Вы находитесь на странице: 1из 16

WHITE PAPER

TRANSFORMING NETWORK INTELLIGENCE INTO A POSITIVE CUSTOMER EXPERIENCE AND REVENUE-GENERATING OPPORTUNITIES
Patrick Kelly, Research Director

inside
Executive summary Customer loyalty and revenue optimisation Business challenges Case study: Tier 1 South African mobile operator Key learnings Recommendations Thinking and doing
1 www.analysysmason.com

p2 p3 p5 p7 p9 p10 p11 p15

Contact us

ExEcutivE summary

Mobile broadband data services are the engine of growth for most mobile operators. As other mature segments of the mobile operators business decline (voice) as a result of technology innovations and competition, mobile operators hope to capitalise on their growing base of mobile broadband subscribers.
Over the past five years, Analysys Mason has reviewed hundreds of telecoms business plans globally, including Africa, the Middle East and AsiaPacific countries. Mobile operators with the best commercial and operational practice typically manage to yield EBITDA margins of between 30% and 50% of revenues, depending on their market share. Achieving high EBITDA margins depends on their commercial strategy, operational efficiency, and the deployment of capital. This paper will evaluate mobile operator strategies that yield improvements in their operational efficiency, positive customer experience, and customer retention by implementing network monitoring solutions that provide network intelligence on the subscriber experience. This paper evaluates the benefits to mobile operators of implementing network monitoring solutions that provide network intelligence on the customer experience. The operator interviews we conducted as part of the research as well as our analysis of mobile operators who have deployed network monitoring solutions that collect data across multiple domains and then corelate this information with subscriber data, yield positive improvements in customer retention. if you would like to discuss further please contact Patrick Kelly, research Director patrick.kelly@analysysmason.com

WHitE PaPEr Transforming network intelligence into a positive customer experience and revenue-generating opportunities

Customer loyalty and revenue optimisation


Analysys Masons proprietary affordability analysis shows that ARPU tends to decline as mobile penetration increases, and historical ARPU trends confirm this.

Increasing customer loyalty in a financially sustainable way, is one of the main priorities for mobile operators. This is driving mobile operators to increase their investment in service assurance software as a way to improve quality of service and reduce churn. Monitoring subscriber activity on the network and making the data anonymous to protect privacy provides mobile operators with an enormous competitive advantage and should support business intelligence in reporting on customer trends and creating new services.
As the market matures and new business models evolve mobile operators must adapt their systems. In the networking monitoring area, mobile operators will need to deploy real time network analytics to address the following business challenges: decline in ARPU as mobile penetration increases threat from over-the-top (OTT) services churn management rapid service creation Decline in ARPU as mobile penetration increases Analysys Masons proprietary affordability analysis shows that ARPU tends to decline as mobile penetration increases, and historical ARPU trends confirm this. Typically, ARPU decreases from about 1015% of peoples average disposable income at 20% mobile penetration, to around 47% of disposable income at 60% penetration. Network monitoring and analysis is necessary for mobile operators to understand the usage patterns on their network and develop marketing campaigns to offer new services. Threat from OTT services The structure of the telecoms market is changing. Apple has developed a proprietary service delivery eco-system that gives Apple the power to control pricing and distribution of content and applications while operators become more marginalised as transport carriers. Apple has managed to build up a stronger position in the telecoms market by having the control over content distribution, thus retaining a large share of the profits that this market generates. Mobile operators bear the costs of building their network. At the same time, they subsidise a large portion of the cost of iPhone devices in exchange for a two-year contract. In the light of this, one could argue that this is not an equitable relationship. Mobile operators must leverage their network assets and customer relationships to avoid marginalizing their role in the mobile broadband value chain.

Mobile operators want to deploy services in weeks, not months. Legacy hardware and software impeded the deployment of services by communications service providers (CSPs) in a cost-effective and timely manner. Information management systems (IMS) and service-oriented architectures enable CSPs to respond to market changes and introduce IP services faster to consumers.
Reduce churn Consolidation occurs when markets mature. As growth rates decline, mobile operators need to put more emphasis on retaining their customers and understanding what causes customers to jump to their competitors. Network quality is a major determinant in subscriber churn. Coverage, voice quality, call continuity, call blocking and data transfer rates are important metrics to measure because a predominantly negative consumer perception on each of these metrics will contribute to churn. In order to mitigate the risk of churn, mobile operators must understand the customer experience and how the service is performing from the access terminal to the content application server and all connection points inbetween. Most network operational systems were deployed in a silo to support a specific service. Measuring the user experience will require fewer silos and much tighter integration between systems to identify events that impact a service and contribute to churn. Rapid service creation Mobile operators want to deploy services in weeks, not months. Legacy hardware and software impeded the deployment of services by communications service providers (CSPs) in a cost-effective and timely manner. Information management systems (IMS) and service-oriented architectures enable CSPs to respond to market changes and introduce IP services faster to consumers. Measuring detail sessions in real-time provide operators with a higher degree of confidence that consumers will have a positive experience.

