In continuity with my previous blog, there is immense potential in looking at the transformation of tomorrow with the lenses of today’s grass root innovations. Thanks to the changing digital landscape – both mobile and internet – several budding ventures are looking to ride the new consumption wave.
Smaller ideas and companies are transforming the way business is done. There is a distinct shift from gathering customer preferences through databases to actually predicting their next purchase. From offering traditional products with limited customizations, to offering completely personalized products with upgrades is also a distinct shift noticed in consumption patterns. Gone are the days when customers had to be met to understand demand and need. Real time insights generated through connected devices are doing the job faster than the customer can blink.
In fact, according to a leading international publication, Low tech, grass root-level innovations may hold the key to overcoming some of the resource challenges we face today. They have created several opportunities in multiple sectors:
1. With remote patient monitoring, wearable devices and healthcare applications, more patients and areas can be served to by doctors. Small analytical inputs such as automated Cardiac rehabilitation monitors can reduce the time taken by hospital staff from 20 minutes to as less as 2 minutes.
2. Small means that you will outsource the boring, low-impact stuff like manufacturing and shipping and billing and packing to others while you keep all the power because you invent something that’s remarkable. Many small companies have overcome these significant challenges in manufacturing.
3. Small means that you could go personal – In retail and consumer goods industries, catering to customers’ tastes and preferences, predicting their purchases, offering promotion plans suited to specific individuals could well mean a new future to shopping. Predictive analytics can offer a great solution to targeting and segmenting highly individualized markets.
4. Small solutions such as sensors and energy monitors can reduce the usage and consumption of scarce power resources. Energy networks can gain more efficiency for managing power and load distribution.
5. Mobile wallets have revolutionized payment systems across the developing world, bringing financial management much closer to the end consumer. In fact, our Mobiquity solution clocks over 3 billion cashless transactions in the countries it operates in.
These are just some of the opportunities in some sectors that have actually come of small ideas. While larger businesses across the world cope with inefficiencies, smaller innovations, solutions and companies may be the future of the new industrial world.