Communication and effective data sharing are crucial for all businesses, placing a lot of pressure on the telecom industry. The telecom business is highly competitive, leaving little room for market expansion. As a result companies must constantly look for new and innovative ways to improve their services while minimizing costs.
Since the pandemic, both businesses and individuals have gradually shifted from face-to-face interactions to online conversations. As a result, this has changed how business operations are conducted and information is shared. Over the next decade, the market for telecom analytics software is predicted to grow annually at a rate of over 13.5 percent. The telecom industry constantly has to keep up with this along with adapting to the newest technologies such as 5G and artificial intelligence.
What is telecom data analytics and why is it important?
Data collection and analysis are critical components of any business success. In the telecom industry, some of the common data points include call volume, call duration, network traffic, user behavior, and much more. Telco analytics must serve as a foundation for creating and implementing new strategies that will have a long-term impact on the industry's future success and create competitive advantage for telecom companies.
Do you have questions about how telecom analytics can help your telecom company? In this industry, you must follow one golden business rule: innovate constantly! The market is constantly changing, and you must be faster than others if you want to shape the industry and continue growing. Making data-driven decisions by using data analytics is now critical for future telecom business success.
Without further ado, let's discuss the critical areas and show how you can improve your telecom business by analyzing the most important aspects of telecom analytics!
1. Customer behavior analysis
Customer behavior analysis is crucial if you want to increase sales and recommend more tailored solutions to your clients. By analyzing customer behavior in the right way, your telecom company can attract new customers and retain your existing ones.
To obtain the full benefits of telecom analytics, you must first track the appropriate telecom KPIs. However, keep in mind that each customer is unique, so it would be favorable to divide them into separate segments.Segments can be categorized by age, gender, usage level, and other unique requirements. If you prepare telecom analytics, you will be able to make predictions about possible customer cancellations. The following reasons can vary: poor network performance, customer service, and better offers from competitors.
When you collect the right data, you can make accurate predictions about the future, which lets you know how customers’ behavior will be likely to change.
2. Sales growth
The telecom industry is saturated, so each company must discover new strategies to stand out. Personalization is the most popular value offered by all businesses. The telecommunications data can provide useful insights into the profiles and preferences of each client segment. This will enable you to conduct targeted marketing, which will exponentially increase your conversion rates and customer retention. Increased sales volume allows you to be more competitive in the market and change your pricing strategies.
3. Network performance analysis
Effectiveness, speed, and security are crucial for customers of telecom services. Telecommunication services are an integral part of customers' daily lives, and they expect telecom operators to provide quick, reliable, and high-quality service. Telecom analytics tools provide an overview of the status of their network. You can measure critical telecom metrics that can be used to assess overall performance, such as network latency, packet loss, and MOS score.
Using telco analytics data to figure out how well the network works as a whole, your telecom company can grow and improve its network setup to better serve its customers. Rapidly responding to market demand changes will increase your telecom company market impact.
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4. Fraud detection and prevention
Technology and communication evaluation not only make our lives easier, but they also pose new risks to the telecom business. Although fraud levels are reducing year after year, it still has a harmful impact on customers and brand image. Even with lowering fraud levels, the telecom industry currently loses between $4 and $6.1 billion dollars per year. It's a very important risk that could cause your company to lose a lot of money, so you should think about all the ways to protect against it.
Correctly utilizing analytics in telcom can help reduce the risk of fraud.. Telco analytics can reveal anomalies that can detect unusual behavior. Even data that may seem standard, such as call records, device data, location data, and call records can all be used to identify fraudulent behavior and thereby minimizing any financial losses...
5. Cost optimization
Operational costs for the telecom industry are high, including various daily operations such as maintaining networks, new product development, expenditure on staff and much more. Failure to monitor cash flow can lead to poor financial management and decision-making. Maybe your telecom company's operations need to be streamlined? For example, you need to take into account that some services or goods might no longer be in demand. With telecom analytics, you can increase your productivity and efficiency. Being able to optimize your costs can benefit the development of innovations. This might enhance your market position and expand your customer base.
Note that additional cutoffs can boost your bottom line and improve resource management, so if you make the right decisions, you may increase your net profit significantly!
Visualize your telecom data and make data-driven decisions!
To recap, having telco analytics will help your optimize your operations and exponentially grow your business. To maximize the value of telco analytics, visualize your telecommunications data in real-time data dashboards!
You can choose from over 200 pre-built widgets to help you build powerful and informative dashboards! Customize your dashboard with pre-set themes and colors, or create your own that match the colors of your brand. You can select from 100+ system integrations to create an informative dashboard!
Do you want to save time on reporting as well? Plecto also has a fantastic feature for your telecom company: automated reporting. You can get scheduled reports with just a few clicks and improve the performance of your team!
Try out all of the features and move your telecommunications data analytics to Plecto dashboards to increase your sales! Plecto's 14-day free trial will allow you to experience its unrivaled value!