Mobile operators must understand the customer experience and how the service is performing from the access terminal to the content application server and all connection points in-between

WHitE PaPEr Transforming network intelligence into a positive customer experience and revenue-generating opportunities

Business challenges
Analysys Masons findings reveal that one of the biggest challenges facing mobile operators is supporting new technologies and reporting problems that may not be easily correlated in network operation centres.

Mobile data services have become a source of significant revenue growth for CSPs during the past three years. Many factors have come together to stimulate adoption of such services among consumers: attractive smart phone devices; useful services and applications; good coverage and data rates; and flat-rate data tariffs.
CSPs have benefitted from this revenue growth, but have encountered two notable challenges: mobile traffic is growing at a faster pace than revenue and OTT service providers are taking a significant share of the potential opportunity from data services. Analysys Mason forecasts that the volume of wireless data traffic worldwide will grow at a compound annual growth rate (CAGR) of 67% between 2010 and 2015, increasing from 112PB to 1450PB. During the same period, revenue per gigabyte is projected to fall from USD23.21 to USD4.27 in developed regions. Furthermore, despite recent decreases in the cost of delivering this bandwidth because of more efficient use of spectrum and technology innovations, such decreases are not expected to keep pace with the growing mobile broadband data demand. Mobile operators must have the ability to monitor network usage and understand the customer experience to implement changes that balance both user demands and business profitability targets. Analysys Masons findings reveal that one of the biggest challenges facing mobile operators is supporting new technologies and reporting problems that may not be easily correlated in network operation centres. According to the handful of mobile operators interviewed, these business challenges fall into three distinct categories: the missing link: capturing and analysing network data in real-time to understand the customer experience first-time call resolution session analysis The missing link: capturing and analysing network data in real-time to understand the customer experience Mobile operators are faced with rapid growth in data traffic, partly stimulated by the availability of attractive flat-rate data tariffs. This growth has created new opportunities, but also an underlying problem: costs are growing at a faster pace than revenue. The decoupling of revenue from network costs will become increasingly significant as mobile operators become more dependent on data services as a source of revenue. Strategically, mobile operators have a pressing need to differentiate their services from those provided by OTT service providers. Implementing real-time monitoring systems enables mobile operators to gain insight and directly market new revenue-generating services to customers. These revenue-generating services include speed boost on a temporary basis, a tiered bandwidth plan for mobile video, or other bandwidthintensive applications. Mobile operators have also acknowledged that their ability to assess customer satisfaction is limited. In many cases, subscriber information is scattered throughout the organisation, making it difficult for mobile operators to gain a unified view of their customers. At the same time, the convergence of services brings with it technology and operational challenges. Mobile operators are faced with managing a ten-fold increase in network data as new protocols and upgrades in network technologies become more widely deployed in an effort to satisfy users appetite for higher-bandwidth services. Wi-Fi offloading will help reduce some of the pressure in capital investments of the radio network infrastructure but it is our opinion that mobile operators must consider additional options including the use of real time network analytics to quickly assess the customer experience. First-time call resolution Mobile operators have to be able to identify the root causes of why customers contact the call centre. Customer service representatives need to be able to solve subscriber issues on the first call. To do this effectively, customer service representatives must have up-to-date relevant customer data at their fingertips. This type of capability is predicated on a customer service representatives ability to manage end-to-end processes effectively, have visibility of actual user experience and good communication between support functions. Mobile operators are looking for better insight into their networks and for automated methods to find and fix network and customer problems fast. Scalability and reliability are also critical, especially in the current economic market where it is essential that operators do it right the first time.

