Category: Emerging technologies

Growing Potential of Voice Search and Its Implication for Your Business

October 10, 2018

A ComScore estimate recently suggested that by 2020, 50% of searches will be voice-based. To further support that claim, 40% of adults already used voice-based search back in 2016. By the end of 2018, it is not really about why you should implement voice search, but how quickly you can do it. Web browsing is more personalized than ever, and Google has been at the forefront of bringing individualized web browsing experience to its users, including an emphasis on voice search. Google’s Voice Search has necessitated businesses to take voice search seriously and to implement it as quickly as possible. In this article, let us take a look at the implications of voice search on businesses and what you can do it stay ahead in the race. A growing number of people use voice search to find businesses By 2020, the number of people who will use voice search in the US will shoot to 21.4 million, according to Activate. Unfortunately, most businesses are not prepared for the increasing number of voice queries. Business implications: Technologies such as Siri and Google Voice Search learn to recognize keywords and voice commands by using natural language processing. Over time, these technologies learn users’ unique characteristics of voice, how they speak, their behavioral patterns, and even browsing interests. Businesses that are not ready to handle these hyper-personalized voice-based search queries will lose out in the long term. What you should do: Audit your current strategy and ensure that you focus on long-tailed keyword phrases most-likely used by your target audience. Brainstorm new keyword targets, and try to provide the best answer for each possible query. People type keywords but speak out conversational keywords While people type keywords to look for information on browsers, the way they search via voice is different. Search queries tend to be more conversational, and entire sentences or questions are spoken out during voice search. Business implications: Voice search reflects how people really speak a certain language. Their queries tend to reflect real-life usage of a language and thus, keywords tend to be conversational and long-tail+. Long-tail+ indicates that long-tail keywords need to be optimized for conversational queries. Older keywords that are shorter will not be acceptable for voice search optimization. What you should do: Your keyword strategy should be conversational and should mimic the way people talk in real life. Imagine scenarios in which people might search for services and products your business might offer. Document and record queries that your customer service representatives frequently encounter when they speak to customers. Shortlist long-tail+ key phrases and create content pages that focus on these shortlisted key phrases. Increasing requests for specific information As Siri, Google Voice Search and other tools get smarter, people will continue to seek specific information via voice search. Generic web content will not rank very highly in voice search results. Business implications: As discussed above, people tend to speak out sentences or ask questions in a conversational manner when they search for information. Specificity of search queries will render previous content and SEO strategies quite redundant. What you should do: Optimize your Frequently Asked Questions (FAQ) page to reflect long tail and conversational keyword phrases. Natural sounding questions and answers on your FAQ page will tackle hyper-specific queries better. Apply correct schemas and use structured data markup to optimize your web content for voice search devices. Voice search is contributing to queries in the vernacular tongue Most voice searches tend to be local in nature, such as “Where to get the best coffee in Wickham” In addition, local search in vernacular languages other than English will constitute a large number of search queries. Business implication: If you do not optimize your content for local search queries, and if you do not take vernacular languages into account, you may lose out on a number of voice search queries. Most web users will tend to speak English in their vernacular accent or dialect, and they may even use languages other than English, depending on where your business is located. What you should do: Ensure that you claim your Google My Business listing, and enter your phone number, business hours, address, and business description. This helps in your business showing up when someone makes a voice search query. Secondly, optimize your content to suit local languages and dialects, and focus on local SEO. Voice searches mostly come from mobile devices While people prefer to type on their laptops or desktops, they tend to speak to their mobile devices, thanks to improved voice recognition technology. Google Assistant is currently available on more than 400 million devices, most of which are mobile. Business implications: Not being prepared for voice queries emanating from mobile devices can have real consequences on a business’ revenue. If your business is not mobile-optimized, and if the content is not optimized for voice queries, you may lose out on traffic arriving from mobile devices via voice search. What you should do: To begin with, make sure that your website is mobile responsive, and optimize your website for mobile queries. Improve overall user experience on mobile browsers such as fixing slow loading pages, making sure that videos can be played in full-screen when a user holds their smartphone horizontally and reducing the number of interstitials. A few points to remember Voice search is getting more popular than ever, and businesses need to change their current SEO strategy to include voice search. It is important to remember that voice queries tend to be conversational in nature and employ natural language. As the use of natural language results in more specific queries, optimizing FAQ pages with long-tailed keywords is important. In addition, voice search tends to be local and vernacular in nature, which necessitates local SEO, and content optimized for local visitors. Finally, it helps to optimize websites for a rich mobile experience as most voice searches come from mobile devices. If you need assistance implementing voice search strategies, contact us today.

