Big data is big news in the telecoms industry, and for good reason. The collection and analysis of large amounts of data has the power to revolutionize the way businesses operate.
From understanding customer behavior to predicting the success of new products, gauging the viability of new marketplaces, and more, telecoms companies can, and do, use big data to gain significant advantages over the competition. This makes investment in data a the associated infrastructure a crucial component of operating in the modern telecoms industry.
However, there is such a thing as too much data, or at least unorganized data.
What is the Data Trap?
We're better than ever before at gathering data. In recent years, the ability of telecoms companies to collect, store, and analyze has improved exponentially, with faster, more compact servers, specialized software, and a proliferation in expertise. As a result, it's very rare for a telecoms business to not use data to inform it's operation to some extent.
While this is undoubtedly a positive thing, it can sometimes lead businesses to gather more data than they can effectively store, categorize, and use. When this data becomes unfocused, cumbersome, and difficult to store, it can actually act to slow down attempts to make sense of the information. This is the data trap.
So what can telecoms companies do to avoid the data trap altogether and ensure they are making the most of their data?
How Can Telecoms Companies Avoid the Data Trap?
There are various steps businesses can take to avoid the pitfalls of having too much data. Here are some key examples.
Begin With Clear Goals
If you don’t know what you’re trying to achieve by collecting data, then it will be very difficult to efficiently gain any insights and stick to a lean data strategy. Take the time to brainstorm with different teams from across the organization to identify the main business challenges you’d like to solve and which questions you want to answer.
Determine How You Will Approach These Questions/Challenges
Figuring out what sort of data you will need in order to solve your specific challenges will help you to refine your data collection efforts. Keeping your original goals in mind reduces the likelihood of gathering too much data, as you will always have an eye on the end result that you’re trying to achieve.
Introduce Group Oversight
Having a group of people, or even an individual in smaller organizations, who are responsible for overseeing and governing the data strategy is an excellent way to ensure accountability and adherence to the defined protocols. An oversight group can vastly improve collaboration between departments and help organizations efficiently work towards mutually beneficial goals without collecting unnecessarily large quantities of unhelpful data.
Invest Appropriately
It is always worth assigning an appropriate amount of resources to a data analysis strategy if you want to achieve useful and tangible results. This may involve apportioning some of your existing employees’ time to strategizing, collection, and analysis of data, or you may find it necessary to enlist some outside help in the form of a consultant.
Beyond this, it may also be advisable to invest in capable IT equipment and up-to-date software to assist with data analytics. The worst thing an organization can do is try to get by without the proper expertise, equipment, and software, as this is a recipe for losing focus and ending up with an excessive amount of data.
Don’t Let Your Data Become A Burden
In the telecoms industry, not all data is good data. A key part of any analytics strategy is the efficient collection and organization of information, driven by proper planning and enlisting the help of people with relevant experience. Following these guidelines will ensure your data provides the insights you need and prevent it from becoming an unwanted burden.
Lynx Analytics Helps Businesses Use Data More Effectively
At Lynx Analytics, we help businesses collect, analyze, and use their data more effectively. Our experts use their years of collective experience to build tailored analytics solutions to specific business challenges and help companies realize their goals faster.
