Next Best Action Analytics
By CEO Sebastien Leempoel
As the telecommunications industry reaches maturity levels and saturation worldwide, the market’s conditions seem to be more challenging than ever before. In this context, telecom operators monitor their costs closely and are constantly optimizing their resources. Sales teams, in particular, can expect to be targeted by severe measures.
Commercial executives can be exposed to two conflicting expectations:
1) On the one side, commercial teams are expected to increase revenue, win market share, and increase sales performance.
2) On the other hand, they are expected to do this—and more—while reducing costs. This means fewer resources, fewer investments, and less margin for error.
Therefore, a high-level strategy is no longer sufficient to meet demanding targets. Every day, every action of every field agent needs to be optimized towards increasing profitability.
The digital revolution offers new avenues for Chief Commercial Officers willing to use disruptive technologies to optimize their operations. True optimization at a granular level can be facilitated by the use of advanced analytics that transforms masses of data into smart ‘Next Best Action’ recommendations for sales teams.
What are ‘Next Best Action’ analytics?
The Next Best Action (NBA) model is a user-centric and lean approach for commercial teams to optimize resources and ensure that the best possible action will be taken at every point of sales. Automated workflow ensures that sales agents prioritize high-value field actions by operating the right sales visits at the right time.
The underlying algorithm sends recommendations to field agents about what actions to perform to maximize the value of each point of sales.
The principle of Next Best Action gives way to declarative rules based on a recommendation engine whose purpose is to provide insights that can be acted upon (actionable insights). It operates with a centralized point to easily query from multiple sources of data. Predictive models decide what the next action should be while tracking reactions to recommendations to make the engine smarter. Therefore, the right business user receives the recommendation for the right action and the precise moment in an automated way.
Next Best Action Analytics are integrated into recommendation engines for sales teams. The interface is intuitive and works like simple ‘notifications’ on a mobile phone.
Four capabilities are required to achieve a Next Best Action:
Machine learning with recommendation algorithms
Design thinking for the end-user,
Implementing NBA analytics requires four capabilities. Once in place, the system provides predictive insights and operational recommendations.
How can Next Best Action analytics address pressing issues in the telecom industry?
Sebastien Leempoel, CEO at Riaktr, has + 10 years of experience in the tech industry. In his current role, he specializes in offering telecom innovative sales solutions.
In this video, he shares his expertise in translating telecom data into sales recommendations and addresses some of the most pressing issues in the telecom industry.
Four benefits of NBA analytics for sales teams
1 – Increase cost-efficiency
Allocating resources where it matters the most and where they will be most impactful allows for lean and agile operations. Telecom Operators can transition from cost-cutting to smart efficiency by reducing complexity and leveraging the value of their resources to their maximum potential.
2 – Increase control
Being able to access information in real-time from every POS and having the best possible action to be taken at a granular level allows for complete visibility on performance. Meanwhile, every action taken is tracked, measured, and used to perfect future performance.
3 – Increase speed
The next-best-action increases reaction time, and it can even be used to prevent future issues. Every potential action is analyzed on the dot and the one guaranteed to bring the most impact is selected. Instant insights and diagnostics will give a competitive advantage by anticipating the market’s needs and behaviors.
4 – Increase performance
More revenue will be captured by diagnosing underperforming zones, POS, distributors, and identifying whether network, stock, inactivity or any other factors are causing a threat. Actions with the highest business impact will be prioritized immediately. Efforts are focused on where they can have the highest potential.
The emergence of disruptive technologies opens up new opportunities for telecom operators within a tense competitive climate and scarce profits.
With increasing pressure on commercial teams active in the telecom sector, the usage of Next Best Action analytics represents a strategic enabler to optimize resources.
This article explains what Next Best Action analytics are and highlights the resulting key benefits.
There is only one step from theory to action, our team is available to guide you into the implementation of Next Best Action analytics. You will find our details below.