Big Data & Advanced Analytics in Telecom: A Multi-Billion-Dollar Revenue Opportunity
Big data today is a reality. Communications service providers hat want to be innovative and maximize their revenue potential must have the right solution in place so that they can harness the volume, variety and velocity of data coming into their organization and leverage actionable insight from that data.
However, most service providers across the globe suffer from real-time
decision-making challenges. Most operational decisions are either made manually,
which tends to be subjective, sub-optimal and not necessarily compliant with
corporate policies, or they’re hardcoded inside the business/operations support
system (BSS/OSS) application, which means they are not dynamics and cannot keep
up with changing business environments. To solve this problem, service providers
need real-time actionable insight and a decision-making capability that can help
improve and streamline their business processes to not only help them achieve
their holistic end goal of profitable growth, but also to help achieve secondary
goals around customer experience and network efficiency, thereby reducing
customer churn.
Today’s phenomenal growth of data requires that service providers not only
understand big data to decipher the information that counts, but also –more
importantly – the possibilities of what they can do with it using big data
analytics. Service providers are sitting on terabytes of data that are stored in
siloes and scattered across the organization. In order to exploit the full
potential of this stored data, service providers must have solutions that can
help them correlate, process and decipher nuggets of actionable information.
This is not possible without big data and advanced analytics. For simpler and
faster processing of only relevant data, service providers need an advanced
analytics driven big data solution that will help them to achieve timely and
accurate insights using data mining and predictive analytics, text mining,
forecasting and optimization capability to continuously drive innovation and
help service providers make the best possible decisions.