This era is growing to be an era of start-ups. Looking at the rate of increase in the newer start-ups joining the league every other day, the picture is quite clear – it will definitely be a tough game for all. ‘Survival of the fittest’ is known by all, but determining how fit (successful) one is, is a giant task. This comes from the huge data piles that a company has basis its records, sales, purchases, client retention, service growth, etc. Analysing this stock pile intelligently and gainfully is the ‘new’ game. Keeping this idea in mind, the demand of data analytics is soaring and the field in which this is gaining most popularity is the telecom sector. This is so because with the rise in usage of smart devices, the telecom companies are facing immense surge in data volumes and dealing with this is a critical.
Big data analytics is expected to play a key role in the success of top-notch competing telecom companies as it not only provides real-time intelligence but also helps monetize their revenue potential.
Opportunity rising from the situation
At the heart of this situation is an opportunity for the companies fighting the battle of being the best. The opportunity lays in efficiently utilizing big data volumes and analytics techniques in order to gain actionable insights into customer behaviour. This is not a sudden phenomenon and realisation among the telecom companies though; lot many companies are already using this to enhance profitability and concurrently create value for the end customers. This value building is critical in the telecom sector as it will directly reflect in the behaviour of the customers and eventually lead to the profit/loss outcome.
Most of the companies today make their operational and business decisions manually which tends to be non-dynamic and unable to keep up with the changing business environment. To solve this, companies needs real-time actionable insights and decision building competence which helps improve and achieve holistic growth for the company.
Some interesting facts and figures
There has been a mammoth increase in the data traffic in the past years, and it is doubling every six to eight months. Researchers have estimated that the data network traffic from smartphones will grow more than 50 fold by next year. Owing to the intense competition in the telecom space, ability to leverage and exploit customer data turns out to be immensely critical and lucrative.
Telecom companies are faced with host of structured and unstructured data. It is a treasure trove of information for the companies if utilised lucratively. But the very fact that the different data is collected form from different departments, illustrates the complexity of the data and the in-depth understanding of the approach required for big data analysis.
Refrain from disillusionment
There has been significant growing buzz around the adoption of big data analytics in the telecom space and the opportunities in beholds. But in order to benefit from it, there needs to be a defined and structured approach rather than directly jumping on to it. There are umpteen examples of companies who chose to adopt the big data analytics for it but the results came out to be elusive.
The fault lies in the approach that telecom companies generally adopt under the big data analysis process. What most of the companies opt for is a top-down approach. Here, companies first define the specific business problems that might be tackled through big data analysis. In this process, generally the problem becomes so massive that the data looks insufficient or else there is lack of understanding of the practical approach. To side-step this, companies should inverse the approach. In this method, companies first analyse the current available data and then determine the problems that might be solved using that data analysis. And then, if required, companies can look for more of related structured and unstructured data that might be of vital importance in solving the business problem.
The take off stage
The telecom space in our country is still is in a very nascent stage and are adaptive to newer technologies. This makes a decent outlook for the analytics and data solutions techniques in India and suggests shinier days ahead. Another factor that shows the immense potential in this segment is the surging demand for storage among the telecom companies. This whole heap of data will be worthless if not analysed critically and profitably.
The expenditure on research and development in the telecom sector is still not as big as in the other sectors. Telecom companies now need to invest more on such functions so that they can address the gaps and come up with easy and analysed solution. If implemented accurately and correctly, big data can boost the growth in the sector and increase profitability across the telecom value chain. Telecom companies, all around the globe, are investing heavily on data analytics now are reaping successful results.