By Karan Sethi, Director of Product Management, Optiva • September 20, 2023
Karan brings 13+ years of product leadership expertise in building global products and simplifying business through cloud-based solutions across NAM and EMEA markets. At Optiva, Karan leads the Optiva Partner Monetization platform, which enables partner-driven B2B2X services for MNO/MVNOs and harnesses new opportunities. LinkedIn has designated Karan as a Top Product Management Voice.
In the ever-evolving landscape of technology, telecom operators have often been at the forefront of innovation, connecting people and enabling global communication at a scale that was unmatched. However, today the role of telecom operators is no longer limited to traditional communication services. With the emergence of digital services, telecom operators have the opportunity to revolutionize various aspects of our lives and unlock new revenue streams, which is a critical business objective for them. This is where the symbiotic relationship between telecom operators and digital partners comes into play, creating a marketplace of opportunities.
Data Monetization in telecom
As the telecom industry continues to evolve, data monetization becomes a critical strategy for telecom operators. Telecom operators possess an unprecedented amount of customer data, including internet usage, location information, behavioural patterns, and app consumption. This vast pool of data provides telcos with unique insights into their customers’ preferences and behaviours.
Traditionally, telecom operators have used this data to improve their internal operations, such as optimizing network performance and enhancing customer service. However, data monetization offers a new avenue for operators to leverage their valuable customer data and unlock additional revenue streams.
Leveraging The Power Of AI For Data Analysis
Artificial Intelligence (AI) plays a pivotal role in unlocking the value of customer data and enabling personalized offerings. Due to the massive amount of data and the need to take proactive actions, AI is mandatory. By leveraging AI technologies, telecom operators can analyse vast amounts of data in real time, identify emerging patterns and trends, and generate valuable insights.
These insights can then be used to create personalized offers, develop targeted marketing campaigns, and optimize service offerings. AI empowers telcos to understand their customers better and tailor their services to meet individual needs, ultimately enhancing the overall customer experience.
The Marketplace: A Catalyst For Collaboration
The marketplace is becoming increasingly important as telcos forge partnerships with various industries to provide data-driven solutions. This shift in data monetization opens up new revenue opportunities for telecom operators while working with digital service partners who require these patterns and trends to customize their offerings.
The marketplace becomes the platform where CSPs and digital partners come together to exchange data, insights, and services, creating a mutually beneficial ecosystem that drives innovation and customer-centric offerings.
For example, telecom operators can collaborate with advertisers to provide location data for personalized advertising campaigns. By leveraging their extensive knowledge of customer locations, telcos can help advertisers deliver targeted and relevant ads to customers in real time. This not only benefits the advertisers but also enhances the customer experience by providing more contextually relevant offers.
Similarly, telecom operators can partner with retail, transportation, and finance industries to provide data-driven solutions. By offering location data to retailers, telcos can assist in selecting optimal store locations or planning expansions. By leveraging customer data, telcos enable businesses to make data-driven decisions and drive growth.
Challenges In Data Monetization
While the potential for data monetization is immense, telecom operators face several challenges in effectively leveraging their data. One of the primary challenges is ensuring data privacy and security. Telcos must comply with regulations and ethical practices to protect customer data and gain proper consent before sharing or selling it. Robust security measures, including data encryption and anonymization, are essential to safeguard customer information.
Another challenge is finding user-friendly tools and techniques for data analysis. Telecom operators need intuitive and easy-to-use solutions that can extract actionable insights from their data and enable personalized campaigns. With the multitude of options available, telcos must choose tools that meet their specific requirements and facilitate seamless collaboration with external partners.
The Path To Success In Data Monetization
To succeed in data monetization, telecom operators must prioritize data privacy, invest in user-friendly tools, and focus on extracting actionable insights, all while handling the data speed and real-time speed required. By leveraging AI and the marketplace effectively, telcos can transform their customer data into a valuable asset and drive revenue growth. As the telecom industry embraces the power of data monetization, operators that adapt and innovate will emerge as leaders in the digital economy.
The future of telecom operators and digital partners is intertwined in a symbiotic relationship within the marketplace. By capitalizing on the vast amount of customer data and collaborating with digital service partners, telecom operators can unlock new revenue streams and enhance the customer experience. The marketplace becomes the catalyst for innovation.
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Have feedback or questions for the author? Contact Karan Sethi, Director of Product Management, Optiva
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