4 Crucial Analytic Steps You’re Probably Missing For Telco Success
5G, IoT, AR, VR, smart devices and new content platforms see telecommunications companies facing a data explosion.
But many telecom providers are maximizing the onslaught of data by using analytics to turn data into opportunities.
Your data is power; but to benefit fully, companies need to follow the four steps in this article.
Advanced analytics in telecommunications
The same kind of opportunities can be found with advanced analytics in service operations, and yet telcos have for the most part, left this area untapped.
A common phenomenon is that the majority of companies think they are “data driven” because they have some sort of data management in place, and maybe use big data to drive business decisions. But in order to truly realize the benefits of being data driven, analytics needs to be ingrained in the organizational culture with KPIs and tied into continual process improvements.
The telecoms company needs to ensure that everyone can access information from multiple sources, and the data needs to govern every business resolution and strategy.
Analytics challenges for telecoms
Rapid advances in computing and communication technologies have changed the nature of data for telecoms since the 90’s.
Most data mining applications in the past were instrumented for a certain kind of data that was based on CDR or network alarm data.
Some of the most pressing analytical challenges telcos encountered in the past were:
- Uncovering relationships and actionable insights in order to truly benefit the business.
- Quality and integration of data.
- Causation analysis – telcos could pick up churn likelihood and rates, but the data could not tell them the cause of the churns.
- Sharing data efficiently.
Today, the amount of web enabled applications, mobile networks, GPS, and social media allows for insights from multiple sources and telecoms are able to get a really good understanding of customer behavior as well as the performance of their networks.
They are able to obtain valuable details, like which websites customers frequent, how much time they spend on the phone or on Skype, how many hours per day they watch videos, use WhatsApp or browse Facebook. Paired with the network KPIs, companies are able to look into the service experience quality for their various services.
Data can also be coupled with CRM data like user complaint logs, or even posts by users on websites (blog posts) or social media, to find out how well a new product or service is received.
Technological advances allow telcos to benefit from their data in more meaningful ways than ever. Let’s take a look at the four analytic steps you may have missed, but which are essential for telco success:
Four steps for true value from advanced analytics
There are four steps to extract real value from advanced analytics, and the benefits for telecoms is that they are able to differentiate their services, provide an enhanced customer experience, improve marketing initiatives, make changes at a foundational level and of course, sell more, to name a few.
These four steps can transform telco operations in terms of both customer and network operations:
Step 1: Use multiple relevant data sources
Using multiple data sources that are relevant, can provide information that improves the customer experience, and attracts new subscribers because the data is able to provide a clear picture around behavior, what’s important to users and so on.
In addition, the combination of various data sources creates rich data sets in order to test complex hypotheses and uncover trends that would not be noticed with less data sources.
Step 2: Use the right tools and creativity
This step either requires a team or an analytical pro, because when telcos set up their analytical model, they need to use creativity to define desired outcomes.
It may be worthwhile to deploy AI research tools to develop variables that go beyond the basic human thought processes.
Step 3: Express outcomes into action
What will the analytical model accomplish? This step should not be automated as it requires human intervention and judgment.
Once the data is analyzed, how will it be actioned? It is at this step that many companies fail to derive maximum value from their data, because they often do not establish actions to address the root causes, nor do they take simple steps to ensure continual improvements not only to the network but in the customer experience.
Step 4: Implant insights into the organization
The real rewards of data analysis is uncovered in this step as the insights are translated into the way people work in the telecoms organization.
Example: change a workflow to begin from the big picture of overall network performance. Now you have deep-digging into problematic assets as opposed to a previous reactive focus on individual alarms.
Embed insights into KPIs to translate into valuable action from the ground up.
There are many advanced analytics solutions available, but it is essential to choose the right one for your business.
Adapt IT | Telecoms Advanced Analytics solution was designed specifically for the needs of the telecommunications industry, and is used by startups and giants like Telstra, Vodacom and MTN.
One of our clients says this about our advanced analytics solution:
“Since the launch of [Company Project], CDRlive support to this program of work has been pivotal to rectifying system, process & operational deficiencies which have arisen. CDRlive provides the main data feed and expertise behind our engagement with [Another Company] and [Another Company].”
The Adapt IT | Telecoms Advanced Analytics solution includes:
- Predictive analytics
The software provides significant and deep insights about relationships and events that drive business decisions, changes and enhancements in business practices, and this all positively impacts profitability.
Advanced analytics that becomes entrenched in the telecoms organization not only has the potential to increase telecoms quality of service and optimize the network and its performance, but also lowers operational costs.
The insights that advanced analytics provides enables companies to identify potential churn conditions and take preventative action.
It also increases revenue by enabling management to make better business decisions, reduce risks, and provides the ability to create a competitive strategy.
Real value comes from embedding actionable insights into staff KPIs.
Experienced Executive with a demonstrated history of working in the information technology and services industry. Strong sales professional, skilled in Marketing Management, Negotiation, Business Planning, Operations Management, and Sales.