Telecoms Want to Monetize Big Data
Companies in the telecom industry are experiencing similar challenges to the rest of the business world. As these organizations acquire more information than ever before, decision-makers are recognizing the benefits of monetizing these resources through the use of sophisticated analytics. By implementing these strategies, firms have a better chance to improve customer retention and reduce churn, giving them the ability to build a more successful long-term strategy.
A recent global study by Experian highlighted these opportunities for the telecommunications industry, noting that the need for Big Data monetization increased by 150 percent in 2013 compared to 2012, making it the top priority for businesses going into 2014. Because reducing churn is a major challenge for most telecom companies, executives are realizing that following through on a proper Big Data initiative can provide them with the insight to meet client needs and improve retention rates.
At the same time, businesses must prioritize security to eliminate fraud. Approximately 10 percent of respondents said combating crime is becoming an increasingly difficult challenge, especially when organizations don't have effective information management strategies.
"It is no surprise that customer experience, Big Data, and fraud have been identified as serious challenges for telecommunications companies," said Tim Barber, strategic development director at Experian Decision Analytics. "The telecoms industry has access to vast amounts of data and is rapidly understanding how this data can be mined to improve business performance in these critical areas."
Roughly 37 percent of telecom businesses said they need to improve their decision-making process, as opposed to 21 percent that expressed the same concerns in 2012, the survey revealed. A LinkedIn report by enterprise performance expert Bernard Marr highlighted how using Big Data can improve a company's outlook and give executives more insight to guarantee better outcomes.
Marr asserted that firms that accumulate large volumes of external data can learn more about their customers and how they tick, enabling managers to capitalize on opportunities that will provide positive long-term results. At the same time, organizations can assess internal information to analyze operational efficiency and understand if and where they need to make changes.
In the coming years, companies in the telecom industry, like the rest of the business world, will need to pursue Big Data if they want to stay competitive and minimize unnecessary costs.
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