Important Data Science Applications in the Telecommunications Industry
Technology improvements have brought the globe closer together, as individuals can connect in only a few seconds, regardless of distance. The growth in connections has led to more data being created through calls and messages. It is clear that the telecom industry cannot continue to use old approaches and procedures to handle the massive amounts of data that are expanding by the second. As a result, businesses are turning to Big Data and Advanced Data Science Technologies to handle and manage this data.
Because of the massive amount of data created in this business, the demand for data science professionals is quickly expanding. This implies that by 2023, there will be a greater need for qualified data science specialists in the telecom business, with over four million data science jobs offered, which is why Data science certification courses are in high demand today.
Whereas the implementation of 5G networks, the Internet of Things, and increased customer need for tailored services have been the driving forces behind the telecom industry’s demand for data science, the COVID-19 epidemic has pushed it into overdrive. In order to minimize the spread of the virus, several employers are recommending their employees to work from home, while schools have switched to virtual learning. Because practically all businesses rely on digital communications to work and study digitally, reliable connectivity is more important than ever.
- Product Improvement
Product improvement has been an increasingly useful instrument for the development of any firm in recent years since it reduces time, cost, and risk in the development process. In the telecom sector, providing the best-suited goods and services that satisfy customers’ demands is critical. The industry uses data science to do real-time analysis of consumer data in order to enhance their goods and services. Before making a final decision to introduce a new product or improve an existing product/service that will benefit consumers and the industry, factors such as customer usage and feedback are evaluated.
- Fraud Prevention
Telecom networks and clients are exposed to cybercrime, which has worsened during the Covid- 19 outbreak. One of this company’s most difficult issues is detecting fraudulent operations. According to a recent analysis, the global value of fraud losses in the telecom business is roughly $40.1 billion, or around 1.88% of total revenue.
Again, the most common fraudulent acts in the telecom industry include the exploitation of credit/debit card information, illegal access, and the creation of false profiles, among other things. As a result, enterprises employ unsupervised machine learning algorithms to detect odd user behaviour and avoid fraud. Vodafone, for example, uses Argyle data to detect and prevent fraud using fraud analytics.
- Prediction of Lifetime Value
Today, when telecom firms compete to better serve and steal clients from their competitors, they must increase and keep their present customer base. But compared to obtaining new clients, there is a big expense connected with maintaining existing customers too — by delivering discounts, tailored offers, etc. It is consequently critical for telecom businesses to monitor, manage, and anticipate customer lifetime value (CLV), as failure to do so may result in profit loss. CLV is the total amount of money a client is predicted to spend in a business over the course of their lifetime.
- Targeted Marketing
Data science assists the telecom industry in predicting what customers may require in the future based on their use of various services, with recommendation engines serving as an example of target marketing. Customers are naturally drawn to better and less expensive services. For example, if a customer frequently visits a specific social media platform, you can offer them a monthly plan with some exciting and appealing offers, similar to what Safaricom in Kenya has done with its free Whatsapp offer, which allows you to communicate via the platform even if you don’t have internet bundles. Such actions aid in increasing client happiness and financial development. Another example is Globe Telecom in the Philippines, which worked with IBM and Nokia to create a platform for customized advertising.
- Enhanced Network Security
Network security is one of the most crucial factors to consider when working on the internet, LAN, or another way. While no network is immune to cyber threats, a solid and efficient network security solution is critical for securing client data. Strong network security solutions assist the telecom sector in reducing the danger of data theft and crime.
This analysis assists in taking appropriate action for any problem before it has serious implications. For example, Brightlink Communications, which provides phone, messaging, analytics, and cloud solutions, monitor their conversations using Net Optics Director Pro (a network controller switch).
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