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Implementing Machine Learning Strategies for Business Success

October 10, 2018

With each passing day, machine learning’s business implications are becoming clearer. Machine learning is a branch of artificial learning in which systems identify patterns from data, learn from insights, and make autonomous decisions with very little human intervention. As the number of smart devices connected to internet increase, so will the data generated by them. This deluge of data is also known as Big Data, and machine learning applies complex algorithms to understand patterns in Big Data to make decisions. Machine learning can provide real-time insights based on data, giving businesses a competitive edge over their peers. In this article, let us take a look at how machine learning is going to influence businesses across the spectrum. Where is machine learning used? Currently, machine learning is being used across industry verticals for business success. Here are some examples: In the media, machine learning is used to personalize content and to make recommendations, predict paywall price, and to optimize layouts. In marketing, data insights can be used to make upsell forecasts and churn predictions, while it can also help in lead scoring. Machine learning also assists in making KPI predictions such as CLV (customer lifetime value). The eCommerce industry has begun to use machine learning to promote products in a targeted manner. The retail industry, on the other hand, uses machine learning to make predictions related to inventory and store layout. Financial services use machine learning to predict churn rate and to reduce it. It is also used to predict loan outcomes and identify risky customer behavior patterns. Three scenarios in which you can implement machine learning immediately Make better sales forecasts, improve marketing campaigns, and enhance customer satisfaction You can start using machine learning to consume and analyze data from unlimited sources. You can also rapidly process analyses and make predictions related to sales and marketing campaigns. In addition, you can use machine learning tools to evaluate past behaviors of customers. According to Forbes, 84% of marketing organizations currently use some form of machine learning or AI to enhance their services. Use cases Example 1: Azure Machine Learning can be used to analyze customer churn and minimize it as well. This is more cost-effective than other traditional and time-consuming methods to minimize customer churn. Interactive Pricing Analytics Pre-Configured Solution (PCS) is a Microsoft Azure machine learning solution that helps to determine the pricing elasticity of every product that you may sell. In other words, this tool can be used to offer contextually relevant pricing. Example 2: Salesforce Einstein is a great example of what machine learning and AI can do to enhance existing CRM solutions. Salesforce Einstein can be used to implement predictive lead scoring, and the tool looks at various demographic and behavioral data sets. It can also help recommend products to your customers based on their interests, and to cross-sell and up-sell products more effectively. Offer predictive maintenance and avoid downtime Most businesses rely on corrective maintenance to fix machines and applications. Corrective maintenance requires one to wait until an issue arises, but the costs in downtime, unscheduled maintenance requirements, and labor can increase the overall expenditure exponentially. Some businesses have begun to use preventive maintenance, which urges customers (and their own staff) to replace spare parts regularly or to ensure certain security and upgrading protocols for software tools. Even scheduled downtime and under-utilization of spares before their full lifetime can result in unnecessary losses. Machine learning helps businesses to undertake predictive maintenance at the right time, whether onsite or for customers. It is the smartest way to ensure that equipment and systems are used to their full lifetime and that problems are identified before they cause issues. You can implement predictive maintenance to reduce over-corrective maintenance, scheduled downtime, and labor costs by analyzing user data and identifying when interventions need to be taken. Specific benefits include: Detecting anomalies in system performance or in equipment Predict when an asset may fail Estimate how long an asset may remain useful Recognize the reasons for an asset’s failure Recognize what steps need to be taken to offer maintenance support to Azure Machine Learning and Microsoft Azure AI platform can help in the predictive maintenance of both onsite infrastructures and provide support for customers. Detect fraud and enhance security An important function of machine learning in businesses is to detect fraud and enhance security. Machine learning technology can be used to manage portfolios, engage in algorithmic trading, underwrite loans, and detect financial fraud. Here are a few ways you can implement machine learning to enhance security: eCommerce websites can make use of machine learning to prevent credit card fraud. Create real-time behavioral profiles that interpret the actions of customers, merchants, individuals, and other entities. Supervised machine learning that uses algorithms to detect fraud after having “learned” from innumerable examples of fraudulent and legitimate transactions. Supervised machine learning can only detect fraudulent activity that has taken place previously, and thus, unsupervised machine learning is the next step. This self-learning algorithm predicts fraud and by detecting outlier behavior and transactions. Adaptive analytics helps machine learning models to continuously learn from feedback. These models can be used to detect spam and thwart IT security threats as well. For example, PayPal uses an open-source based homegrown AI and ML engine to detect fraud. After implementing this model, PayPal reduced fraud by 50%. Implementing machine learning in your business Before you implement a machine learning model, follow these steps for a customized solution: Recognize the problems which machine learning will solve Identify the data sets that will help the machine learning model to solve a problem Determine which machine learning platform you will use to build your custom model Consult a data engineer or determine yourself how you will stream data into the machine learning platform Build or choose the right machine learning model to address your issues Continuously test and adjust the model Machine learning does something for every business With proper planning, you can implement machine learning to enhance sales and marketing campaigns, make

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Five Ways to Transform Your Business through Right Digital Infrastructure

