ICT companies are actively seeking to intensify their use of data science
ICT as a sector has seen a revolution and phenomenal growth in the past decade. With technologies like AI, Big Data, ML, AR, VR, and others changing the digital landscape entirely, the data generated by digital footprints are growing exponentially. Data storage capacities have increased tenfold in minimal duration.
It won't be wrong to say that data science has become an indispensable tool to understand all the aspects that might impact the industry. And with the rapid development of IoT, the demand for data science and its integration into ICT is increasing.
As per a research study, the growth of data science is dominated by the ICT industry, with around 33% share of the overall market. The study predicts that it will grow to approximately $105 billion by 2023. But why is the industry actively seeking to intensify its use of data science? Let's find out more here!
Data science allows the management to make better decisions: Using data science, you get all the actionable insights that allow the industry to maximize its potential and improve its data-making processes by measuring, tracking, and recording performance.
Data science helps define goals: Since the organizations explore and examine the organizational data, it is easier to prescribe specific actions to improve the overall performance, engage with customers, and increase profitability.
Data science allows the industry to focus on issues that matter: With insights, it is easier for organizations to use an effective system to understand the pressing issues and shift the focus to addressing critical business challenges.
Data science helps identify opportunities: The data insights allow the organizations to question their existing processes and develop methods that improve the value and fill the gaps to reach the right audience.
Data science allows testing decisions: Not only does it help with predictive analysis and decision making, but it also helps to find the results after you are done implementing those decisions. If you don't have any data to see the impact of your choices, it will be impossible to tweak the strategies and quantify your success.
Data science enables refining target audiences: Every organization has different sources of collecting customer data. The data science applications allow them to combine those data points to learn more about the customers and audience.
What about the Indian ICT Industry: Extracting insights
The big players like Reliance Jio, Vodafone, and Airtel have already implemented data science and are gathering insights from their customer base's large amount of data. Using the data, they offered personalized offers that were suitable for the customers. That's how Reliance Jio came into the market by capturing customers' demands. Undoubtedly, the active use of consumer data and their digital footprint for analysis allows the industry leaders to make huge investments where it matters.
If you are also wondering how you can use existing data to improve your chances to dominate the market, here's how you can do it!
- Cloud Computing
- IoT
- AI
- Network systems
- Mobile services
While these are some ways you can use data science and integrate it into your current operations, here's how you can leverage data to grow your dominance in the market.
If you are an early starter, here's how you can create a competitive advantage
- Customer profiling: With so much progress in technology, the ICT industry can capture many behavioral data about their customers. Thus, it will help you get details about customers' mobility patterns, social network activity, and personal preferences. You can use these digital breadcrumbs to do customer profiling to a great extent.
- Planning and management of networks: ICT companies can use the data to optimize their network routes and improve customer quality offerings. Operators can use this data to understand the demands. For instance, they can use this to understand the needs of the OTT services.
- Product recommendations: Since it allows you to learn about the behavioral patterns, you can also use the same insights that could help you increase sales revenue by exposing your customers by offering them options that might interest them.
- Look for new business lines: Now that you have so much data available, you can use it to get hold of better insights. Thus, it can also be used to expand revenue streams by exploiting an opportunity to create new business lines. For instance, many businesses are looking for cross-promotions with brick and mortar organizations to grow in the area where you can leverage their insights.
- Better cyber security protocols: It can assist you in finding the data where you can save your reputation by detecting actual threats more quickly. It allows you to be proactive and use the data for fraud detection and other recommendations.
If you are an early starter, here's how you can use it to grow your revenue and growth
- Capital Savings: With data science, businesses can also better use their physical assets and budgets. They can use predictive methods to save on their capital expenditure and benefit their customers in the same way. It will be easy to deliver service delivery using the data insight.
- Time and efficiency benefits: You can achieve efficiency and benefits by using data science applications to cut down your costs, improve productivity, and make the internal processes much more streamlined.
Final Thoughts: The Future Looks Bright
Understanding data science allows the ICT industry to improve content based on insights. That's how the ICT industry can grow and expand its horizons in this ever-changing digital landscape. The potential business outcomes delivered through this option will allow the industry to maximize its returns on investment.
So, if you want to grow in this niche, it's high time to adopt this aspect and intensify its use for better reach, results, and outcomes. If you want to know how it will suit your organization, opting for market research and customer insights will allow you to have a better decision-making process. It's time to be an early adopter and dominate the market. Or else you will have to follow the industry leaders and share your market. Do you want that?
