Telecom companies are truly the grandfathers of the information age, and they have seen the infrastructure they created used to launch a thousand distinct industries that thrive in their digital footprints. However, it would be a little premature to write off telecom as a thing of the past or just a supporting player in the dramatic changes that are unfolding on the world stage. Telecom companies still have one last trick up their sleeve, and that is big data.
One of the biggest problems facing telecommunications companies right now is securing reliable revenue streams in a world full of customers that are cutting the cord and evolving from analog/cable to digital and WiFi. Customers demand affordable unlimited data plans, and competition among carriers ensures that the holdouts who do not provide this will be left in the dust. With a smaller pie, it is crucial to carve a larger slice. Having the strongest subscriber base is the key to edging out the competition, maintaining revenues, and funding innovation. Fortunately, every time a subscriber sends a text, downloads an app, visits a website or engages in an online transaction they are provided with a data point of infinite potential.
Big Data Is A Force Multiplier For CSPs
Communications service providers (CSPs) are swimming in a sea of data. This ranges from customer behavior and preferences to demographics and social influences. This gives them the capacity to accurately predict how their subscriber base will react to changes in the industry and how popular promotions or packages are likely to be. They have been utilizing the data at their disposal to form lucrative partnerships with upstream companies (such as advertisers and manufacturing companies) to benefit and strengthen the relationships with their downstream users, such as individual subscribers and their enterprise level client base.
Analytics Are The Future Of Communication
Information Technology and automation have already revolutionized the way that we communicate, but the revolution is not over just yet. The next phase is going to be shaped by those who are most effective at analyzing and acting upon the colossal amount of actionable data that is generated on a daily basis by subscribers. This has made Big Data Analytics (BDA) the top priority of virtually every telecom company. Analytics can help companies in the following ways:
- Develop new products and services
- Determine overall marketing direction and social media strategy
- Match calling plans to subscriber usage and habits
- Identify and eliminate fraudulent or abusive behavior
- Improve network performance in real time by anticipating traffic flow
Big Data Is Here To Stay
With so many benefits at their fingertips, it is easy to see why telecommunication companies need to embrace their data gathering and analyzing capacity to its fullest extent. If they don’t, their competitors certainly will. Staying competitive in the marketplace doesn’t hinge on building the largest infrastructure or laying the most fiber optic cable in the next ten years. This decade will be won or lost with data.
Remember to subscribe to our newsletter!
Follow The Scope Weekly on Twitter and Facebook and Instagram!
If you would like to become a contributor to The Scope Weekly, read our submission guidelines, and apply. For product reviews, click here.