Why Analytics Will Crown the Next Telecoms King
We tend to take for granted the fact that it’s relatively easy to communicate with others all around the world, instantly, on a wide variety of devices. It’s easy to forget about all the infrastructure it takes to support this kind of connectivity. We really have the telecommunications industry to thank for keeping us plugged in—and providers within this industry to blame when we experience frustrating network and billing issues.
Unsurprisingly, the telecommunications sector is changing quickly to keep pace with consumer demand. Wireless is becoming more people’s go-to means of connecting. The speed and reach of networks are increasing. An industry that used to be dominated by a handful of major players is decentralizing, meaning there’s lots of opportunity as well as fierce competition.
One thing is becoming clear: Data will help crown the next telecoms king. Specifically, how various companies approach data analytics to optimize decision-making will play a major role.
Getting to the Bottom of Customer Churn
Customer churn continues to be an ongoing challenge in the world of telecommunications. It’s easy to look at it as a negative thing—the customers your company lost for one reason or another. But smart companies look at churn as an opportunity to figure out what people do want from their provider. Only when you understand what makes people stop patronizing a certain company can you provide the opposite.
To gauge performance, telecoms need to understand how they’re measuring up against their own internal benchmarks and against competitors. Data analytics tools are useful in both regards. Setting concrete performance goals and defining metrics with which to measure them is key—as is giving a wide range of employees access to data analytics so they can ask ad hoc data questions as needed. There’s also benefit in giving employees access to telecommunications industry analysis to gauge how your company is performance against competitors and the industry as a whole. This will help you evaluate areas in which you’re leading and lagging.
One Fortune 500 telecom company used ThoughtSpot data analytics to give marketing and brand managers insights into campaign performance and weekly customer churn. With this information readily available to decision-makers, the company expects to decrease churn by 17 percent.
Customer churn is too costly to take lightly. Use data analytics to understand where customers are dropping out of your funnel and how you can improve your offerings and customer service to keep them on board. Compare your churn levels to other companies as a benchmark for assessing overall performance.
Making Analytics a Part of Your Company Culture
There’s using data to find insights. Then there’s building data analytics into your entire company culture, shaping the very way people ask questions, get answers and make decisions.As Telecom Tech News cites, companies that adopt and deploy data and analytics into their operations “show productivity rates and profitability that are 5 to 6 percent higher than their peers.”
Truly embracing all data analytics can offer starts with structuring data and giving employees ready access to the tools they need to query data, yes. But another aspect of a data-first culture is enabling people to share their findings—which is why many companies are choosing embedded analytics. The ability to embed charts and insights into regular workflows normalizes the exchange of data between employees, teams, partners and worksites. When decision-makers can seamlessly exchange and access data insights inside the business applications and portals they already use, they’re more likely to use them.
Analytics will help crown the next telecoms king because it has the potential to reduce customer churn, increase profitability and help employees make smart decisions at every level..