Mobile operators have to be able to identify the root causes of why customers contact the call centre. Customer service representatives need to be able to solve subscriber issues on the first call. To do this effectively, customer service representatives must have up-to-date relevant customer data at their fingertips.
Session analysis Mobile operators want to understand the usage patterns on their network in order to measure the success of upgrades made to their access network to capture more subscribers from other mobile operators or understand the demand characteristics of new services. In order to exploit this revenue potential, CSPs must have a network monitoring solution/system in place that collects user sessions and correlates this data with the operators business objectives. It is this intelligence and analytics of customer behaviour and service usage that will contribute to a more accurate targeting and successful promotion of new services by marketing departments. Figure 1 identifies the four dimensions of customer experience. Real-time network monitoring and detailed session analysis support network quality of service and business analytics.

Mobile operators want to understand the usage patterns on their network in order to measure the success of upgrades made to their access network to capture more subscribers from other mobile operators or understand the demand characteristics of new services.

Providing a consistent experience across business units Threading together incidents to avoid churn

Web portal self care

Consistency

Interaction

Finely tuned interactive voice response Call center contact

Marketing new services that match users lifestyle Maintain subscriber profile across access channels

Business analytics

Positive customer experience

Quality of service Reliability Identify configuration errors

Figure 1: The four dimensions of customer experience


[Source: Analysys Mason, 2012]

WHitE PaPEr Transforming network intelligence into a positive customer experience and revenue-generating opportunities

Case study: Tier 1 South African mobile operator


Vodacoms network comprises approximately 8000 base stations in South Africa and 2300 in the other countries where the company operates.

One of the operators we spoke to as part of our research for this paper was Vodacom Group Limited (Vodacom). With around 40 million subscribers, Vodacom is the largest mobile operator in South Africa. It provides voice, messaging, data and converged services, and has expanded its operations to include networks in Tanzania, the Democratic Republic of Congo, Mozambique and Lesotho. Vodacoms subscriber base is mainly prepaid: only 12% of Vodacoms total subscribers are contract customers. Vodacom is majority owned by Vodafone.
Vodacoms network comprises approximately 8000 base stations in South Africa and 2300 in the other countries where the company operates. All of Vodacoms operations support GSM 2G technology as a minimum, which enables Vodacom to provide voice, text messaging and basic data services to its customers. All of Vodacoms sites also support general packet radio service (GPRS) data functionality, and many support enhanced data for GSM evolution (EDGE). More than half of Vodacoms customers in South Africa have 3G coverage using the W-CDMA standard. Nokia Siemens Networks (NSN), Huawei and Cisco are replacing Motorola, Siemens and AlcatelLucent as Vodacoms main network infrastructure suppliers. Vodacom began upgrading its radio access network (RAN) in South Africa in 2011. Approximately 2000 of its base stations have already been upgraded for Long Term Evolution (LTE). Vodacom is planning to upgrade its core network in South Africa to a next-generation all-IP network capable of carrying both voice and data services. This will increase the capacity of Vodacoms network and ultimately reduce the costs of running the network.

Vodacom began upgrading its radio access network (RAN) in South Africa in 2011. Approximately 2000 of its base stations have already been upgraded for Long Term Evolution (LTE). Vodacom is planning to upgrade its core network in South Africa to a next-generation all-IP network capable of carrying both voice and data services. This will increase the capacity of Vodacoms network and ultimately reduce the costs of running the network.
Business challenge Vodacoms customer loyalty programmes are designed to enhance its brand reputation and to reduce churn. Vodacom seeks to provide consistent and high-quality customer care across all the countries where it operates. The domain management systems provided by each of Vodacoms main network equipment suppliers do not provide a complete view of the customer experience and in some cases information gaps exist which fail to report problems. One of Vodacoms main priorities is network quality. This is achieved by reducing call-drop rates and expanding network coverage, but also improving mobile broadband data capacity, speed and reducing network latency. Vodacom has many software systems to monitor customer satisfaction. However, the company has reported that it needs a more complete end-to-end network management system that would enable it to have a better understanding of the problems facing its customers. One of Vodacoms main objectives is to understand the problems reported by its subscribers to its call centres when network operation system dashboards appear green and yet no network alerts indicate any performance or service outage. Some of these problems stem from either handsets not being suitable for using the service requested by the subscriber, configuration errors in the server and across the network, or problems in configuring the access point name (APN) settings. Implementation Vodacom deployed the CommProve solution in 2009 to monitor signalling and data transfer over both the GSM Air and Gb interfaces, which connect the base station subsystem (BSS) to the serving GPRS support node (SGSN). Passive probes and the use of the CommProve NetLedge platform enable Vodacom to obtain more accurate reporting on the customer experience and the alerts that are not reported by the network management systems provided by its main infrastructure suppliers. The NetLedge platform also enables Vodacom to continuously monitor its 2G and 3G network and acquire data pertinent to every individual call or data connection. This helps to better understand the characteristics of inbound and outbound roamers, messaging, and broadband data services. All this data can be visualised on a per-user, per-handset type, perconnection type and per-data application basis. The performance data is complemented with solutions provided by The Now Factory and Tektronix, which provides test and measurement equipment, to identify APN configuration problems.

