19 October 2017

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Understanding, Collaboration, and Innovation: Three Mantras for Success

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 It is really difficult to understand the actual business challenges in today’s scenario. While talking in terms of information transfers, the bandwidth, affordability of mobile as an inevitable device etc have become no more a  barrier (although most of us would like to debate on this).The first step of innovative business idea would be acknowledging the existing challenges. So, as a best practice, some good entrepreneurs have shown us a way of innovating through challenges. With regard to Indian entrepreneurs, it is important to continuously look at the pain points of their market and continually evolve around the prospective solutions of such challenges.

Understanding

In terms of actual challenge, understanding the user’s or end customer’s unique demands is something which is keeping the industry on its toes. This is a live example of telecom industry. With the term ‘users unique demands’ I mean to highlight India’s diversity in mobile usage. Ours is a diverse and vast nation. So is our mobile users ‘population. Hence the service providers and application developers are now doing every bit to expand their ARPU factor.

However, to raise the ARPU bar, the affordability of voice cannot be compromised, but the scope of opportunity lies in killer applications that can flow newer and thicker revenue streams for the industry.  But the main crux, of this new mobile business dynamics is to develop such applications that can actually bring value to the consumers and could be well differentiate themselves from the stereo type image of VAS applications.

This statement is not as simple as it seems. It has complexities involved in it as a quality of innovation is highly required.
 
We all have to acknowledge a market trend that innovation in delivering value to the consumers will ultimately run the show. And Innovation can only happen if we understand the unique set of demands and habits of diverse mobile consumers.
 
While understanding the scope or opportunities to innovate, the VAS developers can play vital role in the direction of establishing the future of Mobility business in India. But there has to be a strong relation between operators and VAS applications developers. 

Apart from just a long term relation between the two there should be a collaborative approach towards understating the user behavior. In order to understand the mobile user’s unique and evolving mindshare, the entire business ecosystem has to have a collaborative approach towards bringing out something new unique and innovative.

A right mix of three aspects, which are collaboration at the business ecosystem level, understanding the customer’s unique requirements & changing mindshare and offering a innovative solution can really do wonders in the in Indian mobile communications industry.

In the present scenario, the way forward seems to be full of challenges especially with regard to-- APRUs falling down, competition is getting into the bloodshed mode. But the future can always be shaped up. So, the need of the hour is to get intelligent and bring out some really innovative offerings.
Similarly most of the businesses face some sensitive and unique challenges. And mostly, they are not yet been discussed or tackled carefully.

Collaboration

The most important part in today’s evolving business is to share the knowledge and grow the idea. For entrepreneurs it is really important. The collaboration is vital aspect of the business growth; collaboration can enhance the success ratio.
Most of the entrepreneurs work in a resource hungry business environment, in such situations, seeking expert guidance could become a tedious job. But, with collaboration this could be possible.

Today’s available digital technologies can really help the entrepreneur to collaborate with external expertise. Other than online, there are several ways to collaborate and seek external advice, one of the common forms is to participate in industry events and showcase the USPs of your business.

Innovation

Once the entrepreneur acquires the knowledge from external resources, it is time to innovate.

Innovation should be relevant and it should have some reasonable necessity. Sometimes, people tend to do different and new things without considering their product’s actual future. There are some instances where, innovators have done remarkable job on their lab but they did not conceptualise the scalability factor for their innovation.

One of the most important elements of any new product or service is it’s market appetite. Are the customers ready for such product innovation, are they willing to pay for it? These are few questions that can only be answered by someone other than the developer or innovator of the product.

Remember, a good and business oriented innovation can only happen through these steps. However, there is no set timeline for the above mentioned steps. But Innovation definitely needs trials, Beta versions and several refinements in order to come in the market with a bang.

These steps could help and improvise the overall perspective of the business ecosystem

Last Updated ( Thursday, 09 December 2010 15:42 )  

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