The position of telecommunications (telecom) companies has transformed over time as the use of customer data has moved globally. With the growing adoption of location-based mobile devices, telecom operators are no longer just a conduit for information delivery, but are now a key source of data and generating unprecedented amounts of it. In 2050, they will be collect data from 95% of the world’s population through mobile devices, wearable technology and wireless information, says Robert Cruz, vice president of telecommunications at the data integrity specialist, Precisely.
When this data has maximum accuracy, consistency, and context, it can drive significant improvements to a range of business operations, from customer service and marketing tactics to anticipating customer behavior across industries. Knowing that the value of trusted data will only increase in the years to come, telecom operators are turning to data enrichment to strengthen the integrity of their data and strengthen their own ability to extract tangible business value from their data. data.
Rich data provides context
Many business users would say that their first-party data is one of their most valuable assets. However, these data are limited without being enriched by data from other sources. Data enrichment refers to the merging of third-party data from authoritative external sources with an existing database of customer information that an organization has gathered itself. Together, data from disparate sources provides a richer, more complete picture of a company’s customers, market, competitors, and product domain. Ultimately, enrichment adds context; and in doing so, it creates new opportunities to generate business value.
For telcos, by learning key demographics such as age, salary, and lifestyle preferences, companies can more accurately target customers for upsell opportunities and reach prospects with the right messages. at the right time.
For example, data enrichment can help telcos identify life events that can trigger an opportunity, such as a child going to college. When these significant life events occur, customers or prospects may be more open to purchasing a new service, or it may indicate a higher likelihood of abandoning existing services. Data enrichment provides a more complete picture that can guide telecom operators in making the right investments for customer retention and new customer acquisition.
Know your customer
For telecom operators, “know your customer” can be much more complex than in other industries, as each customer can subscribe to multiple services on multiple devices. For example, a small business owner may have many employees who each need a mobile device with internet connectivity, and she may have four children who also need mobile phones. This represents at least two customers: one for the company and one at home. If the company pays for its employees’ mobile usage on a reimbursement basis, things get complicated quickly because there will be more customers. Each of these customers has a direct relationship with the actual bill payer, but this link is not visible to the service provider.
Similarly, if children have their own separate mobile accounts, how would a company identify the true connection between multiple customers and a single individual? Even if these children lived at the same address but in a large multi-unit apartment building, it can be difficult to spot the connection.
Enriched data can help companies understand the factors at play in customer relationships like these. It can clarify relationships between employees and employers, parents and children, so that complex webs of customer interactions are simplified and understood.
By making these connections, businesses can proactively identify potential purchase triggers and contact customers at the right time. For example, a family whose children are approaching adolescence may be looking for a family mobile plan.
When companies know their customers well, they are better able to provide interesting and relevant offers at the right time, which is more useful to the customer. By understanding the factors that motivate customers to switch to a new provider, telecommunications companies can anticipate disruptive events and adapt to retain customers.
Optimize networks with location intelligence
Locating geospatial intelligence and the contextual information it contains is another way for telecom operators to effectively enrich their data. It allows telecom operators to better understand where customers and potential customers are, and where network coverage needs to be improved to serve those customers.
When telecom operators enrich the data with accurate and up-to-date information on populations and mobility, they add a human dimension to an otherwise flat geographical map. For example, they can better understand which areas have a larger population during the day than at night or on weekends, representing where customers live, work, and spend their free time. This, in turn, can affect market requirements. By overlaying this information on a company’s infrastructure and the reach of its competitors in a geospatial context, telecom operators can more easily identify untapped areas that they can target.
Data enrichment can therefore add significant value when planning long-term infrastructure and forecasting the future needs of existing and potential customers.
Improving the efficiency and effectiveness of telecommunications resources, including call center personnel and field service technicians, is a third way in which data enrichment can add value. significant.
Through the combination of location intelligence tools with incident management and field service dispatch, telecom operators can deploy resources around a holistic model that prioritizes and directs activities to optimize the efficiency.
Predictive analytics can be used to help determine where problems are likely to occur before they occur. This means that preventive corrective actions can be taken to avoid larger scale problems. Field service technicians can also be deployed efficiently using geospatial data and tools. Telecommunications companies can thus reduce the risk of adverse events and save on the associated costs.
Although data analytics is not a new concept, the capabilities of AI, machine learning, and predictive analytics have yet to be fully explored. Savvy business leaders understand the value proposition of data analytics and are ready to take full advantage of it. After all, much of the data that powers location-based marketing, retail site selection, and advanced customer profiling is powered by data collected and monetized by the telecommunications industry. In the end, data enrichment is a two-way street: telecom operators have as much to gain from consuming enriched data as from monetizing it.
While these use cases illustrate several real-world examples of how data enrichment can be used to drive tangible business value for telecom operators, there are countless opportunities to improve business operations and relationships. with customers by enriching the data. The telecommunications industry lives at the forefront of technological change, and by combining their existing data with accurate and up-to-date data from external sources, innovative telecommunications companies will undoubtedly find new ways to generate value.
The author is Robert Cruz, VP telco at Data Integrity Specialist, Precisely