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By Greg Owens, Senior Director Customer Experience Solutions Marketing, Alcatel-Lucent
The rise of big data is causing service providers to ask some big questions: How should we store our data? How long should we keep it? What parts of it are relevant to our business? Most importantly, how do we get value from it? To turn big data into a big deal, service providers need to extract insights that can help them make smart business decisions and improve the customer experience.
The value of big data is all in what useful and actionable information it can provide. I find it exciting to see how service providers use big data analytics to gain new insights and solve complex problems. With this post, I’ll look at some new research by industry analysts and three key opportunities that big data analytics presents to service providers.
Knowing what to do — and what can be done — with big data are important key to success. But these things are easier said than done. For its special report on big data, European Communications asked respondents to name the biggest barrier to operators seeking to execute a successful big data strategy. A lack of understanding of the potential that big data presents topped the list, getting the nod from 27% of respondents.
This response highlights the real challenge for service providers: finding ways to extract value and create tangible benefits from big data. Providers have vast amounts of information about customers, networks, services and operations. So how can they monetize it?