Big Data has been credited as the biggest challenge facing the telecoms industry, according to new research.
Credit reference agency Experian has recently surveyed 80 senior executives from 45 telecoms companies and found the number of respondents stating big data monetisation as their biggest challenge to have risen by 150 per cent compared to last year.
Churn and customer experience were also found to be key issues faced by the telecoms sector.
37 per cent of respondents cited end-to-end customer relationship management as their biggest business challenge, which remains the same as last year. 32 per cent of those surveyed said that reducing churn is the most critical factor in improving margins, rising from just 26 per cent in 2012.
Tim Barber, strategic development director for Experian Decision Analytics, said: “It is no surprise that customer experience, big data and fraud have been identified as serious challenges for telecommunications companies.
“The telecoms industry has access to vast amounts of data, and is rapidly understanding how this data can be mined to improve business performance in the critical areas.”
Compared to just 30 per cent, over 37 per cent of respondents said that improving the quality of decision-making during the customer lifecycle will bring the most benefits to their organisation, as well as using external data to boost understanding of customer value against their potential risk.