September 4, 2018

While most businesses have adopted digital infrastructure to some extent, many still do not have a holistic plan to transform their business using the right digital infrastructure. Studies show that most businesses tend to retain legacy tools while implementing the digital strategy, and what really happens is, there is a complete mismatch between digital and non-digital, leading to subpar organizational performance. In result, companies see results that are satisfying in some areas, while creating new risks and liabilities in others. Businesses need to have a 5-pronged approach towards digital infrastructure. This will help look at their entire business infrastructure as a single entity and build a strategy around it. In fact, the right strategy will help your business to transform itself into a lean and uber-efficient machine that can give your competitors a run for their money. Most importantly, having a digital strategy will help you to focus better on your business and enter new avenues. In this article, we describe our 5-pronged approach to make use of digital infrastructure in the right way and optimize your business to achieve new heights. Evaluate existing hardware and go for a major upgrade One of the first things you need to do in order to assess your hardware situation is to examine how your network infrastructure is. Network infrastructure includes both software and hardware components and is an integral part of IT infrastructure. For your software components to work efficiently, your enterprise network needs to be top notch. Evaluate existing routers, operating systems, network security applications, network operations, IP addressing, wireless protocols, etc. At the same time, evaluate data centers as well, as most businesses use subpar services which are often exorbitant. Consider seeking an external vendor’s help in choosing the right data center for your business requirements. To transform your business using the right data center, begin with creating a strategy. Implementing agile IT organization is crucial to this process, as is virtualization and cloud. Intel’s whitepaper recommends evaluating aging infrastructure by computing various metrics and KPIs. Please bear in mind that agile infrastructure can either be virtualized or nonvirtualized, and this solely depends on your organizational requirements. Nevertheless, virtualization is key to having a successful cloud strategy, which we shall discuss next. Move to the cloud whenever possible Today, you can practically move every legacy technology to the cloud and reap the benefits of reduced costs, increased efficiency, and access to technology which you previously didn’t have. Software as a Service (SaaS) helps you to access and use software programs which were probably out of reach for you if you are a small business. If you are a large business, SaaS is equally important to reduce dependency on physical infrastructure and keep your business agile and scalable. SaaS models offer pay-as-you-go schemes, which allow businesses of all sizes to scale or downscale depending on their situation. In addition, the cloud can also help you to access infrastructure via the cloud. Storage, data centers, and even networks can be used on an infrastructure as a Service (IaaS) model. Cloud computing helps businesses to eliminate organizational flab and grow lean and agile. If you are a service provider yourself, consider using PaaS (platform as a Service), which helps you to develop new applications and tools on cloud-based platforms, instead of having to invest in expensive platforms. In short, cloud computing provides the technological impetus required to make your business grow quickly. Integrate what you can With more businesses using tools to automate processes, ERP, CRM, and HRMS tools are almost an integral part of every successful business. However, they create unique problems of duplicate entries, repetitive manual exchange of information, and a continued lack of coordination between departments. Integrating these tools using available APIs is a popular method to reduce duplicate entries and increase automation. Most importantly, data can be shared between integrated tools, leading to richer insight and more accurate predictions. If you have an eCommerce business, for instance, you can integrate your ERP with your CRM, so that purchases made by customers online is immediately reflected the inventory department, which can replenish stocks automatically. The possibilities are endless, and such a heightened level of coordination is only possible when you integrate software tools. Before you decide to integrate, make sure that you have an integration strategy, and that you have spoken to vendors who will be able to do it for you efficiently. Integration strategy also involves training your staff so that they use the new interface effectively. In addition, you will also have to account in for security-related ramifications. Implement Internet of Things, Blockchain, and Artificial Intelligence These may seem like disparate terms often used by IT honchos, but they are very important for businesses of all sizes. IoT, or Internet of Things, uses sensors embedded in devices to intelligently communicate with servers and perform functions that ordinary devices cannot. These can further be connected to smartphones so that device-users have more control over how they interact with it. In a business perspective, sales and marketing teams can use IoT-enabled devices during promotional events, while logistics and product-handlers can use IoT enabled product tracking. Blockchain is another digital technology which can help businesses immensely. You can use smart contracts to ensure security, and distributed ledgers allow you to process transactions in a safe and secure manner. Blockchain has a number of applications for businesses, right from identity verification to automated approvals. Artificial intelligence is another emerging technology that has now become mainstream for business use. Regardless of the size of your company, you can use AI-enabled chatbots for customer service, social media management, and certain marketing tasks. These technologies are accessible, affordable, and easy to implement. Businesses only need to decide to embrace them before their competitor does. Focus on digital governance and security To ensure business success, it is not enough to have the best infrastructure in place. Digital infrastructure’s success depends on how secure it is against various kinds of threats, and how wisely you are

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The Accelerator of Growth – Sales Automation

