Given the explosion of smart sensors, smart devices, new software applications, and the ubiquitous Internet of Things (IoT), telecom companies can expect to see a doubling of data volume each year. Think terabytes of information and more. This massive amount of information is why experts coined the term “Big Data.”
Developing and implementing effective, automated strategies to analyze massive amounts of data and profit from this information is what marks the difference between the disparate data that is Big Data and Smart Data, organized intelligence that can help executives make profitable business decisions.
Understanding Big Data
Big Data is often in an unstructured format, meaning it comes from sources as disparate as social media posts, IOT devices, and wearables. Documents are much easier to scan and analyze. The difficulty in analyzing Big Data resides in the labor-intensive costs and time.
Furthermore, companies that can’t get their arms around Big Data find they cannot give it a useful purpose. Big Data’s value lies in its usefulness to predict, bolster threat detection, or guide policy decisions. Developing strategic guidance about the company’s future is also a great benefit.
The first step in understanding Big Data is to review your in-house data. To do this, it is critical to:
- Identify the data that exists in the organization to date, who uses it and how;
- Employ data scientists to analyze the data if you do not already have them on staff; and
- Identify any special tools your company will need to manage and massage the Big Data.
Turning Big Data into Smart Data
For Telecom executives, the essential task is asking the right questions for each set of circumstances. When analyzed appropriately, Big Data can drive company decisions in product development, sales forecasts and marketing programs. It can even be applied in selecting the right data scientists for your organization.
Some observers believe the telecom industry was slow in adjusting to Big Data developments and its impact on the industry. At this point, however, telecom companies are using Big Data to develop 5G technologies. This technology offers unlimited potential, with advances such as:
- Scaling telecom services.
- Improved speed imperative for future infrastructure architecture (5G is 100 times faster than existing networks),
- Creating smart cities that use Big Data and technology with a goal to better resident lives, such as sustainability, improved efficiencies, and economic development.
- Virtual reality platforms.
- Continued expansion of devices utilizing IOT technology.
Recent research indicated that 5G technology could result in an additional $1.2 trillion in advantages for customers.
Using AI to Capture Smart Data Insights
Most exciting of all, the development of Artificial Intelligence (AI) and Machine Learning make it easier to analyze Big Data to gain insights into your business. Machine learning helps with:
- Fraud detection.
- Real-time analysis of market conditions.
- A better understanding of consumer expectations.
- Compliance within the legal environment in which each business operates.
Smart Data in the telecom industry has helped to reduce infrastructure costs by focusing on wireless technology. It’s also proven to decrease the rate of customer turnover through improved customer satisfaction.
Smart Data Paves the Way for Internet Security
Turning Big Data into Smart Data means an increased ability to fortify internet security. This advantage is something every business needs in its environment of malware and widespread cyber hacker attacks. Avoiding data breaches and protecting sensitive consumer data is of paramount importance because consumers have high expectations on this front. Europe’s General Data Protection Regulation (GDPR) is just one example of how important this issue is for multinational companies facing varying levels of global data protection rules.
Besides, experts believe that technological advancements will cause companies to adopt business-wide encryption protocols to ensure that their networks stand ready and able to take advantage of future technological advances.
Smart Data Insights
To sum up, Smart Data is crucial to service providers and their managers due to its potential to provide insights on how to improve telecom business. Smart Data is the crucial catalyst needed for growth and innovation not otherwise attainable.