Machine learning in telecom can help network operators improve services, increase profits, as well as reduce customer churn.
As the number of smartphones users is increasing, the chances for the telecommunications industry to increase sales is always on the rise. As the market seems to move ahead every day, telecom providers look to improve services to ensure customer retention. Mapping key trends and focusing on how their strategies work are some of the challenges that a telecommunication provider currently faces. Apart from merely mapping a company’s strategies and fixing towers, mapping competitor’s strategies and social media help businesses to achieve a broader base to reach out to their customers. Verizon, a pioneer in the telecommunications industry, lost a whopping 307,000 customers in the first quarter of 2017 when it failed to keep up with several services. Machine learning is a technology that learns from the information and algorithms provided to it and returns output that has a significant impact on several industries. Machine learning in telecom can be a technology that can help providers across several aspects. Improving Services
Social media is transforming from being just a communication portal to a full-fledged business platform that allows enterprises to obtain access to a plethora of customers. One of the other benefits of social media is that it puts the company on a global pedestal. Information from such sources is essential to businesses as it can help them in gaining insights about what their customer thinks about their services and how they can focus on improving their services to increase customer retention. With ML in telecom, companies can focus on how they can change their strategies based on the algorithms provided to the machine. Another method of improving customer experience and ensuring customer retention is by focusing on reducing the time taken to fix the broken towers and the amount of time for which consumers have to be without the services. Traditional methods of fixing sleeping cells and towers are by physically locating the same. With the help of machine learning in telecom, these towers can communicate with the control room about possible failure. When a company realizes the threat that hangs above, they can focus on quickly dispensing the repair teams to fix the tower and immediately solve the problem.
Reducing Churning
As the current market scenario is heating up due to newer telecom providers appearing, customer churning is regular. With customer churning on the rise, companies can focus on how they can improve their services and provide offers that can avoid customers from churning and make the customer realize that the company is customer-centric. With ML in telecom, companies can keep track of why their customers are turning to other companies and how they can update their policies to ensure customer retention and minimize customer churning. Machine learning also assists in informing companies about the possible churners even before they intend to leave.
Watch this video:https://www.youtube.com/watch?v=Z5vxRC8dMvs