Telcos may ignore big data at their own risk, says Ovum
The current data structures and business models are preventing many telecom players to adopt Big Data. However, in a recent research report, analyst firm Ovum warns telcos that those who ignore big data would do so at their own risks. In the report titled, “How telcos can monetize customer data,” Ovum notes that Big Data analytics provides telcos with the opportunity to sustain and grow their businesses beyond simple connectivity. It also predicts that as Big Data analytics market will be worth $US7.7 billion in 2018, telcos can leverage Big Data analytics to gain insights in areas such as predicting and reducing churn, promoting loyalty, cross-selling offers, and personalizing services to provide the most efficient network and service operations.
According to Clare McCarthy, Telco Operations Practice Head, Ovum, a well-executed Big Data analytics project requires flexible business structures and logical processes. At present majority of the telecom companies use siloed structures that are defined by the network domains. “In order to succeed in a customer-oriented business scenario, telcos should become less network-centric and get more data-centric and take lessons from the leaner and more agile data analytics models,” she says. Once they realize these issues, telcos can effectively monetize the increased volume, variety and velocity of business data they collect as part of their businesses.
However, the research also shows that many telcos still lack the necessary data management and analytics skills in-house to make their data work for them. McCarthy states that as data scientists are in high demand and short supply, this area is ripe for vendor support, either with pre-integrated solutions or hosted services.
She also believes choosing the right business intelligence and analytics solution as well as a partner will be one of the most important strategic decisions for business decisions in the next one year.
- Is Artificial Intelligence Ready To Overhaul Healthcare Sector
- How Digital Platforms Are Helping Real Estate Business
- Brands Fail To Use Customer Data to Deliver Personalization: Study
- How Artificial Intelligence Is Changing Diwali Shopping
- Delving Into The ABC Of Cyber Security
- Is Artificial Intelligence The Future Of ERP Software Optimization?
- Weekly Rewind: Top 10 Stories On CXOToday (Oct 9-13)
- IoT Knowledge Gaps Exist In Consumer Product Industry
- HR Managers See CRM As An Effective Business Tool
- Why Companies Need To Invest In Chief AI Officer