Analytics 101

How Telecom Data Is Transforming the Industry

There is a rise in telecom data demand because of the plethora of connectivity options available to users nowadays. The telecommunications industry cannot contain and analyze data per traditional methods. So, big data is emerging as a reliable option to manage telecom data. Per Analytics Insight research, investors will pour nearly $105 billion into the sector by 2023. In this article at LinkedIn, Timothy Oriedo shares how data is set to transform the industry for good.

Telecom Data and Its Many Uses

The rising 5G network demand, emerging technologies like IoT, and customization requirements have made telecom data crucial. Especially after the pandemic. Let’s find out how:

Analyze Data in Real Time

Due to the quick emergence of the Internet, 3G, 4G, and 5G technologies, it is easier for people to stay connected. This also has increased customer expectations. So, companies must access real-time telecom data from various sources to understand the rapidly changing requirements of their users.

Make More Relevant Products/ Services

The best way to serve the customers today is to understand what they want. Real-time telecommunications data enables brands to release products and offer services that fit the users’ needs.

Retain Customers Using Telecom Data

Experts say it is easier to get new customers than retain the existing ones. So, once you get their attention, you must keep them engaged with your offerings. Telecommunications data gives you a vital piece of information at the right moment.

Detect Fraudulent Activities

Per a new study, the telecom industry loses around $40.1 billion, i.e., 1.88 percent of the overall revenue earned because of security breaches. Unauthorized access to card information, accounts, and profiles are reasons behind the money drain. With telecommunications data, companies can prevent such issues from repeating.

Beef Up Network Security

People work from home and depend on the network to get things done. Without securing the employee network, companies are vulnerable to cyber-attacks. Securing telecom data can protect businesses from reputation loss and resultant financial penalties.

Standardize Service Offerings

Businesses must develop offerings that help them stay ahead in the game. With telecom data, they can come up with customer-centric, pioneering services that set the level higher for their rivals.

Predict Customer Lifetime Value

There is a cost attached to customer lifetime value (CLV). Every time you fail to retain a customer, you are running at a loss. Data allows you to reinvest in areas with a better retention probability.

Attract Potential Consumers

Instead of a one-stop plan, you need to find potential customers interested in your offerings. Telecommunications data lets you discover which products your users visit more often. Additionally, you can personalize your service package per their interest levels.

To view the original article in full, visit the following link: https://www.linkedin.com/pulse/use-cases-data-science-telecom-industry-big-data-scientist/

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