driven surveillance.
Big data and analytics solutions can also be used for identifying fraudulent claims and unauthorized devices, customer data protection and tracking payment processing. This enhances security and helps telecom companies to manage risks efficiently.