Unlock the Real Value of Data to Generate Actionable Insights
The meteoric growth of big data and advanced analytics is forcing organizations across industries to relook at their business strategy and processes. Communication Service Providers (CSPs) widely acknowledge that proliferation of data has a significant impact on the way business is done. Based on our interactions with CSPs, we can safely say that a majority of them intent to leverage big data and draw meaningful, actionable insights, to understand customer needs better.
The key question is: when can we expect this ‘intent’ to become a reality?
A massive amount of data is being generated every second and is expected to touch about 1.7 megabytes by 2020. However, an insignificant 0.5% of that data is being processed, analyzed, and consumed by businesses, despite access to the right tools and technologies. Moreover, CSPs are fast shifting their focus from being network-centric to becoming customer-centric. This shift is driven by increased customer expectations and their digital and technological maturity, and reiterates the need to leverage data for customer insight.
While dealing with large data volumes is not a source of concern, CSPs face challenges in extracting the right information and insights, at the right time. A significant aspect of these challenges is addressed with the help of OSS applications deployed by system integrators. Each of the applications from OSS stack performs its functionality. However, the consumption of available information at the last leg still lacks complete support.
Then there are operational analytics solutions that the CSPs can benefit from; though how far the solutions have been successful in reducing the time for data consumption served to them is what the CSPs need to consider. Analytics solutions become even more relevant since the CSP has multiple teams (Operations, Business, CXO, and Customer Service), with disparate requirements that need to consume data.
The customer service team, for instance, is not necessarily looking for a tool or solution that will offer them information. Instead, they need a solution that will help them analyze, understand, and consume this information at the right time to enhance customer experience.
A solution that reduces the time required to process the available data in real time to generate meaningful, actionable insights, helps teams take the right action or decision.
The key intent of any big data solution is not only to provide insights, but to provide them consistently, and in real time. The solution provider should be able to deliver ready-to-consume insights, which enables the operator to reduce the time taken for Root Cause Analysis, and in turn, reduce the Mean Time to Repair.
Cyient’s ITOA solution helps visualize the data into actionable insights for faster and better decision-making. It can also ingest practically any form of data to offer real-time, custom insights to operations, business, and CXO teams. That is where the true value of data lies. The teams have complete information at their hand, can analyze the benefit of this information, and consume it in the way that helps them make better, smarter decisions.
The need across the industry is to have an ITOA solution that offers customization while maintaining the real-time feature-a solution that helps customer service teams in reducing customer resolution time, helps CXO teams in making informed decisions, and helps operations teams in improving network efficiency.
Meeting customer needs and expectations is no easy task and CSPs have to consider solutions like ITOA to sustain. However, the fundamental questions that a CSP must consider include: what solution to use, and how to leverage and consume the vast amounts of data stacked over the years?
By Amitabh Sharma | July 19th, 2017