Data Science Driven Customer Centricity
Competition is ruthless in the telecommunications industry world over and 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.
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 centre in their decision making.
Along with investments in infrastructure to adopt the latest communication standards and technologies, data has to be recognized as a transformational paradigm in all spheres of operation. While network usage data is already collected and analyzed in some telecommunication companies, Big Data best practices need to be adopted wholeheartedly to 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 behaviour. All this should be done at a cost that is manageable so as to not dilute the profitability that is consequently achieved.