By: Fahad Khan, Sales Director India, VOLT Active Data
Telecommunication companies (telcos) and communication service providers (CSPs) are on a never-ending quest to innovate their offerings and maximize revenue streams, particularly with the advent of technologies like 5G, IoT, and industrial IoT. Essentially, they’re on a mission to transform from telco to techco. In this pursuit, software vendors serving telcos play a pivotal role in devising platforms and applications that facilitate optimal 5G monetization avenues.
Customer engagement stands as a crucial facet for telcos. Every interaction presents a valuable chance to engage customers and give them a tailored offer precisely when they're most receptive to receiving one.
Customer Management and 5G
Many telcos leverage customer management applications to surface hyper-personalized offers at strategic moments, capitalizing on these limited interactions. The synergy between customer management and 5G is undeniable, offering telcos unparalleled speed and precision in decision-making without compromising data accuracy.
Recent studies indicate that telco operators have a mere 250 milliseconds to present relevant offers during real-time customer interactions, with the decision-making process needing to occur within a mere 10 milliseconds – a feat previously unattainable with 4G LTE networks.
5G serves as the cornerstone of this enhanced customer management framework, unlocking its full potential. However, to maximize value, telcos must address legacy database architecture shortcomings and transition from batch processing to real-time streaming analytics, ensuring they can effectively manage the data influx from 5G and IoT.
Going ‘Sub-10’
The significance of sub-10 millisecond decision-making in customer management becomes apparent when examining its tangible business impact. A recent proof-of-concept conducted by a company utilizing Volt Active Data technology with a T1 mobile carrier showcased the superiority of real-time campaigns based on streaming analytics over near-real-time counterparts.
By intercepting customers nearing service usage thresholds and offering contextual, real-time data bundle offers, the company saw a substantial increase in sales compared to existing near-real-time campaigns. Similarly, offering real-time contextual IOU credits to valuable customers on the brink of credit exhaustion led to remarkable adoption rates.
These results underscore the competitive edge offered by real-time analytics, with significant improvements in sales and offer adoption rates. As the industry marches towards sub-second latency as the standard, companies must adapt swiftly to remain competitive, given the rapid pace of technological advancement and deployment.
Conclusion
To really make the transformation to techco, today’s telcos need a data platform that enables next-generation customer management and emperors them to deliver real-time revenue generation capabilities while meeting evolving customer expectations.
Volt Active Data emerges as a game-changer in enabling transformational customer management. Volt’s event-driven architecture facilitates intelligent decision-making in under 10 milliseconds, ensuring targeted offers are delivered instantly without losing their value in transit.
Real-time offers deployed through Volt Active Data consistently outperform traditional systems, with success rates significantly higher. To explore how Volt Active Data can enhance your customer management solution effortlessly, seize the opportunity to take it for a test drive today.