Transforming Customer Retention & Revenue with Data Modernization
Transforming Customer Retention & Revenue with Data Modernization
Client: Telecommunication Leader
Project Overview
One of the largest wireless carriers in the United States, with over 143 million subscribers, partnered with Resolve Tech Solutions to help reduce customer churn rate, increase revenue per customer per month (RCM), and modernize IT operations through AI/ML enablement, and data modernization.
Reducing Customer Churn Rate
As the telecommunications market becomes increasingly competitive, utilizing advanced technology is imperative to retain a client base. Resolve Tech Solutions created a modernized data and analytics dashboard that enabled one of the largest wireless carriers in the United States to understand its customers and their needs better.
Using forward-thinking technology, RTS developed a churn identification framework enabling the client to address subscriber churn behavior proactively. It created AI/ML-driven algorithms to model the churners, generated a factor map and hypothesis matrix, identified the data elements required for the analysis, and output recommendations on leading indicators of churn. This information helped the client identify customers at risk of churning and take proactive steps to retain them.
This enabled the client to address 73-79% of the potential churners as opposed to the previous 30% that were being reached.
This 43-49% lift has led to a 90% customer retention rate overall.
Increasing Revenue per Customer per Month
Resolve Tech Solutions also helped the wireless leader increase its RCM by using big data and cloud migration to calculate RCM for residential and commercial customers. This enabled the end client to understand better how much revenue it generated from each customer segment and identify opportunities to increase revenue.
By creating a data strategy based on KPIs, RTS inputs various sources of subscriber data into a Data Warehouse, which allows the data to be digested by models that can output advanced, self-service reporting and analytics. Marketing, finance, and operations then use this data to analyze profitability and segment customers and products to maximize recurring revenue.
Through initiatives such as this, our end client has approximately 30% of the overall U.S. market share, making it the second largest in the country. Its monthly customer revenue is around $128.02 and continues to increase at 3.2% yearly.
