Can AI Bridge the Gap Between Customers and Telecom Enterprises?
By Telecom Tech Outlook | Wednesday, September 04, 2019
Leveraging AI to its maximum, telecom companies will enhance the business by focusing on the demands of customers, and predict product development, improve margins, optimize pricing, and much more.
FREMONT, CA: We live in a world of connections where everything around us is getting faster and smarter. Every business platform is turning digital. Similar is the case with the telecom industry. The telecommunications service is one of the largest businesses in the world. The world is witnessing the power of artificial intelligence (AI). Like all other business sectors, the telecommunications field is evolving with AI. A large number of telecom operators have experimented by deploying AI-powered solutions in their business processes.
The main point for AI growth in the telecom platform is an increasing demand for autonomously driven network solutions. A huge number of connected devices is rising at an unimaginable rate. Applying AI technologies to data analytics will allow Communication Service Providers (CSP) to get the framework from the data and monetize it. Telecom companies are harnessing the power of AI to process and analyze huge volumes of Big Data to provide consumers with better customer experience, improve operations, and increase revenue through new products and services.
AI is no longer the future, it is an imminent reality
AI is taking it huge leap in the telecom industry. The providers of this platform need to prepare themselves to ride along with the current. Here's a list of recommendations that enterprises can adopt while preparing to ride on top of the wave.
1. Being updated with emerging technologies and current market trends.
2. Creating and implementing plans that incorporate AI into the business tech strategy and the core business processes. It is important to keep in mind the people on board and update enterprise culture accordingly.
3. Not expecting too much from the IT team to make the enterprise aware of AI and its trends. Board members, general management, and customer-experience or digital transformation officers must put in the initial effort.
4. Designing an agile technology infrastructure for the organization. There is a need for agile tools and a team of visionaries ready to rock-and-roll.
Embrace the Future
AI will power up the telecom sector by evolving from just knowing what happened and dealing with it to predicting the change and acting according to it. This shift will lead to lower costs, increased customer lifetime value, better decision-making, and enhanced customer experience. Emerging usage of devices such as automated cars, smartphones, smart TVs, fitness trackers, home assistants, ad smart meters, can be witnessed. By monetizing the data, owners of the network, 5G technology, communication, and subscriber data, CSPs will help enable the Internet of Things (IoT) revolution, leading to the next level of telecom evolution, B2B2X. The telecom industry will collaborate with other business and governments to implement IoT in other industries, and the "smart life' will be a brand new reality. With respect to AI, the first case that pops into people's mind will be robots. AI powers the mind of the machine by allowing them to act in a way the human mind works. We are reaching a level where the telecoms can utilize robots to automate back-office tasks. AI is used in call centers, optimizing the costs and saving employees' time by dealing with the first few customer interactions.
AI in telecom helps the CSPs manage, optimize, and maintain not only infrastructure but also assist the customer support operations. Implementation of AI by the telecom companies’ result in the development of highly personalized products, improved fulfillment processes, and increased network management. This allows the telecommunication platforms to provide their respective customers with enhanced and attractive services as well as improve their customer management. Telecom industry processes an enormous amount of data from customers on a daily basis. Leveraging AI and Machine Learning, the enterprises can extract meaningful business insights from this data and can make effective, faster, and better business decisions. Utilizing this crunching of the data by AI will help with the customer segmentation and customer churn prevention to predict the lifetime value of the customer, product development, improving margins, price optimization, and more.