The digital age continues its relentless march, transforming industries and business operations, as data ascends as one of the most valuable resources. Navigating within this ever-evolving terrain, Communication Service Providers (CSPs) have had to reinvent traditional revenue streams. Amidst this reshaping, data monetisation has surfaced as a crucial strategy for ensuring CSPs thrive and prosper.
In response, CSPs have transitioned from simply providing connectivity to being the enablers of intriguing digital technologies on 5G, IoT, cloud, and Edge services. By advancing business customers towards a well-connected future, CSPs play a pivotal role in the digital society. Coupled with investments in innovative connectivity is the strategic move towards Big Data capabilities. Capitalising on the vast amounts of data passing through their networks, CSPs can generate valuable, data-driven insights.
It is interesting to note that CSPs have access to 5–8x more user data information through their service subscribers than any other internet company. Every smartphone operates on a CSP network, and a substantial number of IoT devices do the same. Employing this location-based data, mobility insights and IoT analytics, CSPs can usher in new use cases that bolster business efficiency and revenue.
With the ability to extract meaningful patterns, analyse trends, identify correlations and predict future outcomes from raw, anonymised data, CSPs assist clients in making informed decisions that fuel growth and innovation. By finding customers where they are and tailoring offerings to meet individual needs, customer satisfaction and loyalty are subsequently boosted.
Transforming raw data into value-rich insights and products opens a world of opportunities for CSPs to flourish in this data-driven era. As we traverse into the future, organisations wielding the power of data will indubitably lead the charge.
A fitting example of data monetisation in action comes from Vodafone Portugal. The provider aimed to understand the mobility trends of the crowd expected in Lisbon for the World Youth Day 2023. The goal was to glean daily insights and share them with the broader public, underlining the potential of Vodafone Analytics, a Big Data solution focused on strategic decision-making.
With the assistance of Celfocus, Vodafone Portugal was successful in implementing a data monetisation revolution, converting raw data into significant insights. The results facilitated informed decision-making and improved operational effectiveness.