Insights

Equinox, Verizon and Somos Building Trust Through the Power of Data

Oct 21, 2024

At the 2024 Somos Summit, the focus was on the evolving telecom landscape, highlighting the importance of enhanced data sharing and utilization. One session that stood out was Harnessing the Power of Data: Transformative Data Sharing in Telecom. This discussion emphasized how effective data exchange between stakeholders can drive innovation, improve security and unlock new opportunities in the telecom space. Moderated by Somos’ Senior Director, Product Management, Ryan Karnas, the session featured Michele Bilton-Smith, Senior Director, Sales at Somos, Don Spaulding, Senior Innovation Advisor at Verizon and David West, CEO at Equinox Information Systems. Each panelist shared their insights on the real-world impacts of advanced data strategies and how they shape the future of telecommunications.

Ryan Karnas opened the session by highlighting the Somos Summit's role in fostering dialogue around the industry's most pressing challenges and opportunities. He emphasized the critical need for effective data sharing in addressing issues like fraud prevention, network efficiency and customer trust. With this context, the panelists began sharing their stories and experiences, offering a glimpse into the ways data-driven approaches are reshaping their organizations.

Michele Bilton-Smith highlighted the role of data in building trust across the telecom ecosystem. She spoke about the importance of transparency and collaboration among carriers, solution providers and regulatory bodies. Michele emphasized that by creating standards for data exchange and implementing best practices, stakeholders can reduce the risks associated with fraud and spam, ensuring a more reliable communication network. She also noted that fostering open channels for data sharing can empower smaller telecom providers, enabling them to leverage data insights that were previously inaccessible.

Don Spaulding from Verizon provided insights into how the company is leveraging data to enhance customer experience and network security. He discussed Verizon’s approach to integrating real-time data analytics into their operations, allowing for more proactive measures against fraudulent activities. By using data to anticipate and mitigate risks, Verizon has been able to maintain a high standard of service while protecting their customers from potential threats. Don stressed the importance of industry-wide collaboration, noting that the success of data initiatives depends on the willingness of different players to share insights and develop collective solutions.

David West of Equinox Information Systems shared how his organization is utilizing telecom data to streamline operations and improve fraud detection. He explained that Equinox’s data-sharing initiatives have not only helped their clients reduce instances of fraud but also improved operational efficiency by identifying trends and anomalies across networks. David underscored the value of data accuracy and timeliness, highlighting that the ability to access high-quality, up-to-date information can make a significant difference in maintaining network integrity. He also mentioned the challenges of balancing data privacy with the need for comprehensive data exchange, emphasizing the importance of building frameworks that respect customer privacy while enabling meaningful insights.

Throughout the discussion, the panelists agreed that the future of telecom hinges on the ability to harness data effectively. They pointed out that while the industry has made significant strides in developing new data-sharing models, there is still a need for continuous improvement and alignment on best practices. Ryan closed the session by urging attendees to embrace a mindset of collaboration and innovation, encouraging them to see data as a powerful tool for driving both security and growth.

Key Takeaways:

• Collaboration is Essential: Effective data-sharing requires open communication and collaboration across all stakeholders, from carriers to regulatory bodies, to build a safer telecom environment.

• Data Drives Proactive Security: Real-time data analytics can help telecom providers anticipate and mitigate risks, enhancing network security and customer protection.

• Balancing Privacy and Insight: While leveraging data is crucial for improving services, maintaining a balance between data accessibility and customer privacy remains a key challenge for the industry.
   

To learn more about the 2024 Somos Summit and to gain access to on-demand recordings, visit www.somos.com/summit