NEWS

How exactly do you turn Big Data into Smart Data?

February 9, 2016 - Openet

In the payments arena, new banks and new apps are being launched with alarming frequency, where the focus is partly on price saving but more so on the experience the customer has. In retail, too, innovation in the buying process and delivery (a big part of that experience) is getting massive attention. In a few short years, retailers have gone from trying to block shoppers comparing prices while in-store to actively promoting their online deals while in-store.

For everyone, the challenge is to make the customer experience as good as the masters (i.e. AmazonGoogle and Apple) do. The retail store and online worlds are blurring, and the best companies will be judged not on price but on the experience their customers are having.

How, then, do telcos (and indeed ‘legacy’ banks) hope to catch up and regain their place in customers’ affections?

The good news – for telcos at least – is that customers basically trust them. And trust is an asset that needs to be carefully leveraged.

The way to do that, according to discussion paper from real-time specialist Openet, is by converting big data into ‘smart’ data. While this may sound like turning lead into gold, or a bit of a stretch by the marketing team, the paper presents some very practical examples of how to do it.

Telcos must, as the paper points out, get beyond using historical data to ascertain what a customer wants. This approach worked well when telcos or CSPs were selling static services like traditional voice and basic data connectivity, but a customer’s telecoms spend is now part of an ever-increasing digital spend. This includes everything from movies, music and telecoms connectivity to home security and automation, health and wellness, and even digital voice services.

Read more at Telecomasia.net

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