The telecom industry is experiencing a significant transformation. With the rollout of 5G technology, the explosion of IoT (Internet of Things) devices, and increasingly complex billing models, the sector is handling more data than ever before.
What does this mean for telecom operators? Let’s break down the key issues that you and your competitors will be facing in this rapidly changing landscape:
- Managing Vast and Varied Data Sources: Telecom operators are dealing with a flood of data from traditional sources like call records and text messages, combined with new streams from IoT devices and 5G technology. This data isn’t just vast, it’s incredibly varied, spanning from structured formats like billing information to unstructured data from social media interactions.
As well as this, global data consumption over telecom networks is projected to almost triple from 3.4 million petabytes in 2022 to 9.7 million petabytes in 2027, with video traffic as the main driver. However, despite this significant growth, internet access revenues are expected to rise much more modestly at a 4% CAGR, reaching $921.6 billion in this time and this is because providers have restricted pricing power across their services, limited by the many streams of revenue loss.
- Ensuring Accurate Billing and Revenue Recognition:
With so much data, ensuring accurate billing can be like finding a needle in a haystack. Operators must sift through millions of data points to ensure every call, data usage or service is billed correctly.
In an industry where customer trust is paramount, even small errors can lead to significant problems. Relatively minor mistakes such as mis-billing can result in customer dissatisfaction, disputes, and ultimately, revenue loss.
- Protecting Against Revenue Leakage and Fraud: With the increasing complexity of services and networks, fraudsters are finding new and innovative ways to exploit vulnerabilities.
Revenue leakage, where operators lose revenue due to errors or omissions in billing, service delivery, or record-keeping – is another critical concern. It’s like having a leak in a bucket, you might not notice it at first, but over time, it can drain a significant amount of resources.
Telecom operators are not just in the business of providing communication services, they’re also data managers, security experts and financial custodians. They are like jugglers at a circus, trying to keep several balls in the air – from customer data and call records to detailed billing information.
Telecom operators are increasingly facing complex data challenges due to evolving technologies and customer expectations, so decisions around data storage are crucial (eg. data warehousing vs. data lakes) and we can explore the options with you.
Telecom operators face unique challenges so they need unique solutions that are quick to implement and easy to manage. It’s not just about storing data, it’s about unlocking the potential of this data to drive better business decisions, enhance customer experiences and stay ahead in a competitive market.