In the ultra-competitive telecommunications industry, staying relevant to consumers while finding new sources of revenue is critical,
In the ultra-competitive telecommunications industry, staying relevant to consumers while finding new sources of revenue is critical, especially since current revenue sources are in decline.
For Fortune 13 powerhouse Verizon, the secret weapon that catapulted the company into the nation's largest and most reliable network provider is also guiding the business toward future success (see the following figure for some numbers about Verizon). The secret weapon? Data and analytics.
Because telecommunication companies are typically rich in data, having the right analytics solution and personnel in place can uncover critical insights that benefit every area of the business.
The Backbone of the Company Since its inception in 2000, Verizon has partnered with Teradata to create a data and analytics architecture that drives innovation and science-based decision making. The goal is to stay relevant to customers while also identifying new business opportunities and making adjustments that result in more cost-effective operations.
"With business intelligence, we help the business identify new business opportunities or make course corrections to operate the business in a more cost-effective way," said Grace Hwang, executive director of Financial Performance & Analytics, BI, for Verizon. "We support decision makers with the most relevant information to improve the competitive advantage of Verizon." By leveraging data and analytics, Verizon is able to offer a reliable network, ensure customer satisfaction, and develop products and services that consumers want to buy.
Questions for Case
1. What was the challenge Verizon was facing?
2. What was the data-driven solution proposed for Verizon’s business units?
3. What were the results?
Step by Step Answer: