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The coming explosive growth of data and information - are you ready?

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  1. 1. Over the past decade the traditional telco market has been decimated by digital innovators and new technologies. In the bygone era, the telco carriers were at the center of the consumers’experience in providing exclusive voice and data services. With the mass adoption of smart device technologies such as instant messaging platforms and virtually free video and voice call services from the likes of Skype and others, lucrative revenue streams have been reduced. As a result, the focus of the relationship has shifted toward the device providers or more specifically those who provide the device operating systems - Apple and Google. This new paradigm has reduced the influence and role of telcos in the minds of consumers, and many are well aware that their future reason for being needs to be addressed before they become obsolete. One of Asia’s leading telco companies has begun to turn the tables on this by unlocking an abundant and largely untapped asset that is the lifeblood of all telco carriers throughout the world - data. The telco in question started their digital and data transformation program 18 months ago and is now on the verge re-defining their role with consumers. Mobile devices reside at the heart of most modern consumers’ lives, reflecting not just their communication history with friends, family and colleagues but they are also the digital footprint of how we live. Each device is a record of personal behaviors, interests and habits, recording precisely what we do, where and when. Imagine for a second that this data can be accessed at an individual level, interpreted in the right way and most importantly acted on all in real-time and what this may mean for consumers and telco carriers in the future? A telco would be able to sense where you are and your precise needs and desires at any one time. In response, the company will be able to deliver experiences that are so relevant to your life that the telco becomes a trusted life partner. CASE_STUDY: THE_NEW_ROLE_OF_TELCO_THROUGH DIGITAL_TRANSFORMATION: THE_MINORITY REPORT_EXPERIENCE This concept is best brought to life through a“use case”which paints the portrait of the users’experience in the future. Fern is a 32 year old office manager who resides in the Bangkok suburbs. She wakes at 7am during the week and commutes to the center of town on the Skytrain. First thing in the morning she checks her email and updates her Instagram profile before heading out. Her journey normally takes half an hour which allows her time to catch up on her favorite Korean melodrama. Over her lunch break she checks out the latest international and local fashions online and browses where to get the best weekend shopping deals. Heading home Fern normally prefers to listen to music and often does this while planning her next weekend away. It is this level of information that the telco can now leverage and act on in real time; whether it is suggesting relevant video content at the precise moment Fern steps on the train in the morning (delivered through their video content partner, Google), or providing potential advertisers precise information about Fern’s shopping preferences during her lunch break. Or for the Telco themselves recognizing that music above all else is important to Fern which is while they provide her the free music stream service to secure her loyalty. Through a digital and data transformation program that uses big data deep insight machine learning, this telco has positioned itself at the center of the data ecosystem; orchestrating the delivery of valued experiences and at the same time leveraging the potential value of their data with commercial partners. This“Minority Report Style”experience is not a future fantasy but a program that is in development right now and on the verge of delivery. This intelligent program recognizes changes in personal behaviors, whether it is taking a holiday or more significant life events like moving house, getting married or moving jobs ensuring the telco has an ongoing enduring place and purpose in their subscribers’lives.
  2. 2. ACTIONS CEO CMO CIO DO • Be the champion of Information DX: provide sponsorship and C-suite support to the DX agenda which in turn will provide authority to your DX team. • Define your data agenda with clear vision of how the company will leverage the value of data across the organization. Decide where the monetization opportunities are the highest and give directions which projects to scale. • Create a pan-organization DX team that will deliver your vision. Empower the entire organization to explore opportunities to monetize data. • Create an appropriate data- driven organizational culture by democratizing data access and visibility. • Set out your data-driven marketing nirvana. What does your future CX look like and how does DX fuel its delivery? • Create a clear roadmap for CX and DX delivery; prioritize foundational development and short incremental steps to achieve success. • Develop a staged business plan for DX roll-out that demonstrates payback and ROI at each gate. • Resource accordingly to the DX stages and look to diversify where you look for support. • Monetization of data should be high on the list of priorities for organization-wide information architecture decisions. • Establish governance to manage data security, privacy control and information distribution. • Address talent gaps in digital capabilities and skill sets such as data science, man-machine interactions/ usability and IOT. DON’T • Avoid layers between the business and you by giving Information DX responsibility to the CIO, CMO or CDO. See information as a source of competitive advantage, a choice between thrive-or-survive. • Don’t think that your DX issues are unique to your business or industry. Learn from and look for inspiration across organizations and industries. • Don’t adopt a short-term test strategy as a cheaper substitute for a long-term strategic advantage. • Don’t assume your initial vision is the only way forward; adopt a flexible and agile point-of-view to your initial business ambition. • Don’t leave the data agenda to the CEO and CIO alone; data is the fuel to successful CX and modern marketing. • Don’t measure everything, measure what matters. Ensure you don’t get held up in the data deluge by defining a clear KPI framework and metrics that matter. • Don’t abandon the long-term brand building in favor of short-term digital optimization. We can easily get swayed by the pressure to deliver against short deadlines and targets in the era of real-time measurement and optimization. Take the long- and short-term view. • Don’t exclude other parts of the organization. Information DX is an organization-wide strategy that requires LOB leaders, product BUs and IT to work together to create, beta test and launch digitally enhanced products and solutions. • Don’t limit possibilities to within the organization. Data information exchanges can be leveraged to augment in-house data. Open innovation and crowdsourcing provides ideas for new products and service, and talent access to fill internal gaps. • Don’t source technology vendors solely based on immediate goals. Information DX is a journey, and vendors with ecosystem partner diversity gives you flexibility to explore IT-enabled options.