DATA SCIENCE DRIVEN CUSTOMER CENTRICITY
Competition is ruthless in the communications industry world over.
Telecommunications companies have managed to stay profitable by seeking revenue from innovative ways beyond merely providing voice connectivity. Value added services, usually on top of data connectivity, have become the staple. Mobile-friendly and mobile-enabled services are already disrupting other traditional industries including banking, commerce, retail and hospitality, with telecommunications companies leading the way using their established customer channels.
From a customer’s perspective, service experience continues to matter the most and has been the prime driver of churn from one provider to another. Ubiquitous connectivity combined with the rising penetration of smartphones has led customers to have high expectations of a low-touch, always-on service.
Telecommunications companies can rise to these twin demands of building on profitability and reducing churn by placing the customer front and center in their decision making.
Along with investments in infrastructure to adopt the latest communication standards and technologies, digital has to be recognized as a transformational paradigm in all spheres of operation. Service can then personalized resulting in longer-lasting relationships.
While network usage data is already collected and analyzed in some telecommunication companies, big data best practices need to be adopted wholeheartedly to be dig through the data for outcomes. This should be followed by the application of advanced data science techniques, often at massive scale, to derive insights on customer behavior. All this should be done at a cost that is manageable so as to not dilute the profitability that is consequently achieved. It therefore becomes crucial to implement modern data architecture with the data lake at its center and data science exploiting the troughs of data collected.
The Data Team can help telecommunications companies achieve these objectives.