Customer Centricity

Customer centricity & analytics: This much we know, what next?

Sure, saving money and doing what we do already better is important, but the real point of transformation is being able to exploit new opportunities. The universal principle is build everything round the customer and strive to improve constantly.

At the end of a hectic but enlightening few days in Nice at TM Forum Live!, a bunch of stalwart delegates came together to pool their thoughts about how customer centricity and analytics could accelerate business success over the next year. TM Forum’s Aaron Boasman facilitated.

He highlighted the following challenges for using analytics and improving digitization with the focus predominantly on the end customer:

  • having the right tools for, and to balance, personalization;
  • bringing business models back to the customer;
  • gaining C-suite support is essential to drive transformation within companies and transform the wider industry;
  • learning how we can best exploit AI;
  • properly implementing and enabling omnichannel;
  • security and guarding against data breaches;
  • innovating through machine learning and analytics; and
  • using APIs to enable the customer journey.

What did we learn this week?

Delegates were asked to discuss what they learned this week from a business, market, technical and innovation standpoint. Here are some of their insights:

  • “We need to define the customer experience, have a consolidated vision and get the organizational support. We’re going to find a way to communicating visions across partners and break through silos to get business on board.”
  • “We thought about what service providers can offer in terms of security, privacy and identity.”
  • “Service providers need to revitalize business models and to collaborate with telco and other industries, and they need to define the value of their customers.”

The challenges ahead

Next, attendees considered what challenges they face in the long- and short-term, and what they could perhaps do in the next round of Catalyst projects:.

• Regulation will become more and more intense.
• Maintaining reputation remains a crucial challenge for commerciality.
•  OSS and BSS need to be much more flexible to help ecosystems shed as much complexity as possible.
• Firms need to align when introducing next-generation solutions while trying to build and maintain customer loyalty.

As one attendee stated: “We’ll need to figure out how to mine and then turn data into information that will help companies add value to the customer experience.”

Food for thought

Boasman then suggested these high-level considerations that underpin the overall needs of customer centricity and analytics:

Business

Customer experience in open ecosystems needs to be carefully considered.
Business models are changing and will change the consumer experience.

Market

Open data enables new analytics driven markets (for example, in smart cities).
Personalization is becoming a reality with the power of analytics and omnichannel.

Technical

Omnichannel enablement is key in a digital world where telcos compete against digital natives.
APIs are becoming an important part of the customer experience and analytics discussions.
NFV/SDN have a big operational impacts so their potential effects on customers need to be thought through carefully.
Data analytics are key to the successful operation of SDN/NFV.
Privacy and security are still causes of concern for customers.

Innovation

Advances in machine learning and data analytics will power omnichannel.



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About The Author

Editor

Arti has been writing and editing for seven years in the fields of technology, business and finance. She is particularly interested in how firms are innovating to bring us into the next digital age.

2 Comments

  1. Building things that revolve around customers is a great way to win customers trust. agreed with the challenges that you mentioned. To build a business, offering services that best suits customers is must.
    Thank you for sharing the worthy content.

  2. Relationships are key! Building communications and follow up is essential.
    the 3 fundamentals in business success
    a. relationships
    b. innovation/technology
    c. budgets

    based on my 28 years of experience, running careers as such as CEO, CFO, COO, VP of sales and Internal/External Management I’ve come to acknowledge the 3 crucial facets over and over again regardless to the nature of the business. We simply cannot escape or neglect.
    Moving forward, automation such as robots and other advanced tools are instrumental in creating business achievements and sustainability. the 3 facets are all under the umbrella of leadership.
    Presently Whole Foods was purchased by Amazon. Let’s look and observe Amazon accomplishments in the last 5 years and where are they contributing.
    At the end of the day the sharpening of the business is co dependent on the leaders and what direction they take, take risk, listen, observe, act and implement.

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