- Why Behavioral Analytics?
- What Telcos Should Do?
- Data Alliance and Awareness
Digital transformation has changed the business models and strategies in every industry. And the telecommunications industry is no different. This need for change can be attributed to the immense inflow of data sources and data types over the recent years.
To suffice the data management needs, enterprises have remodeled their business functions. But apart from management, data analytics is one of the key considerations in the digital transformation journey.
In this article at Telecom Review, the author explains why data analytics and behavioral interpretation are the key to most of the telecommunications industry’s needs.
Why Behavioral Analytics?
The rise of digital transformation demands key focus on customer experience management. And there is no better way to know your customer than through behavioral analytics. Behavioral data defines everything about your customer—right from their internet browsing and email actions to anything they do online. Insights generated from such data can help telcos boost their revenue model, retain existing loyalty, and attract new customers.
Telcos can benefit immensely from AI and machine learning. A study by McKinsey suggests that data analytics contributed about 20% growth to most companies’ overall revenue and earnings (EBIT) over the past 3 years. These enterprises have sensitized their employees too about the data culture.
For telcos to win this competitive game, they must develop a more personalized strategy to strengthen their customer relationships. The same McKinsey study reveals that 47% of respondents believe data analytics to be a game-changer in business competition. Enterprises are more willing to form data alliances now. Telcos just need the right strategy based on data to drive their productivity and performance high.
What Telcos Should Do?
Telcos need a set of good practices to leverage behavioral analytics. Here’s how they can achieve it:
- Use data in the decision-making processes.
- Establish a C-suite data leader to drive the data culture forward.
- Generate data awareness within the organization and train the workforce on data analytics.
To know more about how Telcos can win the data game, visit the following link: https://www.telecomreview.com/index.php/articles/reports-and-coverage/3657-for-telcos-behavioral-analytics-are-the-answer