How Telco Firms Can Improve Compliance and Decision-Making without Stifling Innovation
In the telecommunications field, you’re faced with two challenges: making the right business decisions in a rapidly-changing environment, and adhering to regulations (especially those related to data privacy). Not making the right business decisions means that you’re not competitive, yet regulatory non-compliance is expensive, not to mention damaging to your reputation.
There is a solution to this problem; it lies in investing in improving your telco data quality. Read on to learn how one telco firm was able to improve data quality in telco operations without compromising regulatory compliance.
The challenges of regulatory compliance
A 2018 IT risk survey highlighted regulatory compliance as one of the top six challenges for firms in the telecommunications industry. The regulatory environment is becoming more complex, with legislation in a number of countries that affects multinational firms.
Regulatory non-compliance leads to hefty fines. However, it also tarnishes your firm’s image. When it comes to data privacy regulations, most people don’t think about them until a company with which they do business isn’t abiding by them. Then, they start to worry that their personal information is at risk, and they don’t want to do business with that company anymore.
As new, stringent regulations emerge with greater frequency than ever before, assessing data quality on an ongoing basis is necessary for keeping up with the evolving regulatory compliance landscape. Read this white paper to explore how the intersection of data quality and data governance can help you overcome your compliance challenges while offering significant business benefits beyond the compliance focus.
What regulatory compliance means for business decision making
As a result of legislation such as GDPR, companies have needed to change the way they store, collect, and analyze customer information. Yet, at the same time, they still need the ability to make decisions based on data.
That’s where initiatives to improve telco data quality come into play. These initiatives allow you to meet regulatory demands, which generally require you to store accurate information on customers. By improving data quality in telcos, companies can still maintain regulatory compliance while making the best choices for their business. In the next section, we’ll explore the story of a company that enhanced telco data quality for impressive results.
Improving compliance while boosting innovation
The Romanian branch of a thriving telco firm with a global presence has over ten million customers, which is nearly half of the country’s active mobile telephony users.
Due to confidentiality issues, the branch couldn’t store customer information in the cloud. Yet, decision-makers realized they needed a way to centralize data so that customer service representatives could easily answer questions about available coverage or outages. The company chose a data quality management solution that improved telco data quality.
The data quality management solution runs on-premises. It scales to reach over 1,000 employees, so they can handle customer queries accurately and with confidence, and without compromising regulatory compliance. Since implementing the data quality management solution, the telco firm has been able to define access to data by employee role, keeping customer data safe while helping employees better do their jobs.
Telco data quality is the key to adhering to regulations without stifling the ability to make the right business decisions.
Read this white paper to explore how the intersection of data quality and data governance can help you overcome your compliance challenges while offering significant business benefits beyond the compliance focus.