Communication Service Providers (CSPs) could leverage their available customer data to generate a potential $300m a year in additional margins, according to a new report.
The new report from Flytxt and Gartner highlights the importance of big data analytics when it comes to examining customer behaviour in order to improve output and services.
Consumer Service Providers can potentially generate more than 10% incremental economic impact and sustain it by adopting an integrated approach combining data and decision science according to 'Market Insight: Calculating the Value of CSP Customer Data'.
"We have seen an increasing number of use cases featuring CSPs in both developing and matured markets leveraging Big Data to optimize contextual marketing, financial management, network management and new business models for monetizing data," said Dr. Vinod Vasudevan, CEO of Flytxt.
"Explosion in connected devices and digital services with ubiquitous smartphones penetration surpassing 50% in most of the economies and next generation services like Internet of Things finally coming of age has ushered in an era of 'Big Data'. It is fast emerging as an enabler for CSPs to sustain their growth in revenue and market share," said Abhay Doshi, VP product at Flytxt.
Among the advice to CSPs in the report is the implementation of a tracking solution for dissatisfied customers and how to employ churn mitigation through predictive analysis and graded scoring.