Mi-Young Ko, director of enterprise strategy, research department, Korea Telecom, Korea is speaking on Day Two of the LTE Asia conference, taking place on the 18th-19th September 2013 at the Suntec, Singapore. Ahead of the show we gain his insight into how big data is changing the decision making landscape for telcos.
How can data analytics make a difference to enterprise mobile strategy?
As smart devices such as smartphone and tablet PC have become more common, the amount of useful data that includes personally identifiable information has dramatically increased. In this so called ‘Smart IT’ era, the social networking service and ‘lifelog’ data (lifelog : an individual’s daily life stored in the digital space) are all combined together. Due to this, the influence of big data is increasing.
Big data offers differentiated strategic achievements in the areas as below.
1) The accuracy of predictions can be increased as data is automatically updated
2) User’s hidden needs can be effectively discovered through new pattern from customer’s daily life.
3) The range and accuracy of risk control can be increased through providing qualitative information.
4) Customised services can be provided by differentiating individual data.
5) Real-time monitoring makes immediate responses to customer and business needs possible.
Do you think that telecoms provides specific challenges when it comes to big data analysis?
Telcos have strived to become less network-centric and have increased their focus on their customers. Big data analytics provides telcos with the opportunity to sustain and grow their businesses beyond simple connectivity. Therefore, they need to be more data-centric like their competitors such as Google, Amazon, and eBay, Internet companies that have led the big data market. Global telecom operators are also attempting to find new business plan utilise big data, in order to create new revenue opportunities.
For example, Telefonica Digital established Telefonica Dynamic Insights(TDI) in October 2012. This is a global business unit that is dedicated to identifying and unlocking potential opportunities for creating values from big data. Verizon formally launched its Precision Marketing division in October 2012. The division is tasked with finding ways to monetise Verizon’s data, relating to the geographic location of its users, the apps that they download and the websites that they access. Finally, O2, Vodafone and EE established a joint-venture called “Weve” for the purpose of collection and use of subscribers’ data in February 2013.
What further revolutions do think big data could make in the future for both enterprise and consumer markets?
Big data is the most cost-effective prospect for improving decision-making in critical development areas such as health care, employment, economic productivity, crime and security, natural disasters and resource management. Therefore governments and companies around the world expect that big data will be the barometer deciding the success or failure of businesses. That means that companies that can extract useful information from big data will be potential market-leaders. The instances of big data use are expected to rise rapidly, especially in the areas where data volumes are large such as the finance, telecommunications, government, and retail. The healthcare market, which has a variety of sensor data is also one with great potential.
What are you hoping to gain from attending LTE Asia?
I’d like to meet new colleagues around the various industries, to share stories and experiences. It will be a happy experience for me to meet experts from around the world all together.