The global telecom analytics market will reach $8.7 billion in 2025 – KBV research
. Telecoms will invest $36.7 billion per year in AI-related solutions by 2025 – Tractica
I know it’s cliché, but it’s cliché because it’s true, and I will repeat it – Data is the new oil
. Every industry is going through what we can call a data revolution, with data jobs being the trendiest ones in 2022. The telecom industry is no exception. However, telecoms are still at different stages of data adaptation. While some have already established a robust big data working environment, others are yet looking to find ways to leverage it.
What is Big Data?
We all understand data. Every business & individual has been working with some form of data since time immemorial. But in the present times, the volume, complexity, and required transaction speeds have increased so much that it has become impossible to process it using traditional methods. Such data that can’t be handled using conventional methods is called big data
. The 3 Vs of Big data are as follows
Leveraging Big Data in the Telecom Industry
Big Data analytics offers several advantages that any data-driven organization can benefit from. From Network optimization to Operational analysis, the most desirable advantage is happy customers. Here are 6-ways in which Telecom companies can benefit by utilizing big data in their day-to-day operations
The primary aspect of a telecom service is its network strength and coverage. Big data analytics enables better network management and optimization through a structured approach using accurate data. From network usage charts to congestion reports, every piece of data efficiently serves to plan quantitative and qualitative capacity building.
Identity theft and unauthorized access are at the root of telecom frauds that target users. With a suitable combination of big data and machine learning algorithms, AI can pick out irregular data patterns that could point toward a possible fraud or cyber-crime. Real-time analytics makes it possible for telecoms to respond to such threats in real-time.
Multiple data sources provide telecoms with actionable intelligence about their customers’ usage behavior. It facilitates innovative experiments that are data-driven and meet customer needs.
Predictive Churn Analysis
Churn is a crucial issue for telecom providers all over the world. If a problem bothers users, they generally switch their service provider. The scenario invariably persists if the telecom never gets to know the reason. Luckily, Big data has the answer to helping organizations in predictive churn analysis.
Big data analytics enables telecom providers to know what their customers want. Businesses use this technology to shelve new offers and AI-powered product recommendations to increase cross-sales.
Big data analytics leads to better experience personalization for telecom users. Brands can use their real-time capabilities to showcase the right product to the right customer at the right time. This approach improves conversion rates and thus sales in the long run.
In the times that we are living in now, the importance of big data cannot be overstated. With all the emerging technologies from IoT to AI coming to the forefront, any telecom company that fails to keep its game would lose out in no time. While tapping into big data offers great potential, failing to do so is a big pitfall business must avoid.