How Quality Data Boosts Your Business Performance

How Quality Data Boosts Your Business Performance

Telecoms fraud features prominently on Interpol’s crime lists and is a worldwide, recognised cybercrime. But can fraud be eliminated?

Telecoms fraud is big business, with more than $38.95 billion lost to fraud globally in 2023. This is a 12% increase since 2021, and represents 2.5% of telecommunications revenues so you can see that it is a big problem for telecoms companies to address (link). Here at Xintec, we are committed to combatting fraud using a multi-faceted approach that protects you and your business from revenue leaks across the board.

There are many different types of fraud that can cause major financial and reputational damage to operators, and some of the most common include subscription fraud, PBX fraud, account takeover and service or equipment abuse. Many of these involve account manipulation and this shows a shift since 2021, in which many more issues were related to technological fraud.

Working to Eliminate Telecoms Fraud

The first step in eliminating telecoms fraud when we begin working with a telecoms company is to identify the existing standards and procedures and work out where they are failing. It is important to analyse what your current provision is doing for your business or – in many cases – is not doing. Any areas where your protection is weak will require a new approach, and a thorough audit can highlight potential problems so that more effective solutions can be implemented.

It is not easy to eliminate cybercrime as it is by nature a highly innovative area that is constantly evolving. This is why it is so important to have complete, robust systems in place that attack the risks from every side. It is vital that we recognise the complexity of the risks and address these with a similarly complex solution. At Xintec, we can deliver bespoke, analytics-based solutions that guarantee success so you can achieve the outcomes you need.

Accurate Data Must be the Backbone of Decision-Making

Before you engage in any form of analytics, it’s vital to ensure the accuracy of your data. This is the critical foundation for generating reliable insights that guide strategic decisions, so cannot be compromised on.

Data integrity is the core of our confidence in our operations, so we must be able to trust the analytics that drive our business strategies.

An Example in Corporate Risk management

Consider the scenario of corporate risk management, specifically assessing credit risk to mitigate bad debt. 

By analyzing customer credit risk data:

  • Companies can refine their processes and allocate resources more effectively.
  • Targeting customers with higher default probabilities reduces bad debt.
  • The goal shifts from merely understanding bad debt occurrence to preventing it through strategic refinements and engagement strategies.

Using Data to Improve Operations and Manage Risks

“Data accuracy is key for making sure we’re making the right decisions and spotting areas where we can do better. It’s all about checking that our information is correct, so we can use it to find ways to improve how we work. Working with Xintec streamlines this process, so that our business operations are even better.”

When it comes to dealing with financial risks, it’s important to know that not all customers are the same. Some are more likely to run into financial trouble than others. If we can identify those customers ahead of time, we can come up with a plan to mitigate the risks before they affect our business. This approach helps us to keep our finances stable.

It’s also important to always be thinking ahead. Instead of just fixing problems as they come up, we use data to help us see what challenges might pop up in the future. This way, we can plan for them and turn potential problems into opportunities for your business to grow.

Make the Most of Your Data With Xintec

Xintec knows how important good data is for your business. We’ve built our platform, iGenuity™, to give telecom and utilities companies everything they need to manage their data better. 

iGenuity™ helps you spot fraud, make sure your billing is right, and manage risks. It works in real-time, so you always have the latest information, and fits right into how you already work, thanks to:

  • Modules you can customize for what you need.
  • An easy setup that doesn’t mess with your existing systems.
  • A team of experts who are here to support you in using your data more effectively.

Quality Data Is a Must to Your Business

Having quality data at the heart of your business isn’t just a good idea anymore, it’s necessary. With Xintec as your partner, you get access to the know-how and tools needed to make your data work harder for you. 

This means better operations, less risk, and a stronger position in the telecom industry.

Join us at Xintec, and let’s turn your data into one of your biggest strengths. Get in touch to see how we can work together to improve your operations, cut down on risks, and help you stand out in your field.

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Sean Killeen - Business Dev
About Author

Sean Killeen

I bring over 25 years of experience in the telecoms industry, having worked with several leading companies across Europe, like Western Wireless International, EDS Germany, and Billing Services Group USA. My journey has been centered around strategy and sales, with a strong passion for technology and innovation. I take pride in my expertise in entrepreneurship and my commitment to values-based selling. Beyond the corporate realm, I enjoy public speaking, developing talent, and leading with a focus on nurturing and guiding future leaders.
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Sean Killeen - Business Dev
About Author

Sean Killeen

I bring over 25 years of experience in the telecoms industry, having worked with several leading companies across Europe, like Western Wireless International, EDS Germany, and Billing Services Group USA. My journey has been centered around strategy and sales, with a strong passion for technology and innovation. I take pride in my expertise in entrepreneurship and my commitment to values-based selling. Beyond the corporate realm, I enjoy public speaking, developing talent, and leading with a focus on nurturing and guiding future leaders.