August 24, 2018

Globally, the sales team is crucial in helping businesses succeed and it is often the duty of top-level executives to breathe life into sales teams. Sales teams are often pressurized to identify and gather leads, make contact, manage opportunities and leads, convert them to sales, and prepare sales reports. In between these dreary-sounding tasks, they also need to make calls, write emails, answer queries and engage in a lot of repetitive manual tasks. In fact, across North America and Europe, manual and repetitive tasks take up sales teams’ time much more than actual core sales activities, which leads to reduced sales and conversion rates. Sales automation helps fix this problem and gives your sales team their mojo back. It helps them to get back on track and plan strategies and implement them, instead of writing repetitive reports. In this article, let us take a look at what sales automation is, and how it accelerates your business growth. What is the sales automation? Sales automation is a software tool that helps your business to automate repetitive tasks such as documentation, sending emails, controlling inventory, pricing, and contract management. It often comes as a part of your CRM or can also be purchased separately, if you want a specialized tool. It helps to reduce the burden on your sales team by automating repetitive and manual tasks so that they can focus on core sales activities. In result, your sales team finds it easier to nurture leads, to interact with them, and to help convert them into customers. The reduced time and effort leads to increased productivity at work, and of course, sales automation has a number of other advantages too. Here are its basic features: Close deals easily: Sales automation helps you to close more deals quickly. You can automate content management, collaboration, and use marketing tools that will help you to find leads as well. It is not a surprise that most businesses use sales automation to manage contacts and accounts and to manage sales opportunities. Find more leads: Sales automation also helps you to find more leads. you can track how well your marketing campaigns are doing, and access sales data on demand. This helps you to send out reports to decision makers quickly so that territories can be planned and campaigns can be launched instantly. Enhance productivity: Most sales automation tools are available on mobile devices, and you can perform sales activities while on the go. You can close deals while on the train or while waiting for your business lunch at a cafe. In other words, sales automation helps you to accelerate productivity. You can easily share files, sync data, and access visual workflows. All business processes can be automated using drag and drop features within a mobile app. Make informed decisions: Most importantly, sales automation tools help you to make informed decisions at the right time. You gain access to reports and dashboards from wherever you are, and accessing sales forecasting gets just as easy as well. With real-time access to your team’s forecasts, mailing to and fro and intra-departmental squabbles are a thing of the past. How sales automation accelerates growth In this section of the article, let us take a look at how sales automation accelerates growth and quickly improves your teams’ productivity as well. Identify your customers Sales departments spend a lot of time trying to identify who could be potential leads and customers. The more time they spend on identifying customers, the less time they can actually use to make contact with them. Sales automation helps identify customers and leads quickly using various metrics. This helps sales teams to quickly make contact and engage in actual sales activity to urge the customer to make a purchase. Businesses often waste considerable temporal and financial resources on customer identification and with a good CRM, that can simply be automated. Access customer information There is little wisdom in developing a sales strategy if we do not understand what the customers want. Knowing how the customers think, where they come from, and what their demographic tends to do are more important than blindly developing sales campaigns. Sales automation provides deep and rich insights about target audience so that intricate sales campaigns can be designed and developed. Targeted campaigns help drive up conversion rates and assist in company growth. Create and edit content Writing reports and documenting sales activities are crucial duties a sales team does. However, these activities can take a lot of time, and result in unnecessary delays in performing other core activities. A good sales automation tool readily creates reports and helps you to focus on more important activities that cannot be automated. Why not generate reports and then make a presentation in person, which has a better impact than just mailing the marketing department cold reports? With sales automation, there will be more time for your sales team to engage in such activities that enhance inter-team communication and collaboration. Follow-up with customers and leads Whether it is writing emails or calling customers over the phone, if you do not do it at the right time, you will not be able to keep a lead warm. To make sure that customers are followed and tracked continuously, and to ensure that leads are kept warm, automate the process of follow-ups. Sales automation can automate communication and help you to remain in touch with them. However, do not automate all communication with your leads and customers as that can have unintended effects. Analyze calls, emails and other communication platforms Call analysis provides valuable information about what customers want, and analyzing email texts can be equally important. CRM tools provide exquisite features that help you to track how email newsletters are read, by whom, and when. They also provide information related to how you can improve your email communication to enhances sales growth. Manual analysis is simply too tedious and sometimes not even accurate. Let us not forget about how important analyzing social media communication is for sales. A

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Blockchain as the Newest RegTech Application – An Opportunity to Reduce Financial Institutions’ Burden of KYC

