If you do a web search on “Data Analytics,” you are bound to get several hundred million results, but here is the simplest definition you are likely to find – the science of drawing insights from raw information sources.
Obviously, analytics have been around for a while now. Remember when Microsoft Excel was the most popular analytics tool? Today most of us clearly understand that if we capture all the data that streams into a business, it can be analyzed and used to make better informed decisions.
The service provider business is no exception. The amount of data in your systems continues to grow as our digital world generates more and more by the minute. That means the value of data analytics at your fingertips is growing exponentially.
Size doesn’t matter
Until recently, data analytics were reserved for the giants – organizations who could make heavy investments in building the right IT infrastructure and acquiring experts with the right skillset.
But the power of analytics doesn’t necessarily depend on the volume of data, but the variety of data. The more types of information you can correlate, the better insights you get. For example, if you know that a subscriber is a heavy streamer, experiencing bad Wi-Fi performance, and on a lower service tier, then you can easily infer that the likelihood of signing up for an upgrade is very high.
But the beauty of today’s data analytics solutions is that you don’t have to collect or process all these pieces of information manually.
With businesses of all sizes capturing data, there is a clear opportunity to see benefits without investing in home-grown platforms or expensive data scientists.
Impact is real and measurable
By placing the burden of collecting, analyzing, and delivering business insights on the shoulders of turnkey expert solutions, service providers are able to focus on improving their business operations and subscriber experience.
By leveraging data analytics, service providers like Range Companies reduced operating costs by 30 percent, ALLO Communications raised its Net Promoter Score (NPS) by 15 points, and Midwest Energy & Communications increased its annual revenue by 20 percent.
It’s going to get infinitely better
If you have heard buzz words like artificial intelligence, machine learning, and predictive analytics, you already know that we are just getting started with what can be achieved with analytics.
Now if you are confused with the latest jargon, or simply curious how exactly other service providers are achieving amazing results, join our live webinar next week. We’ll break down data analytics further and chat with SCTelcom about how they are leveraging subscriber insights to generate more revenue.
And if you are still using spreadsheets to run your business, we promise not to judge you. Just schedule a demo with a Calix Cloud expert to see if it is the right solution for you.