Communication Service Providers are perhaps one of the greatest data-gathering styles of business there is, and yet it’s only recently they’re discovering the advantages of leveraging Big Data.
Beyond predictive analytics, what can CSPs truly gain by jumping on the Big Data wagon?
1. More Informed Employees – Resulting in Better Consumer Experience
Collect and act on NPS-powered customer feedback in real time to deliver amazing customer experiences at every brand touchpoint. By closing the customer feedback loop with NPS, you will grow revenue, retain more customers, and evolve your business in the process. Try it free.
Nothing is worse than encountering an employee who doesn’t understand your problem or know a solution. In the employee’s defense, it’s impossible to be everywhere at once and up to date in all the new developments within a company – but with Big Data, it is possible. CSPs can leverage Big Data to give more accurate insights on other customer service processes, review the data, improve the process, and then deliver short, crisp, and actionable direction to their employees – who are essentially allowing Big Data to give them eyes in every portion of the company, so they can deliver better service to consumers.
2. A Refined Process for Reaching Out to and Satisfying Customers
CSPs interact with hundreds of customers on a daily basis – or even an hourly basis. Without Big Data, learning and improving from these interactions is left to a shallow hit and miss, which can leave a company to stagnate or fail to keep up with new trends in consumer behavior. Big Data takes all of this information, pools it, and then allows data analytics to sift through it so they can have condensed and actionable insights on where their customers are and where they’re going. With this advantage, CSPs can see what works and what doesn’t.
3. Bringing Back Old Customers – and Retaining Them
In the same way Big Data gives CSPs better insights into what current customers want, it can also shed light on where things went wrong with old customers. By pooling together all the data of past interactions, companies can identify patterns that lead to losing consumers and then determine what new practices can be applied to keep from losing future ones – as well as encouraging old ones to return to their more refined, effective service.
4. More Accurate and Beneficial Expansion
Expanding a business is a difficult and highly balanced process for any company, but especially for communication service providers. There’s nothing more detrimental than expanding in the wrong direction, or having good instincts on where additional manpower is needed but missing the nuances that make it successful. Big Data allows CSPs more accurate insights on where real progress is being made, and whether greater potential can be tapped – rather than chasing a red herring or making an educated, but ultimately wrong, decision.
5. Greater Data Security
CSPs are drowned in a wealth of information. Every interaction results in another drop in the ocean, with sensitive data regarding a customer’s name, contact information, location, social security number, and even banking information. This makes them a prime target for cyber terrorists wishing to leak, sell, or abuse this information. Big Data ramps up data security by giving experts more accurate insights on where holes or breaches exist within the network, so they can be repaired. Additionally, security experts can leverage the insights of Big Data to create stronger and more advanced measures against future breaches, keeping company and customer data from disaster.
6. Data Mining Potential – Earning Profits
With all this data at their fingertips, CSPs are still overlooking a huge potential to gain profits using Big Data. By taking advantage of data mining, or outsourcing this information to other companies looking to broaden their Big Data pools, they can rake in monetary gain from sharing insights on their customers. Other businesses can use this information to improve their own infrastructure and marketing efforts, and are willing to pay for it, so rather than letting it go to waste, CSPs can use this data tool to grow their business in both size and revenue.
While other styles of business have made Big Data famous, Communication Service Providers stand the greatest chance of using this to their advantage. From improving consumer experience to literally making more money, the CSPs who take advantage of their data are the ones that will thrive.