August 17, 2018

Regulatory challenges have often caused unnecessary inconvenience and delays within the financial services industry across the world. Compliances issues affect every financial service today, and many businesses have often paid enormous amounts in terms of fines, legal fees, and loss of business. The need for compliance and stringent regulations are necessary, especially in a world that is increasingly becoming prone to fraud, security threats, and cyber threats. Governments and regulatory bodies are right on their part to expect compliance from financial institutions, one of which is the ubiquitous KYC document (Know your Customer document). While financial service providers have meticulously collected KYC documents and ensured that they comply, the process has often been long drawn out, complex, and often mired with bugs and technical issues. Most KYC compliance happens digitally, and companies often repeatedly seek KYC from customers, often leading to opt-outs. Technology can help fix this issue for financial service companies, and one way is using RegTech. RegTech is short for regulatory technology and makes use of cloud computing technology delivered via a Software as a Service (SaaS) model so that businesses can easily process KYC documentation quickly and efficiently, at a lower cost. What is going to change RegTech even further is the use of Blockchain. In this article, let us take a look at how Blockchain is changing RegTech, and helping financial institutions to process KYC documentation quickly and efficiently. What exactly do the RegTech companies do? So far, companies that offer RegTech solutions have been working with regulatory bodies alongside their clients, financial institutions. By combining the goodness of cloud computing and big data, RegTech companies have made available sensitive information often required to validate KYC documents. Many RegTech companies have also used predictive analytics and big data to comb through previous regulatory failures and predict future risks that financial institutions should consider. Most RegTech companies have focused on creating analytical tools that sift through big data to pick sensitive information that could help financial institutions to comply better with regulatory authorities. RegTech companies offer solutions ranging from KYC validation to alerting money laundering activities and preventing cyber hacks and data breaches. Simply put, RegTech companies monitor digital transactions in real time and identify irregularities to prevent fraud and other risky events from taking place. Financial institutions alone cannot identify, predict, or avert these risks, nor will they be able to comply with all the regulations, including KYC processing. Using Blockchain for KYC processing Blockchain, which is a distributed database stored on a particular network, and accessible on all computers authorized to do so, is a technology that is picture-perfect for regulatory compliance. In Blockchain technology, every file is split into parts called blocks, and each block needs to be validated individually by the entire network. Smart contracts are based on this technology, and for a contract to be processed, all parties involved need to provide their digital signatures. As all data is encrypted, security is always ensured. In addition, as data is stored across a network and not just on a single computer, hacking or tampering with data is impossible. Most importantly, Blockchain data is immutable, and all changes made to the original database can be tracked. In the financial services arena, this quality is very important because customers simply cannot make changes to their financial history if something had gone awry previously. KYC documents can be processed in an error-free, encrypted, and automated environment, which simply is not possible in other technologies. RegTech applications using Blockchain can integrate both KYC and anti-money laundering steps for commercial usage, and this can be made available to companies both publicly and privately, depending on regulatory requirements. How Blockchain helps companies to reduce KYC burden Blockchain applications can be delivered as cloud-based RegTech apps via a SaaS model to financial institutions so that they can conduct their KYC operations to meet regulatory compliance. Let us take a look at how Blockchain can help financial institutions to reduce the burden of KYC: Identify and verify client information KYC requires financial institutions to identify their customers’ personal details such as name, address, nationality, birthdate, etc. Such basic data can be verified with the help of an identification card that is approved by regulatory bodies. Blockchain digitalizes information and validates such information by cross-verifying digital identities from various sources already available to the Blockchain. In other words, Blockchain not only helps customers to manage their digital identities, it also helps financial institutions to conduct basic KYC seamlessly. While KYC for individual clients using Blockchain is quite straightforward, it gets a little complex for professional entities. Professional entities require the KYC processing of directors’ identities, and other key persons (or corporations themselves) involved. Avoid risk by screening high-risk individuals Most financial institutions gain access to only the basic information of a customer. This basic KYC is not enough to avert risky situations such as money laundering, payment defaults, frauds, financial bankruptcy, etc. Banks can easily screen high-risk individuals if they subscribe to a Blockchain database that stores and validates information related to previous risky financial behavior. In addition, Blockchain-based RegTech apps can also predict future risky behavior by combining predictive analytics and big data with Blockchain. If a customer has had a questionable financial history, for instance, a Blockchain would confirm this to the bank or insurance company, which can decide not to lend a loan or approve an insurance claim. This mechanism can also help in averting money laundering and fraudulent activities, helping financial institutions to comply with regulations. Determine the inherent risk of customers A number of financial relationships require a much deeper insight about the customer or client. The KYC team will need to process questionnaires that probe negative press releases, criminal activity, political opinions and alliances, and a variety of other publicly available information. However, the KYC team simply cannot put all these unrelated datasets together and arrive at conclusions regarding the risk a customer poses. Regulators often prescribe the criteria for determining a customer’s inherent risk, and

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How OTT Will Drive Innovation in 2018 in India