Vodacoms customer loyalty programmes are designed to enhance its brand reputation and to reduce churn. Vodacom seeks to provide consistent and high-quality customer care across all the countries where it operates.

WHitE PaPEr Transforming network intelligence into a positive customer experience and revenue-generating opportunities

Key learnings
Mobile operators such as the ones we spoke to that have deployed an end-to-end solution have reported an increase in first-time call resolution rates.

1) Often network operational systems are deployed in a silo to support a specific service. In order to measure the user experience operators will need to unify their software systems across their operating business units to identify events that impact a service and contribute to customer churn. 2) Real-time data collection and analysis enable mobile operators to prioritise traffic and identify congestion points in their access networks. Mobile operators must look beyond the immediate need to implement solutions that address fair-use or bill-shock issues. This should form part of a broader plan to roll out LTE and IMS infrastructure. CSPs must move to a longer-term plan that accounts for the needs of the different functions and provides a platform for service differentiation and innovation.

3) Mobile operators such as the ones we spoke to that have deployed an end-to-end solution have reported an increase in first-time call resolution rates. Early detection of capacity constraints in the network has resulted in fewer inbound calls into the call centre. Specific reporting on usage trends in the access network has yielded a decline in incident costs as the number of subscribers increases, which reflects both economies of scale and detailed usage and trending reporting. 4) Improvements in end-to-end network monitoring contribute to lower customer churn. This brings a number of benefits to those mobile operators that implement this type of solution, including lower customer acquisition costs, enhanced brand loyalty, and higher lifetime revenue.

Recommendations
The use of advanced network monitoring systems is an effective strategy that mobile operators can adopt to move away from flat-rate tariffs and encourage new business usage-based plans.

Mobile operators should take a two-prong approach to sourcing network monitoring software to improve the experience of their customers. Network suppliers provide excellent domain management tools for equipment in the RAN and access networks. Independent software suppliers such as CommProve provide higher-level reporting capabilities that cross technology domains and solve problems in multivendor environments. These higher-order functions enable mobile operators to get a better understanding of the customer experience across all technology domains. Mobile operators should also identify all systems that are necessary to provide data feeds into modelling each service. Business intelligence that uses network monitoring systems can benefit many

departments. Mobile operators should select suppliers that have developed an open platform for point product integration. In many cases, service modelling will require dozens of data feeds to enable operators to gain an accurate view of how a service is performing. The use of advanced network monitoring systems is an effective strategy that mobile operators can adopt to move away from flat-rate tariffs and encourage new business usage-based plans. Real-time network monitoring combined with policy management enables CSPs to reconnect revenue to cost and make data services profitable. It also enables them to offer differentiated services and maximise the revenue they generate from each market segment.

10

tHiNKiNG aND DOiNG


What we offer Knowing whats going on is one thing. Understanding how to take advantage of events is quite another. Our ability to understand the complex workings of TMT industries and draw practical conclusions, based on the specialist knowledge of our people, is what sets Analysys Mason apart. We deliver our key services via three channels: consulting, custom research and subscription research
Washington DC -5.00 South Georgia -2.00 San Francisco -8.00 Buenos Aires -3.00 Mexico City -6.00

Cape Town +2.00

Anchorage -9.00

THINKING MARKETS
THINKING MOBILE

THINKING SYSTEMS

THINKING TECHNICAL

11

Auckland +12.00

New Delhi +5.30

Singapore +8.00

Vanuatu +11.00

Bangkok +7.00

Sydney +10.00

Moscow +3.00

Caracas -4.00

Samoa -11.00

Denver -7.00

Azores -1.00

Tahiti -10.00

Dhaka +6.00

London 0.00

Dubai +4.00

Tokyo +9.00

Paris +1.00

Consulting
For over 25 years, our consultants have been bringing the benefits of applied intelligence to enable clients around the world to make the most of their opportunities.
Unlike some consultancies, our focus is exclusively on TMT. We advise clients on regulatory matters, support multi-billion dollar investments, advise on network performance and recommend commercial partnering options and new business strategies. Such projects result in a depth of knowledge and a range of expertise that sets us apart. We look beyond the obvious to understand a situation from a clients perspective. Most importantly, we never forget that the point of consultancy is to provide appropriate and practical solutions. We help clients solve their most pressing problems, enabling them to go further, faster and achieve their commercial objectives.

