Generating revenue with analytics

Big data analytics unlock new ways to create value from data by providing insights that can help improve existing products and services, or even create new ones.

A recently published Ericsson white paper explores why efficient, high-performing analytics are required to reveal what’s important and what’s not. Besides, why collect and store data if you can’t analyze it, or if you have to wait an eternity to draw any conclusions from it?

Fortunately, the technologies that support big data are now more widely available and advanced, lowering the entry barrier for communication service providers (CSPs) to take the next logical step: revenue generation.

Today, big data analytics is used virtually everywhere: in the public sector, in health care, in retail, in manufacturing, and in the financial and internet sectors to name just a few areas.

At Ericsson, we are looking at what value big data can create rather than focusing exclusively on its technology. In a recent Tech Talk video Rickard Cöster, Senior Specialist, Data Analytics at Ericsson, explains how big data analytics is influencing how we optimize and improve networks, so that we can create the best possible user experience and the most efficient and sustainable networks.

Martin Svensson, Data Research Manager at Ericsson, says: “Increasingly, analytics will be a key ingredient when creating intelligent networks that will drive the Networked Society and all of its services.”

When discussing big data, analyst firms such as Gartner use phrases like “volume” (the amount of data), “velocity” (the speed of information generated) and “variety” (the kind of data available). But the initial big data issues represented by the three Vs have been overcome by recent advances in technology.

Innovative database design, faster networks and the availability of open-source tools are able to handle diverse big data, while addressing even the most challenging business problems.

The focus has now shifted to the three As: adequate, accurate and actionable. In other words, it’s no longer about how big the data is, but rather what insights can be uncovered from the data that can lead to revenue generation.

So, what does this mean for you?

Analytics-generated insights will help CSPs identify seemingly inconsequential pieces of data that, when combined with other network data, can be crucial for revenue generation and identifying early signs of churn.

The increasing volumes and detail of information captured, the rise of multimedia, social media and the Networked Society will fuel exponential growth in data for the foreseeable future. Additionally, decision-making will increasingly be driven by analytics-generated insights. The potential for revenue growth is huge.