August 2, 2018

With nearly 500 million internet users, a figure that is growing at a rate of 8%, India is one of the largest drivers of digital innovation across the world. India’s potential as a market for global media and entertainment sector is unprecedented, and a liberal investment environment is helping foreign players to enter the Indian market easily. The government’s Digital India Initiative is helping even the most remote villages to stay connected. Indian culture values entertainment and the growth potential for media houses and entertainment giants are enormous. Over-the-top (OTT) media services have already entered India, and services such as Netflix, and Amazon Prime have a growing number of users across the country. Surprisingly, OTT is growing popular even in smaller towns and villages where internet speed has been questionable, to say the least. In such a scenario, OTT is going to drive innovation in India simply because of the sheer value of the market that India offers. In this article, let us take a look at how OTT is set to change the entertainment and digital scene in India. What do the numbers say? When we look at statistics related to internet usage in India, it is quite unavoidable to feel overwhelmed by the sheer figures. These figures indicate that video consumption in India is growing at the speed of light, and much of the aspirational rural and small-town users have already begun to stream media using high-speed mobile internet connections. With a rural to urban migration pattern, accessing high-speed internet connections is not only easy but also a reality already in the making. Of the half a billion internet users, there are at least 180 million active online video viewers. In 2017, the OTT market in India was valued at 37 billion rupees. OTT market in India is expected to grow at 17.3% in the next five years. People have already begun to supplement TV viewing with multiple OTT platforms such as Amazon Prime and Netflix. India is a diverse country with more than 22 official languages. Content in these languages is set to grow at an unprecedented rate. By 2020, there will be more than 700 million smartphone users in India Here are the top 7 areas where OTT is going to spur innovation : Personalized content The concept of personalized content is relatively new in India. However, OTT is set to change all that, and we can see that already happening. Netflix, Apple Music, Amazon Prime, and other OTT-based services have begun to offer personalized content to a market that was mostly used to the hand-me-down equivalent in media content. Personalization spurred by OTT will likely have cultural and social ramifications but in a positive manner. Indian media consumption has been dominated by proscriptive relaying of content without much choice for the actual viewer or consumer. OTT will change that and help Indian users to choose what they want, and watch they will most likely want to watch or listen. Newer players will make use of data insight to change algorithms and develop apps and media content that will actually appeal to individual users. In other words, OTT will help propel the process of individualization of Indian entertainment and media consumption. Streaming of video and audio More than 70% of revenue earned by the Indian music industry now comes from digital streaming. Affordable and high-speed internet connections have helped the music industry to make use of online platforms to offer music as OTT. Similarly, Indian movies and TV shows have a huge potential to reach the market via OTT. Most people in India have begun to replace their televisions with smartphones for media consumption. As smartphones usage tends to be an individual affair, as opposed to a family watching TV, individualization, and personalization of music and movies will grow. There is a potential market for larger screen smartphones in India. Innovation in device manufacturing and accessories is an area that manufacturers and distributors should look at. Accessories such as smart headphones, artificial intelligence, and IoT-based media consumption devices, etc. have a promising future in India, thanks to OTT. Mushrooming of online gaming Video games in India are quite popular, throughout of reach for most ordinary citizens. Xbox, Nintendo, and PlayStation were all out of reach for ordinary and rural Indians, and their usage was limited to affluent urban users. The advent of affordable Android-based smartphones have democratized online gaming and brought gameplay to millions of smartphone users across the country. OTT has a huge role to play in bringing video game content to Indian users. Potential opportunities in online gaming include video games developed in various languages of India, indigenous game development, and streaming of global video games on subscription models. 4G speeds, OTT, and affordable subscriptions have already begun to help users across India play video games. Most video game players use smartphones priced $300 or below, and there is a market for large-screen smartphones in this particular demographic. It is no wonder that the gaming industry in India is expected to become a $1 billion industry. Content in various languages of India Right from sports, music, and movies to online gaming, content in regional languages is likely to be the focus of media houses, whether national or international. SonyLIV, for instance, believes that a large proportion of its OTT offering will depend on media consumption in languages other than English, such as Tamil, Bengali, Kannada, etc. In fact, Sony has plans to attract 200 million users from various linguistic states of India, subverting the idea of homogeneous media consumption. While music and movies already have an OTT presence for various languages of India, OTT-based TV services hold promising opportunities as well. As discussed earlier, the gradual replacement of TVs with smartphones will likely open up opportunities for TV content creators and aggregators as well. Innovation in this area will focus on making TV-streaming in regional content quicker and more accessible. Mobile app streaming via OTT is another area that might open doors to

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7 Things to Consider Before Having a Mobile App for Your Business

