The rise of Big Data
Since the rise of Netflix, WhatsApp and Facebook, consumer’s demand for the best service experience has increased dramatically, with the core focus on broadband speed and efficiency. The speed of connectivity is continuously increasing at an extraordinary rate.
We are now seen as a ‘hyper-connected’ society, due to the widespread use of devices connected to the internet. We expect to be able to communicate whenever and wherever we are, and now to anything. We expect everything to talk, communicating from person to person, person to machine and machine to machines. Society expects a certain standard when it comes to connectivity, and firms that can’t meet or even exceed the customer’s demand quickly left behind.
There has never been a bigger need than now, for companies to capture their data and action it intelligently to create a better and more efficient service for customers.
The majority of complaints that telecommunication companies receive reflect poor, inefficient services caused by machine downtime. The majority of machine downtime is preventable; however, it seems that many telecommunication companies have failed to rectify this. This should be the first step taken in order to remove this inconvenience for the companies and their customers. Preventable machine downtime costs telecom companies over £200,000 and many hours of productive work time every year. The easiest solution to prevent this cost and increase productivity levels by harnessing data.
Companies can track their machines’ activity and predict when a machine is going to break, crucially before it does, by bringing together the IoT, Big data and Artificial intelligence (AI). Sensors can be attached onto machines to collect data about the machine’s performance and send it to a central internal system, machine learning algorithms then analyse this data to map the machine’s behaviour over time and thereby detect any unusual activity. This is then flagged to an operative automatically, so the machine can be fixed before it breaks.
Firms can collect a huge amount of data on consumers’ demographic, location, and their activity, such as payment punctuality to understand and predict their behaviour. This information can be used to help companies understand what the customer wants, before they even want it. In a society that prides itself on putting customers first, it’s incredibly important that these firms take advantage of the data to provide the best service.
Using the data gathered from their customers, companies can make firm decisions on when the best time to approach them is. Services personalised like this, make customers feel much more important and generates a relationship with the operator; It is now a prerequisite that customers receive tailored data packages, bespoke to their own personal usage. Further to this, algorithms can combine historic data to understand the consumer’s behavioural trends and time the offering of tailored packages to match their usage. For example, providing a special extension of high speed streaming services when they’re running low on data. Providing good service without creating any inconvenience for the customer is incredibly important for retaining customers.
The increase in efficiency, preventable machine breakdowns and an understanding of customer behaviour all join up the dots to create a better working relationship for businesses and customers. As a direct result of the increase in efficiencies, profits can also increase.
Pinacl see GDPR as an opportunity for the users of personal data to futureproof themselves and get properly organised so they can continue to maximise the benefits of personal data use.
For more information on GDPR or to find out how IoT and Big Data could help to maximise your organisation’s efficiencies contact us here.
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