Digital transformation in the telecom industry has set a pace that many providers struggle to match. The rise of fiber, broadband, 4G, and now 5G LTE, along with fixed wireless and copper networks, has caused enterprise data consumption to explode in recent years. The same is true for managed and cloud-based business applications.
The blurred lines between phone, cable TV, and internet consumption have further increased the demands placed on telecom services. As streaming has increased, so have the number of cloud-based services used by consumers on a daily basis.
Managing this increased data volume requires new data intelligence tools and strategies for telecom services. Here’s a look at some of the innovative solutions that will help you improve data management, and deliver improved quality of service, to your customers.
The Importance of Algorithm-Based CPQ
The exponential growth of telecom data volumes has created an environment where most telecom businesses struggle to scale their services and management capabilities to match telecom data usage.
Algorithm-based configure price quote (CPQ) technology enables telecom businesses to keep pace by automating management processes, such as addressing fluctuating data demand, managing data supply chains to prevent disruptions, and delivering a better telecom experience that improves customer satisfaction and reduces churn rate.
Even more importantly, algorithm-based CPQ is a crucial step forward in the long-term goal of leveraging machine learning and AI to implement more intelligent CPQ processes. Together, machine learning and AI can provide telecom employees with a productivity tool that makes their jobs easier, and makes them better at their jobs, without posing a threat to the future of that role.
Automating Customer Service to Improve Responsiveness
When customers have a question or a problem, they tend to be impatient when waiting for a response. This is true across every industry, and telecom is no exception. Unlike other industries, though, the broad need for algorithm-based CPQ makes it easier for telecom businesses to enlist these innovative services to support their overall customer experience.
Customer queries can be carefully managed and prioritized to ensure a quick response that minimizes wait times. Automated solution support articles offer a faster resolution to customer issues than traditional ticket-based processes. Chatbots can provide a first-line response and resolve simple customer queries, thinning out customer service queues to speed up service for all customers, and proactive customer service suggestions can be offered based upon data and learning through these solutions.
The faster you’re able to respond to customer queries and address whatever problems they’re facing, the stronger your overall business will be.
A Better Way to Leverage Your Data
Network access is a cornerstone of any telecom business. Rising data volumes are a threat to providing consistent access for all of your customers, but data intelligence tools built with machine learning and AI technology can optimize network management, helping your business grow as your customer data usage grows.
From a telecom network standpoint, data management should include the business intelligence gathered through your company’s quoting and customer service processes. This data can be leveraged by sales, marketing, operations, and other departments to generate insights that improve strategy and outcomes.
The MasterStream ERP platform helps your business by generating more data that can guide these decisions. In some cases, your business will have unprecedented access to new types of data. This information can be used to generate performance reports that your business leaders can quickly read and analyze as part of their decision-making process.
Take the Next Step for Your Telecom Business
In the quest to digitally transform your telecom business, algorithm-based CPQ represents the next logical step as your business moves toward a future built on machine learning and AI to continue expanding your customer knowledge and network performance.
Find out how MasterStream ERP can help you streamline, automate, and accelerate these services—contact us today to learn more.