July 24, 2018

A couple of years ago, if we asked around, every business would have expressed interest in developing a mobile app. Even today, businesses are eager to develop mobile apps, motivated by a number of factors. With more than 3.5 million Android apps and close to 2.5 million iOS apps, it might seem like you are missing out on a lot of things by not offering an application to your users. Yet, more than just getting a mobile app developed, assessing customer needs, your market strategy, and industry scenario are all more important factors to consider. A successful mobile enhances user satisfaction and brings value to your customers. Sometimes, enhancing a website for mobile use may be a better option. Even more important is the task of finding the right agency which will help you to develop a winning mobile app. To make your mobile app a success, spend some time assessing your needs, market situation, and your customer requirements. In this article, we help you do just that by listing 7 important questions you need to ask before getting a mobile app developed. Do you really need a mobile app? What started out as a game-changing development soon became a trend, leading to businesses developing mobile apps whether they needed it or not. Playing catch-up, or doing what everyone else is doing, is not the way to go when it comes to technology adoption. There may be a good reason why your business does not need mobile applications. If your product or service is more likely to be accessed over a website, investing in mobile-optimised responsive web development might be a better solution. Progressive Web Applications (PWA) and Accelerated Mobile Pages (AMP) may prove to be better solutions for your need than a mobile app developed for iOS and Android platforms. Progressive Web Applications are also great when your users are located in places where the internet connection is unreliable or slow. Flipkart’s Flipkart Lite is a great example of Progressive Web Applications. Hastily developing a mobile app to impress your target audience or your competitors may have just the opposite of the intended effect. What is the purpose of your app? If you think you do need a mobile app, and that is a matter of concern for your profitability, competitiveness, and customer experience, explore what the purpose of the mobile is going to be. The app could serve the purpose of selling a product or service, or it could simply enhance customer experience. The purpose of developing a mobile can greatly vary. Sometimes, a mobile app may serve multiple purposes. Spend time deliberating on why you want the mobile app, which problems it is going to solve, and what its long-term purpose is going to be. Developing a mobile app without a purpose may cause long-term damage to your brand, and may result in the wasteful expenditure of resources. Many studies indicate that people uninstall or stop using a majority of mobile apps after downloading and installing them. Who is your target user? For a mobile app to be successful, it should be developed with the target user in mind. Always try to understand your audience deeply, and use data insight to do so. Data analytics helps you to test and retest your ideas for efficacy so that your investment in mobile development is not wasted. A mobile application should suit the lifestyle of your target users and should be intimately tied to their personal identities. We recently developed a mobile game for a US veteran who lost his eyesight and wanted to launch a mobile game for people who are visually challenged. There was a clear understanding of who the target audience was, and the challenges they may encounter while playing the mobile game. To compete with the millions of mobile apps that are out there, make sure that you understand your target user at an intimate level. Otherwise, your mobile app will risk being ignored. Will your app solve a customer problem? Every mobile app should not only help you make profits, but also solve a customer problem. If not solve a problem, it should enhance the user experience. If your mobile app is not going to add value to your target users, then it risks being ignored after being downloaded. To help develop a mobile app that truly solves your customer problems, understand their pain points and explore how your mobile app could address those pain points. If there are no pain points to be addressed, explore if you can bring a “wow” factor to the table. If your mobile app is going to present a revolutionary experience or concept to the user, then it is going to be successful. Sometimes, reducing the duration of certain processes and making your customers’ lives simpler are reasons enough to develop mobile apps. However, you will need to back up your reasons with deep data insights. What kind of app do you need? Before you decide on developing a mobile app, consider how and where it is going to be used. You will have to choose between native mobile apps and cross-platform mobile apps. Native mobile apps are developed for iOS and Android (usually) using programming languages that are native to the device’s OS, such as Objective C and Swift for iOS devices, and Java for Android devices. Native mobile apps offer a better user interface and excellent user experience. They also make use of all the features a platform has to offer. However, they tend to be more expensive, challenging, and time-consuming projects. Cross-platform mobile apps can be used on both Android and iOS devices, and multiple versions of the code need not be written, leading to reduced expenditure and saved time. However, the user experience will not be as great as that of native apps and your mobile app will not be able to make use of all the features that each platform offers. How do you plan to monetise your app? A successful mobile app needs

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How Internet of Things Is Redefining The Retail Experience

