Today, the UK Artificial Intelligence (AI) market is worth more than £16.8 billion1 and shows no signs of slowing down anytime soon. Keeping up with the ever-changing world of AI is certainly a challenge, so we wanted to take you on a deep dive into how AI is making a big splash and transforming everything from network maintenance to customer service in the world of telecommunications.
To grasp just how important AI is in today’s world, let’s start with some fun facts about AI’s growth and adoption in the UK from Forbes:
- The UK AI market is already worth nearly £17 billion, according to the US International Trade Administration, and is expected to grow to over £800 billion by 2035.¹
- The number of UK AI companies has increased by over 600% over the last 10 years.²
- Around one in six UK organisations, totalling 432,000, have embraced at least one AI technology – according to government research.³
- 68% of large companies, 33% of medium-sized companies, and 15% of small companies have incorporated at least one AI technology.³
Now let’s explore the AI landscape…
Unlocking Valuable Insights
AI is like having a crystal ball for data. It’s constantly analysing huge amounts of customer data to provide insights into behaviours and preferences, helping telecoms tailor their services to what customers really want and need.
As a really simple but practical example, AI can transcribe your calls from their call recording file. It can then take this transcription and cut it down to a simple ‘synopsis’ of that call, which can easily be stored in your customer file or on your CRM. It can then apply some clever algorithms and generate a sentiment analysis for that call. It happens instantly and seamlessly in the background and is available for your teams to access and assess at any time.
Keeping Networks Running Smoothly
AI is a clever thing, with its AI-driven network optimisation. With predictive maintenance, AI’s algorithms can analyse vast amounts of data from network equipment to predict failures and anticipate maintenance needs, reducing downtime and improving reliability. With its traffic management capabilities, AI helps to manage network traffic efficiently by predicting peak times and optimising resource allocation to prevent congestion.
Customer Service Gets a Boost
In today’s fast-paced world, nobody likes being put on hold when seeking customer service. So just how crucial is high-quality customer service?
- In 2024, 88% of customers think customer service is more important than ever.³
- In 2024, 64% of customers said no matter how much they enjoy the product, if the company doesn’t provide good customer service, they will find another company to do business with.³
Thanks to friendly AI-powered chatbots and virtual assistants, your customers can get help 24/7 without any wait time. These bots can handle countless enquiries and troubleshoot issues, leaving your customer service agents to tackle more complex queries. And it doesn’t stop there – with Natural Language Processing (NLP) algorithms, AI dives into your data to offer personalised recommendations, making your customers’ experience feel tailor-made.
Fighting Fraud and Upping Security
Security is a big deal, and unfortunately, no one is exempt, even the big players get targeted. AT&T experienced a data breach⁴ earlier this year alongside T-Mobile in January and May 2024⁵. The good news is that AI is on the good side, the winners’ team. It’s like having a watchdog that never sleeps, constantly scanning for unusual activities that could mean fraud. By spotting these red flags in real time, AI helps keep your data safe. It works to identify potential security threats before they become a problem, helping your network, business, and customers stay secure.
Cutting Costs and Boosting Revenue
AI isn’t just about tech – it’s also great for business. By automating processes and optimising operations, AI can significantly reduce your costs, making everything more efficient.
Driving Innovation
The future of telecom is incredibly exciting with AI in the mix. AI is transforming the industry by boosting efficiency, enhancing customer service, securing networks, and driving innovation. It’s helping telecom companies stay competitive in a fast-paced market. With AI projected to grow to £801.6 billion by 2035, it’s clear that AI is here to stay—and we’re fully onboard. Are you interested in how AI can benefit your business? We’d be happy to help, simply contact us today!
Sources:
- UK Artificial Intelligence (AI) Statistics And Trends In 2024. May 2024, Forbes.
- AI and the future of telecoms, April 2024, Business Reporter.
- Bad Customer Service Could Cost More Than $3.7 Trillion, March 2024, Forbes.
- AT&T data breach: Millions of customers caught up in major dark web leak, March 2024, BBC.
- High Profile Company Breaches, March 2024, Electric.