Subscription research
Our subscription research programmes address key industry dynamics in order to help clients interpret the changing market.
Our research programmes include five key offerings: consumer services enterprise services network technologies telecoms software market data We analyse, track and forecast the different services accessed by consumers and enterprises, as well as the software, infrastructure and technology delivering those services. Subscribing to our research programmes also gives you regular and timely intelligence and direct access to our team of analysts. That means the opportunity to engage one-to-one with our subject experts for insight, opinion and practical advice relating to your most critical business decisions. Take advantage of this service and youll be in good company. Many of the worlds leading network operators, vendors, regulators and investors subscribe to our programmes and rely on our insight on a daily basis to inform their decision making. Our research is an essential resource for strategic planning, forecasting, investment, marketing and benchmarking.

Custom research
Our custom research service offers in-depth, tailored analysis that addresses specific issues to meet your exact requirements.
As you might expect from a tailored service, the content of an Analysys Mason custom research project is entirely up to you. Our experienced custom research team can undertake market sizing and analysis, and competitor and partner profiling, supported by all the analysis and insight you require. In addition, we can carry out expert interviews and quantitative surveys to obtain fresh and genuine insights, and we can deliver reliable benchmark data together with first-class interpretation and advice on getting the best from such information. Clients call on us for our authoritative market forecasts, which are based on our comprehensive knowledge of the telecoms, media and technology industries, and draw on a large base of data that we have collected over many years and refresh through continuous research. Our subject experts also produce tailored white papers, which prove highly valuable for sales and marketing campaigns, and deliver presentations and facilitate workshops that keep your teams up to date with the latest emerging trends and technologies. In short, our vast experience in custom research will give you the edge over your competition.

12

Regulation
We offer regulatory advice to operators, vendors, media rights owners, regulators and policy makers.

We blend our range of skills each day, every day, to solve our clients most complex challenges.

We specialise in economic cost modelling, policy development, radio spectrum and licensing management, content access and rights pricing. Our work in this area is nothing short of international. Recently, we advised the Communications Regulators Association of Southern Africa (CRASA) on what action to take to lower roaming charges, assisted a telecoms regulator in a southern African country to examine the effectiveness of past policy and to formulate future policy, and identified the optimum framework for Ofcom for releasing available digital dividend spectrum to the market in a way that would maximise benefits for the economy and society.

regulation systems and infrastructure transaction support

Transaction support
Transaction support is about the provision of due diligence and business planning expertise to help vendors, purchasers and lenders.
We provide valuation support, buy- and sell-side support, transaction management, value generation and regulation risk appraisals, as well as help clients with negotiations. Recent clients include: financial institutions, operators, vendors and media companies around the world. For example, we managed the production of an application for a fixed licence for an international fixed and mobile operator in a large country in the MENA region, helped an operator in Nigeria acquire a fixed and mobile licence by bidding for an operator in sub-Saharan Africa, assisted a venture capital company undertake a high-level commercial due diligence of a South Asian operator, and supported a client with its acquisition of a broadband triple-play operator in Europe.

strategy and planning

Telecoms, Media and Technology (TMT)

technical audit and assurance

marketing and products

Procurement

13

Technical audit and assurance


Our technical audit and assurance role is about assisting major organisations to maximise returns from investment in networks and technology.
Our services include: the technical audits of networks, technical risk analysis, the optimisation of network performance, control room/ call centre review and optimisation, and the development of ICT strategy. We recently undertook a radio frequency (RF) survey across three islands in the Bahamas.

Strategy and planning


Analysys Mason is expert in the development and critical appraisal of operational plans and strategy.
Our work ranges from strategy development/review, technology portfolio analysis, to revenue uplift and market entry strategies, customer segmentation, competitor profiling and market analysis. We recently completed a detailed market assessment to support the investment decision on a European/Asian transit product, and advised on the diversification strategy for a fixed and mobile operator planning to move into TV content.

