Every business needs to make good use of data if they want to thrive in today’s digital world. Most of the tech giants have a huge benefit gained from their ability to collect and make use of the data they gather to gain a competitive advantage. In the same way, as tech giants, Communication Service Providers also have vast volumes of data collected from their customers over long periods, but most face the challenge of turning the data into value. CPS companies are also in an unstable position, given that the Telco industry is increasingly becoming commoditised. Making use of the collected data is the only thing that could save them.
Data Opportunities for CPSs
It may be challenging for the CSPs to manage the enormous volumes of data, but they can make use of the most crucial data types such as customer and network data to make more informed decisions. Such developments will help these companies build their position in the market using cross-industry offerings and create revenue sources too as follows.
Better customer service for better average revenue per use: through data monetisation, CSPs can use real-time analytics to provide important Customer data. The use of useful information such as geo-location, spend analysis and user preferences can give them a better understanding of their customers. Understanding the customer, on the other hand, will help them up-sell by providing personalised services and improving each customer’s experience.
Trimming the OpEx /CapEx budget: Data-driven methods such as traffic prioritisation, predictive maintenance, and efficient network management can help CSPs optimise their budget. Such data helps them make crucial decisions, such as whether to focus more on finding new customers or offer new products and services for the same customers.
Boosting top-line revenues: The data at their disposal is not only valuable to CSPs only, but it can also help in other different industries. CSPs can make use of this data to build a platform where other organisations offer their goods and services to their customers.