We received some great news recently at the NAGRA marketing HQ - our Insight Smart Pricing solution has been shortlisted in Fierce Telecom’s annual Fierce Innovation Awards in the Customer Engagement category. It’s always very humbling to see our solutions shortlisted by industry peers as we all collectively look to bring new solutions and capabilities to our space.
Right now, there’s a lot of talk about customer engagement and how it drives loyalty. Add to this the masses of data that is captured by apps, back-ends and networks that’s all designed to give us the perfect insight on the consumer, and you’d think interactions with subscribers must be a breeze.
Not exactly.
The problem is that with such a sea of data, it’s very hard to separate what’s useful and what’s not. If we look at the dynamics of the telco industry, now more than ever, something needs to be done to really understand consumers and their associated engagement with brands, given the fragmented content landscape, a range of new players and a smorgasbord of available content.
One area that can help is using digital twins to simulate likely responses to changes in price, packages or promotions.
The Digital Twin Transformation
Digital twins are transforming many industries including smart cities, retail, IoT and industrial production. This is helping companies increase performance and become more agile in an ever-complex world. What’s more, digital twin technology is predicted to generate $100b revenue by 2028, with growth expected to be in excess of 50% CAGR.
According to Gartner, the digital twins of customers (DToC) is a key emerging technology that will be transformational to industries. DToC is “a dynamic virtual representation of a customer that simulates and learns to emulate and anticipate behavior. It can be used to modify and enhance the customer experience (CX) and support new digitalization efforts, products, services, and opportunities” – and the telco world is well placed to benefit from everything it has to offer.
Digital Twins of Customers in the Telco Industry
Subscriber digital twins are being used by telco operators to deliver sizeable benefits, opening a new world of possibilities and enabling strategies that were previously not accessible. They are a powerful force with which to address today’s market challenges, with at their core, the ability to personalize offerings based on previous behavior. This then delivers the right package at the right price for the right subscriber and can simulate business scenarios that maximize the competitiveness of the operator.
The use of digital twin technology can realize significant benefits. For example, when there is inflation, they can be used to optimize and personalize pricing. In some cases, digital twins have provided enough EBITDA improvement to influence a company’s refinancing.
Realizing Benefits, Today
For Telco operators, Digital Twin Of Customer platforms enable a completely new way of thinking. They provide advanced data-decisioning by simulating subscribers’ behavior. They are enabled by recent advances in machine learning and data science and approaches developed in other industries. They also provide a new level of personalization that can bring hundreds of millions of dollars in bottom-line impact.
NAGRA has been innovating with digital twin platforms to create relevant solutions for the telco industry for several years. Our award nominated Insight Smart Pricing solution, already deployed by leading operators worldwide is delivering bottom-line benefits and guiding future strategies.
Our customers are realizing the benefits from our smart pricing solutions today as it helps them define their overall retention strategies and pro-actively address churn.
If you’d like to learn more or just continue the conversation, or even discuss how our team could run a sample of your data to show you the benefits, just contact us – we’d love to talk.