Did you get a chance to attend Pipeline’s Webinar, Big Opportunities from Big Data? If not, don’t worry, you can watch it here and then share some of your thoughts on the subject. The online event featured three experts from CSG International: Monica Ricci, Director of Product Marketing, Jennifer Fellows, Vice President of Product Management, and Dan Smith, Chief Architect, Quaero. Listeners got a thorough overview of Big Data and its importance, particularly as communications services providers (CSPs) evaluate the role analytics will play in their organizations.
Big Data is a term associated with the constantly growing amount of digital records. But really, how big is Big Data? Well consider this: Big Data is growing at a rate that is seven times greater than the growth rate of the overall IT sector. According to Forrester’s Mike Gualtieri, Big Data is measured by excessive growth in one or more of the 3 Vs: volume (think exabytes or zettabytes), velocity (TBs per second), and/or variety (e.g., unstructured data).
And data growth is not limited to a particular industry or sector. In healthcare, Big Data abounds as more and more health records are digitized. In the utilities sector, meter reading data is captured and stored for analysis. And, CSPs, such as mobile operators and broadband carriers, are wrestling with the topic as they balance their large customer bases with the demand for greater bandwidth and content. In fact, 91% of senior telecommunications executives agree that Big Data is a priority for their organizations.
Imagine how much mobile data you as a consumer use each and every day. As traffic grows, congestion increases and bandwidth slows since the capacity of the available network is exceeded. Companies that offer unlimited plans with limited resources are having trouble keeping up with the demand. So how do they address consumer demands while maintaining the integrity of their platforms?
This is where data analytics comes in. In the past, many CSPs have been focused on issues such as building bigger networks and acquiring more customers, both of which are important. But the reality is that they need to build smart networks and improve the customer experience for their more valuable customers. According to our presenters, it’s time to move away from ideas of more, faster, and bigger to smarter, more involved, and more innovative.
To get there, CSPs need to understand as much as they can about their customer base and use that data to drive more than just better marketing; a greater understanding of customers can offer insight into better pricing models; inform charging and policy decisions; and improve customer service.
Below are a few good reads on the topic of Big Data from our team of experts. I hope you enjoyed the Webinar and I look forward to hearing your thoughts on the topic.
Social Network Analysis of “Big Data” to Improve Marketing Performance
Customer Data Management with “Big Data” – Part I
