The Top 5 Ways Service Providers Plan to Use Predictive Analytics in 2018
Predictive analytics for product development and pricing tops the list.
We recently conducted a worldwide digital transformation survey with ICT Intuition and made a surprising discovery: 90 out of 100 service providers plan to use predictive analytics within the next two years. But how will service providers use this new technology across their business and operations?
According to our survey, here are the top five ways service providers say they plan to use predictive analytics within the next year.
1. Product Development and Pricing
Approximately three-quarters (71 percent) of service providers will use predictive analytics for product development and pricing within the next year, while 26 percent already do. Predictive analytics for pricing has been common across industries for years and is finally a priority as service providers adopt more digital business practices.
2. Employee Productivity and Development
The survey revealed that 69 percent of service providers will use predictive analytics for employee productivity and development and that close to one-third already do. With a focus on improving time-to-market, customer experiences and business results, service providers may be held to higher standards of responsiveness, productivity and contribution.
3. Marketing and Sales
Around two-thirds (66 percent) of service providers will use predictive analytics for marketing and sales. Given increasing segmentation in consumer and business markets and their desire to deliver more timely and personalized customer interactions, service providers will need to make predictive analytics part of their core sales/marketing operations.
4. Business Performance
It has been discovered that close to 65 percent of service providers will use predictive analytics for business performance. Using analytics to measure and understand core business performance matters has been common in the executive suite. It was surprising to find that more than a third of service providers are not already using some form of predictive analytics in this way.
5. Network Management, Network Optimization and Expansion Planning
Close to 62 percent of service providers will use predictive analytics for network management, network optimization and expansion planning. Given the rise of SDN/NFV and service providers’ desire to virtualize services and infrastructure, predictive analytics will become an important tool.
Interestingly enough, customer experience did not make the top five, but in two years, it is estimated that 89 percent of service providers will use predictive analytics to improve their customer experience, making the future of digital transformation very promising.
Learn more about our survey results by downloading our new whitepaper Making Strides in Digital Transformation.