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How do telecommunication companies increase their revenue while improving customer service and reducing customer churn rates? The answer is easy – through analyzing their own Big Data. The telecommunication industry might as well be labeled, “The next Big Data” industry. Think about it – telcos are flooded with Big Data each time someone simply makes a phone call, sends a text message or gets online. And now more than ever before, telecommunication CEOs, CTOs and CMOs are coming up with Big Data road-maps aimed at addressing 2 key success factors for increasing revenue:
1) Creating a 360-degree view of their customers to provide better customer service
2) Obtaining near real-time/real-time analytics combined with current data to better understand customer-centric objectives
Increasing Revenue – It’s all about your customers
Many telcos are currently focusing on customer driven analytics in order to understand specific customer trends to increase their revenue flow. Just recently for example, a well-known internet and telecommunications provider teamed up with a streaming Big Data company for their next generation of real-time operational management systems. This telco company is now equipped with the technology needed to generate real-time reports for their customers, a task which previously took hours to create. The Big Data service provider will also deliver real-time monitoring of all the networks within the telco to prevent fraud and other security concerns. This specific telecommunications company mentioned that they choose a new Big Data provider for its ability to capture, process and integrate data in multiple platforms and for its real-time integration with existing platforms. Additionally, this company is now able to better focus on their customers’ needs by collecting data based on age, income, geography, spending habits and other useful trends which will predict long-term revenue potential and help them develop targeted sales and marketing programs aimed at individual customers’ needs and habits.
Improved Customer Service – Make it happen in Real-Time
Although many telecommunication company CEOs/CMOs have already realized the benefits that Big Data can bring, the real problem still remains in understanding where Big Data stands today. For instance, telecommunication companies must be aware that real-time and near real-time analytics are now necessary due to the rise of smart phones, tablets, social media networks and other new application dependent technologies which are producing data in real-time. Telcos equipped to analyze data in near real-time or real-time have the opportunity to predict trends which will boost their businesses in many ways by bringing them instant insights. For example, a major wireless carrier with over 53 million users applied Big Data analytics to everyday cases using real-time analytics. This allowed them to make more informed decisions immediately, resulting in smarter computing and a 90% increase in capacity just from understanding their customers’ trends and behaviors using real-time analytics.
Less Customer Churn – The end result
Bottom line – telecommunication companies hoping to create a successful business value must focus on customer-centric objectives as well as being equipped with the proper Big Data technology capable of producing near real-time analytics. Both of these elements will ultimately result in less customer churn and better customer service, allowing for company advancement and revenue growth.
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The next step is finding a suitable Big Data technology. At SQream Technologies for example, we have developed a robust database which produces insights from Big Data in a very cost-effective, fast and efficient manner. Our goal is to make Big Data analytics a hassle-free process by simply replacing your old database with our technology. Contact us here to learn more about SQream Technologies and what our software can do for your company. You can also follow us on twitter for daily Big Data tweets, like our Facebook page, join us on LinkedIn and find us on Google+. Leave your comments below too – we can’t wait to hear what you have to say!