There’s data, and then there’s Data

Masses of Data from Billions of Connected Consumers

data

Like vegetables, you want your data to be fresh and high-quality

The numbers are staggering. There are 7.5 billion people online today, 1.8 billion images posted to social networks daily, and experts forecast there will be over 6 billion connected smart phone users by 2020.

It is no surprise then that market-research firm IDC is predicting that the amount of data to be created in the world by 2025 will reach 180 zettabytes. That’s 180 trillion gigabytes!

The implications of all these masses and masses of data are profound and far reaching. In fact, the Economist recently published a lengthy article on the topic, entitle “Data is giving rise to a new economy.”

Indeed, data is a new kind of currency, giving birth to new opportunities, and raising unprecedented questions. Among the questions raised by the Economist is how do we monitor and regulate the monetization of data – who gets to collect and sell it, to whom, and towards what ends. Additionally, the article raises three “knotty policy problems” that we will need to tackle, namely: anti-trust, privacy, and social equality.

“Knotty” Data Questions for Communications Service Providers

These questions are indeed thought provoking, and will become ever more relevant for society at large. Today, however, I’d like to hone in on a different set of questions relating to the data economy – questions that are relevant and strategic for CSPs:

  • Is having access to a lot of data enough to deliver measurable business value from data?
  • What are the game-changing benefits to valuable data? (Is it really worth all the effort?)
  • What are the capabilities required by a data infrastructure that delivers value? (assuming it is worth the effort)

It’s Not About Quantity

To remain competitive in today’s demanding business environment, and with today’s ever more demanding customers, CSPs need more than just lots and lots of data. They need access to data is reliable, and which can effectively be leveraged in real time to make data-driven decisions that deliver quantifiable benefits to the business.

When it comes to data, it’s not about quantity. It’s about value, where value comes from data that is fresh, relevant, accurate, and of high-quality.

High Quality Data Leads to a High Intelligence Quotient

The potential for transformative value that the right kind of data can bring is tremendous. This is particularly the case when considering the recent advancements in artificial intelligence (AI) which feeds off of valuable data, and which can bring game-changing benefits.

According to the Economist:

“Most important, the value of data is increasing . . . (it) can be turned into any number of AI or “cognitive” services, some of which will generate new sources of revenue.”

As CSPs are seeking more and more to implement AI solutions to offer new kinds of AI-driven, cognitive services, and become an intelligence-fueled service provider – high quality, fresh data is a must.

Intelligence-driven services, as well as intelligence-driven customer engagements and processes, are powered exclusively by relevant and accurate data that is high-quality and accessible in real time. This is what valuable data is all about.

Establishing a High-Quality Data Infrastructure

So how can CSPs make sure that their data is fresh, of high quality, and reliable?:

  • Collect, organize, and analyze both real-time and batch data
  • Aggregate and integrate data from both first- and third-party data sources
  • Extract and process structured and unstructured data
  • Organize the data in a data model that is open and TM Forum-compliant, and which can map multiple data sources

If data is the currency of the new economy, no CSP can afford to have less than the freshest, highest quality data. With the required data management capabilities at hand, this is certainly achievable. CSPs can harness the power of AI to offer new and unprecedented services, as they become an intelligent service provider in the age of the data economy.

To learn how you too can establish a data management infrastructure that’s built for intelligence, visit our website or contact us at intelligence@amdocs.com.

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