Procurement
Our procurement experience translates into highly effective vendor management for clients in both the public and private sector.
In particular we manage the tender review and selection process, develop valuation criteria, evaluate supplier responses (from both a technical and commercial perspective), vendor selection, contract negotiation, RFI and RFP authoring and version control. Recent projects include: one of the largest public sector procurements ever to be undertaken in Scotland as part of the ongoing South of Scotland Broadband Pathfinder Project, support for national mobile radio network projects in Austria and Norway, and acting as technical advisor to the UKs Department of Health on its Ambulance Radio Project.

Systems and infrastructure


Our systems and infrastructure work focuses on advising operators, vendors, public and private sector clients on business systems and infrastructure.
Specifically, we can help with high-level architecture, network and systems design, fibre and network roll-out, planning next-generation, high-capacity core networks, evaluating business models and software processes, the management of infrastructure deployment and network sharing. Recent projects in this area include managing the main OSS/BSS systems required for commercial launch of a 3G business for a major Asian operator, and undertaking a like-for-like cost-per-bandwidth analysis of several wireless access technologies for a major UK MNO.

Marketing and products


We are experienced in helping operators, broadcasters and content providers create profitable service opportunities in the consumer, enterprise and public sector markets.
Specifically, we can help with segmentation strategy and subbranding, wholesale services and service creation, proposition development, partnering options and service profitability analysis through the development of complex business models. Recently, we successfully identified and recruited indirect channel partners to support the growth plan for a leading UK MVNO and helped a top-ten international retail bank develop a mobile banking and payment go-to-market strategy and produce an associated business plan for emerging markets.

14

contact us

www.analysysmason.com

cambridge Analysys Mason Limited St Giles Court 24 Castle Street Cambridge, CB3 0AJ UK Tel: +44 (0)845 600 5244 Fax: +44 (0)845 528 0760
cambridge@analysysmason.com

London (registered office) Analysys Mason Limited Bush House North West Wing Aldwych London, WC2B 4PJ UK Tel: +44 (0)845 600 5244 Fax: +44 (0)845 528 0760
london@analysysmason.com

New Delhi Analysys Mason India Private Limited BD 4th Floor Big Jos Tower Netaji Subhash Place Pitampura New Delhi 110034 India Tel: +91 11 4700 3100 Fax: +91 11 4700 3102
newdelhi@analysysmason.com

For general enquiries


enquiries@analysysmason.com

Dubai Al Shatha Tower, 3110 Dubai Internet City P O Box 502064 Dubai UAE Tel: +971 4 446 7473 Fax: +971 4 446 9827
dubai@analysysmason.com

madrid Analysys Mason Limited Sucursal en Espaa Jos Abascal 44 4 28003 Madrid Spain Tel: +34 91 399 5016 Fax: +34 91 451 8071
madrid@analysysmason.com

Paris Analysys Mason 66 avenue des Champs Elyses 75008 Paris France Tel: +33 (0)1 72 71 96 96 Fax: +33 (0)1 72 71 96 97
paris@analysysmason.com

Dublin Analysys Mason Limited Suite 242 The Capel Building Marys Abbey, Dublin 7 Ireland Tel: +353 (0)1 602 4755 Fax: +353 (0)1 602 4777
dublin@analysysmason.com

manchester Analysys Mason Limited 5 Exchange Quay Manchester, M5 3EF UK Tel: +44 (0)845 600 5244 Fax: +44 (0)845 528 0760
manchester@analysysmason.com

singapore Analysys Mason Pte Limited #10-02 Robinson Centre 61 Robinson Road Singapore 068893 Tel: +65 6493 6038 Fax: +65 6720 6038
singapore@analysysmason.com

Edinburgh Analysys Mason Limited Apex 3 95 Haymarket Terrace Edinburgh, EH12 5HD Scotland UK Tel: +44 (0)845 600 5244 Fax: +44 (0)845 528 0760
edinburgh@analysysmason.com

milan Analysys Limited Italia Via Durini 27 20122 Milan Italy Tel: +39 02 76 31 88 34 Fax: +39 02 36 50 41 09
milan@analysysmason.com

Washington Dc Analysys Mason Limited 818 Connecticut Avenue NW Suite 300 Washington DC 20006 USA Tel: (202) 331 3080 Fax: (202) 331 3083
washingtondc@analysysmason.com

Copyright 2012. The information contained herein is the property of Analysys Mason Limited and is provided on condition that it will not be reproduced, copied, lent or disclosed, directly or indirectly, nor used for any purpose other than that for which it was specifically furnished.

15

www.analysysmason.com

Вам также может понравиться