Today’s communication service providers are becoming more and more reliant on solutions which enable them to develop customer insights using analytics. Research suggests that CSPs who have clearly defined analytics strategies are reaping the rewards in terms of increased revenues and improved business processes. These forward thinking organizations all have analytics strategies that are clearly customer focused.
According to a recent IBM study advanced analytics underpin the delivery of superior outcomes.
In a bid to improve operational efficiencies, many of today’s service providers are using their data to help transform their business to be more customer focused. The most innovative amongst them are developing analytics-as-a-service which they achieve by combining some aspects of customer data (that which is not subject to privacy), third party data and value-added services. This collaborative approach enables their customers to deliver creative services across multiple emerging and existing partner ecosystems.
Because there is so little difference between what the large service providers are delivering to customers, they have begun to look inwardly at their vast array of digital customer data assets to help uncover insights that will help them transform their customer experience into a key differentiator.
As well as improving the customer experience many service providers are leveraging analytics to improve operational effectiveness, and as the competition becomes increasingly aggressive Telco’s are seeing profit margins further eroded. Remaining profitable and competitive is not just about customer retention and customer satisfaction, organizations are also being squeezed to reduce operational costs and achieve greater operational efficiencies.
Those service providers who have made to leap to leverage their digital data assets are now claiming a good return on their investment within the first year.