During the first day of the 16th Telecom Review Leaders’ Summit, one of the distinguished keynote speakers that graced the stage was Andrew Feinberg, founder, chairman and CEO of Netcracker Technology and BostonGene.
In a nutshell, he brought to the audience the essence of personalizing offerings — from cancer to telecom.
Treat the Patient, Not the Diagnosis
Feinberg started by sharing the story of a man named Curtis, a 47-year-old healthy young man and athlete who got diagnosed with blood cancer. After doing basic chemotherapy and undergoing the next line of therapy in the hopes of getting healed, he finally got cancer-free after being associated with BostonGene’s comprehensive genomic testing.
Surprisingly, he pointed out that everyone has cancer cells, but not all will develop the deadly disease. There’s a genuine geometrical progression of how the cells are multiplying in a day. “The most important system in our body that monitors all of that is our immune system,” explained Feinberg.
At its core, BostonGene intends to understand and profile cancer patients and treat them accordingly. In Curtis’s case, they ran a 22,000-gene molecular profiling that recognized unique genomic mutations, and they correlated that information with existing clinical trials and came up with a precise recommendation.
They boosted his immune system first and then targeted the tumor. Two years have passed, and Curtis has been living his life cancer-free.
We Live in a World of Data Chaos
Relating it back to the power of data, Feinberg emphasized that within the telecom industry, “we live in a world of data chaos.” The total amount of data consumption is forecast to grow from 96 zetabytes in 2022 to 181 zetabytes in 2025.
According to his presentation, over 60% of the online retail traffic comes from mobile, and yet, over 70% do not get consistent cross-channel response. “The highest transaction abandonment rate is in telecom,” added the executive, with 65% abandoning the online purchasing process due to a lack of personalization.
It has been determined that those companies that excel at personalization generate 40% more revenues.
What Netcracker Offers
Feinberg pointed out that with advanced analytics, proactive customer service, churn prevention and upselling/cross-selling are achieved. Another example he shared is when his fiancee complains about the performance she is getting from a service provider in social media and how, with advanced analytics-driven BSS/OSS, Netcracker has determined that the best course of action is to offer a phone upgrade and new plan.
Delighting customers with an intuitive and personalized customer experience is made possible through digital BSS/OSS and analytics. “Customer focus can only be maximized with next-generation digital platforms…Netcracker is deploying the tools and proprietary technology to change the customer experience,” Feinberg noted.
Through Netcracker’s digital platform, customers can leverage advantages such as out-of-the-box AI-driven use cases, seamless omnichannel customer journeys, optimal journey selection and smart content personalization, a digital retail experience, personalization with an intelligent customer profile and digital identity, comprehensive support for B2B and B2C scenarios and customized loyalty programs across any platform and any channel.
Netcracker takes remarkable business analytics, and even some of the bioinformatics algorithms built that save lives today in cancer treatments, with machine learning and artificial intelligence with big data analytics.
“The future is here, and it's now,” continued Feinberg. “What we see today is how we are able to leverage innovative technologies, like the technology that enabled Curtis’ daughters to have a father and get to know him, into changing the customer experience.”