-By Manoj Dawane
The defining feature of social, economic and cultural life in much of the world today is technology. The number of smartphone users is doubling to 829 million in 2022 from 404.1 million in 2017, as per Cisco’s latest Visual Networking Index (VNI) report. The proliferation of smart devices is propelling India’s per capita data consumption to 14 GB in 2022 from 2.4 GB in 2017, according to the report. Post covid-19, the smartphone has penetrated every strata of society, making it the prime transactional device in many cases. Access to mobile information is dissolving social barriers too. Local languages and voice/video content has democratized access, and from finding a job to transferring money or looking for a nearby doctor, all is being done on phone apps now. There is a huge surge in demand and people are willing to pay for digital conveniences. The data collected via apps and internet usage thus presents new opportunities for scaling up digital services, and businesses of all sizes are harnessing the power of mobile analytics to deliver actionable insights.
Mobile digital transformation has been fast, thick and deep. The members of the Mobile Ecosystem Forum (MEF) working in enterprise communications services reported a very high Business Confidence Index in 2021. Digital business are not just thinking of communicating via apps, but are also adding more touchpoints to the consumer’s journey and are ready to challenge themselves as they evolve their businesses in a fast-paced digitizing world.
For long, delivery has been one of the most important components of retail. But now retailers are thinking of long-term advantage, and sending out purposeful messaging to the consumer. This is how the mother of a newborn might get information on new baby feeds being launched while a young executive gets information from second-hand car platforms. Mobile analytics is allowing businesses to tailor the messaging and content as per the individual and distinct needs of each consumer. Manufacturing companies get to tweak their products in the design stage itself to ensure that the products meet consumer expectations.
Given the enormous potential, it is no surprise then that India has emerged as an attractive destination for venture capitalists. As on September 24, 2022, 104 new funds have been announced for the Indian market, according to Inc42’s startup funding report for Q3 2022. Between January and September, the number of funds raised by Indian investor groups is 2.2x higher than in 2021, as per the same report.
Blockbuster technologies like artificial intelligence, AR/VR tech and digital eco-systems are building new foundations of growth. As data becomes as ubiquitous like air, analytics grows across the organization, whether it is in marketing and sales, operations, risk analytics and so on.
The rise of mobile analytics has created a reordering of traditional industry sectors, as organizations willingly share data with other companies to realize new businesses. This is just the way supermarkets have emerged from previously separate retail subsectors into one big “grocery” category. artificial intelligence, machine learning and deep learning are unlocking real value across business functions and in most digital industries, extending the power of analytics. The new digital ecosystems include diverse players who provide digital, multi-industry solutions. For instance, while buying a used car, a car platform offers both on-the-spot car deals, comparison of rates, car verification as well as financing. These ecosystem relationships are making it possible to better meet rising customer expectations, and are helping businesses scale up, as they learn and evolve, keeping pace with new digital trends. Such is the power of digital ecosystems that buyers provide data for such conveniences willingly
However, to reap good ROI, simply having access to the best data or writing the most cutting-edge algorithm won’t be enough. Organizational transformation needs to be in synch with digital transformation, and learning as well as adapting to change needs to be part of the organization’s culture. There’s a lot of “Imagineering” that has to take place to marry technology with the customer’s experience. All that is the next level of skilling.
Author- By Manoj Dawane, Founder and CEO, VTION Digital Analytics