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Forecasting 4 Data and AI Shifts in Telecom in 2024
Embrace the future with key insights on accelerating technological advancements and the crucial role of comprehensive data strategies in shaping business success in telecom's for 2024.
Within the telecommunications industry, an expansive reservoir of data is harnessed daily, presenting a formidable advantage. Interestingly, while their services have been catalysts for innovation in various sectors—ranging from streaming and mobile payments to applications like video conferencing—many providers have been hesitant to fully embrace the opportunities of a data-driven, interconnected landscape.
On the horizon, the impending impact of generative AI is set to revolutionize how we navigate our daily lives—transforming work, communication, and entertainment in ways that push the boundaries of imagination. Our internal experts emphasize the pivotal role of a dynamic data strategy as a key determinant for achieving business success. Projected over the next year, the transformative influence of generative AI is expected to permeate the industry, enhancing operational efficiency, amplifying customer satisfaction, and beyond.
1-Data Accessibility Drives Operational Excellence: Telecommunications providers are adopting cutting-edge technologies to boost operational efficiency. In the upcoming year, the industry will pivot towards leveraging existing data through modern platforms, addressing operational challenges more effectively. Despite prioritizing customer experience (CX) improvement last year, the industry still lags in CX rankings. Over the next 24 to 36 months, service providers are anticipated to utilize network data for self-optimization. Beyond customer experience, data will play a crucial role in mitigating supply chain issues, ensuring timely delivery of customer equipment and expediting revenue collection.
2-Accelerated Cloud Migration and Data Management Evolution: Despite amassing significant data, telecom providers have been slow to monetize its potential value, grappling with concerns related to data privacy compliance, evolving regulations, siloed data, and a shortage of data analytics expertise. Recognizing the need for regional insights and industry benchmarks, telecoms are poised to overcome these hurdles. Emphasizing the importance of contextual understanding for uncovering new business opportunities, the industry is exploring third-party data sets, opening doors for new revenue streams through the responsible selling of data. There's a call for telecoms to seize this moment, emphasizing the potential of competitive advantages.
3-Generative AI Revolutionizes Telecommunications: While AI has long played a role in processing large data sets, the emergence of generative AI heralds transformative breakthroughs. Language model-powered translation tools promise near-instant and highly accurate translations. In the realm of telecommunications, generative AI, or gen AI, is set to elevate customer experience through improved self-service and efficiency, minimizing the need for human intervention. From AI-powered chatbots to enhanced knowledge bases for support representatives, gen AI is already making its mark in telecommunications support teams. The future holds even more intuitive problem-solving powered by generative AI.
4-Robust Data Strategy as a Cornerstone of Success: In the midst of this era of intensive AI-driven transformation, a robust data strategy emerges as a linchpin for business success. The imperative to break down silos and facilitate access to data sources across the organization becomes more pronounced. The efficacy of Language Model Models (LLMs) hinges on the quality of training data, necessitating collaboration and utilization of data across the entire telecommunications ecosystem. For businesses in the telecom landscape, there is a compelling opportunity to enhance their data strategy. Those with forward-thinking plans are already well-positioned, emphasizing the heightened importance and speed of execution in adopting a unified data strategy.
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