The volume, variety and velocity at which new information is created are accelerating. It’s estimated that mobile data traffic will grow at a compound annual growth rate (CAGR) of 57 percent from 2014 to 2019, reaching 24.3 exabytes per month by 2019. A significant contributor to this traffic growth is the IoT; there will be 50 billion connected devices by 2020.
The fact that 90 percent of the world’s information has been created within last two years further reveals the magnitude of information acceleration.41 At the current rate of digital information production, it is predicted that by 2016, the world will be generating more than it can easily store.
As technology, software and communications is commoditised, more and more business models are based on the value of information and data itself. For such business models to be successful, immediate access to a variety of unfiltered data is crucial.
Data has the most value in the moment it’s captured. What makes such data valuable is the intelligence that can be immediately extracted from it. Thus, employing analytics is key for digital and communications service providers and global enterprises.
It’s this real-time, enriched operational data, which can be immediately utilised for instant decision-making and action-triggering, is what Comptel has dubbed intelligent fast data. This is only scratching the surface though – the right technology capabilities can propel a continuous feedback loop where the business learns and improves its future action-taking based on patterns, predictions and notifications in this intelligent fast data.
There are related practical challenges operators are dealing with regarding their data. TeleTech research shows that 95 percent of telco businesses collect and store multi-dimensional customer information; yet, only 60 percent are able to transform it into usable form. Meanwhile, only 30 percent are able to regularly identify value generation opportunities from it, and only 20 percent are able to turn the opportunities into action.
“IF DATA ISN’T INTEGRATED, ANALYSED AND ACTED UPON ACROSS ALL SOURCES, DIGITAL AND COMMUNICATIONS SERVICE PROVIDERS WILL NEVER BE ABLE TO UNLOCK THE TRUE BUSINESS POTENTIAL WITHIN THEIR CUSTOMER BASE OR OPERATIONS. INTELLIGENCE MUST BECOME EMBEDDED IN ALL OF THEIR PROCESSES.”
If data isn’t integrated, analysed and acted upon across all sources, digital and communications service providers will never be able to unlock the true business potential within their customer base or operations. Intelligence must become embedded in all of their processes.
Operators also need to think about how to leverage streaming information to their advantage in-the-moment. For example, a customer who is about to hit his bandwidth cap while watching a movie will top up right then – not three days later.
In the era of the always-on Generation Cloud, the world needs novel solutions that can manage the information explosion and turn data streams into indispensable insights, which can then turn into new business opportunities.