Business Intelligence for Telecommunications
THE TELECOMMUNICATION MARKET is growing rapidly with new technological innovation and new service providers thereby creating a competitive platform. Revolutionary changes are taking place with acquisition, consolidation, new regulations and most importantly privatization that make customer satisfaction the primary object of every service provider. New regulations are making more and more pressure and creating avenues for new opportunities. So it becomes important to make a farm place in the ever-changing market condition and that demands information on various aspects for developing more proactive business decision. Here for collecting high-quality and updated information and then analyzing them requires Business Intelligence (BI) technology. This article explains some of the useful points on the importance of BI solution in telecommunication industry.
Customer is the central focus point for running any business and hence companies are in always search for new markets with new services. This resulted in merging and acquisition of different companies offering multiple services. Customer retention, customer relation management, targeting particular market, promotion management and network intelligence are some of the primary objectives of telecommunication industry. This makes companies to use BI tools and software to achieve competitive advantage.
Strategy making is the most important aspect both from the point of view of product and customer. Though the market share of any company also depends on its advertising and marketing but sometimes over promotion decreases customer loyalty. So it is essential not to discount the product, as the quality of product or service is the prime concern of consumer, and companies should understand the mindset of individual customer, which is possible by better information management. This only can enable one corporation in
- Understanding the needs and behaviors of customer
- Using this knowledge of understanding in identifying, developing and delivering products up to the expectations of customer.
However, in this competitive market, many industries including telecommunication are building business model on customer strategy rather than product. Customer relationship management (CRM) is becoming more and more important with growing demand. Therefore, it becomes essential to understand the needs of the market place by pointing out consumer demands including what they want? What customer has to say? How they want it? etc. Here BI with tools like data warehousing plays important role in organizing and analyzing the complex set of information.
Role of BI:
Business Intelligence is now widely used in telecommunication industry in human resource, finance, sales marketing, etc. Its application is valuable in several ways as it
- Enables you in building a strong sales and marketing strategy by understanding information on different perspectives like area, time and product. This in turns assists to estimate revenue, volumes and margin of profit.
- Helps in categorizing customers into segments according to their behaviour and demography that is most important for CRM. So a company can lunch accurate marketing campaign and improved ability to target new customers.
- Also supports to track the performance of campaign within a period of time that is essential for improving marketing skills.
- Constantly monitors the behavioral changes of customer so that companies can immediately response with adequate measures.
As telecommunication market is becoming more and more profit oriented with rising competition, it becomes indispensable to adopt business intelligence solutions for better data and intelligently information management. Data warehousing, data mining are some of the effective tools that are used for better analysis of complex data and preparing productive business model for meeting customer satisfaction.