June 19, 2018

While most of us have remained busy discussing how quickly online shopping has gone mainstream, a quiet revolution is growing in the retail sector across the world. Internet of Things is breathing life into dying retail spaces while invigorating newer and more creative retail units. IoT-enabled shopping is taking online e-Commerce space by storm too, enhancing logistics, delivery, and even the shopping experience. With more than 30 billion connected devices available by 2020, IoT is leading all technological innovation in the retail sector. From improving products to reducing energy consumption, and from enhancing marketing outcomes to improving customer experience, IoT is practically all over the place. Most importantly, all the accumulation of data is helping companies to gain new insights, and enhance products and customer experience, while witnessing double-digit growth rate. Amazon Go is a great example of this revolution. In this article, let’s take a look at how IoT is helping both offline retailers. Let us also briefly look at some of the top trends in retail with IoT devices in mind. How Internet of Things is helping brick and mortar stores as well Thousands of stores are shutting down, malls are going out of business, and retail stores simply aren’t able to catch up with the speed of digital shopping. In addition, people themselves have begun to prefer ordering products online than making a trip to the nearest mall or supermarket. Retail sector all around the world has much to worry about and resent. Yet, there is a silver lining in every cloud. IoT is helping retailers across the world to not only thrive but also attract more customers than ever to their stores. Vending machines are being revolutionised across malls and public places as customised orders and products can now be placed. Interactive displays and digital signage are helping customers to shop better and reach out right counter or shelf, depending on the in-store choices they make. Few retailers may offer virtual and smart mirrors, which provide information about the clothes they are trying. If the particular shirt a man is trying is green when compared to the one he just tried earlier, why not urge him to buy that automatically? Beacons and RFID tags can be further enhanced with sensors. IoT-enabled beacons can be used to recognize facial expressions, customer behavior across shopping aisles, and other such information. This can be used to enhance customer experience. IoT most importantly hastens the checkout process. Both retailers and customers can bid goodbye to lengthy queues at the billing counter, thanks to self-checkouts. Hottest trends in the retail sector depend on IoT If there is one thing that is going to sustain retail, it is IoT. Let us take a look at few situations where IoT is helping retail to innovate, sustain, and thrive. Marketing is easier than ever IoT is responsible for making marketing easier than ever. It provides the tools required for making both omnichannel and multichannel marketing successful. Sensors are increasingly being used by retailers to help customers. IoT sensors also help stores to engage in in-store marketing. Coordinate with customers quickly One of the factors that set IoT apart is its ability to communicate not just between devices or sensors, but also enhance communication between the retailer/manufacturer and the user. This helps store owners to coordinate with customers quickly in case products need maintenance services, or if there is an update to be installed. Download our case study on Konvergence’s K-Wallet, which revolutionized retail shopping some time ago. Customising customer experience There are sensors for tracking virtually every behaviour of a customer. When done ethically, sensors can provide valuable data that help manufacturers to enhance customer experience. Whether it is about enhancing certain product features or bringing better customer service, IoT can do it all with an ease and pomp. Create better product ecosystems Manufacturers and retailers have begun to tie up to provide better customer experience, using sensors. This is helping create new opportunities for better product ecosystems. Customers have options for maintenance, servicing, updating, or choosing from related products post-sales as well. Automated orders of spare parts when they need to be replaced is just one example of this ecosystem. Optimise logistics and inventory handling IoT’s is creating improved efficiency inventory handling and logistics management. Businesses are literally growing because they can deliver products quickly, and replenish stocks. IoT is helping businesses to ensure retail never faces a hitch due to product unavailability or delayed shipments. Data-derived insights IoT, as we all know, gathers and processes enormous amounts of data. All this data is fodder for analytics and insight deriving, and that’s exactly how businesses are using IoT data. Insights derived from product usage, product malfunctioning, customer behaviour, and other such situations continually help retailers and manufacturers to enhance customer experience and product enhancement. We had written an article a little while ago, describing how data analytics and AI both are going to influence IoT in the coming months and years. Read More about How to Manage Your Online Store in 2019? IoT-enabled retail is here to stay As you can see, IoT is quietly bringing formidable changes to both online and offline retail spaces. It is also changing the way retail manufacturers manage their business. Considering how quickly IoT is taking over retail, and how it is sustaining all the players in the space, it is worth observing the technology more keenly. In the near future, IoT enabled sensors will help retailers improve marketing, bring better customer experience, and enhance product support to users. Security may seem like an issue with all the IoT related data being generated, but we recently wrote about how to handle those issues. While we are at it, do take a look at some of the most valuable programming languages to learn, if you wish to develop for IoT yourself. Last but not the least, IoT will help businesses of all types to derive useful insights which will help improve products and customer experience at the same time.

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Is RegTech The Missing Link Between Technology And Financial Services?

June 19, 2018

In the last few years, we have seen a voluminous increase in the growth of FinTech and it has taken over the world ever since. It is responsible for disrupting the entire financial services industry including finance, insurance, banking, payment and even customer service. The FinTech revolution is not expected to slow down any time soon. With the increase of digitization of the financial industry, the levels of regulation are also increasing and so comes #RegTech. It is widely being speculated as the new FinTech. But what exactly is “RegTech”? It is actually an emerging technology that is expected to assist in the compliance and regulatory activities in an easier, faster and more efficient way. It is the missing link that connects technology, financial services, FinTech, and regulations. Let us have a look at some of the latest updates on RegTech: Yes. At the very least, #RegTech will automate manual processes which not only reduces time, but also reduce the risk of non-#compliance. https://t.co/i9O3r8PA9B — Lucy Heavens (@heavens_lucy) June 18, 2018 Great map of startups leveraging the #blockchain technology in #RegTech. #InsurTech ➡️ https://t.co/P4SyBEbLlI pic.twitter.com/P8ofhr881L — Florian Graillot (@FGraillot) June 16, 2018 https://twitter.com/fintech_matt/status/1005719709264809984 https://twitter.com/THE_BES_BS/status/1007406314853687296 https://twitter.com/ai_amelia_/status/1008532333534818304 The #Blockchain #RegTech Ecosystem We're not doing this because someone told us to, it's because it's the right thing to do. The balance between promoting innovation, and not the fraud is difficult, but making progress thanks to great teams like these!https://t.co/jbRyKLaj6T pic.twitter.com/UFBF3HIC2z — MJ (@MalthusJohn) June 12, 2018 65% of #regtech funding is directed to #financial #crimes solutions >> #PwC via @MikeQuindazzi >> #FinTech #AML #AI #CyberSecurity #IoT >> https://t.co/Fqv0X0LAaC pic.twitter.com/eVjnJh9KE3 — Mike Quindazzi (@MikeQuindazzi) June 12, 2018 jasonboud RT Cocoon_Networks: Insightful overview of financial regulation technology from JasonBoud, founder and CEO at rt_associates: “#RegTech helps to address the problems with market abuse, behaviour and conduct, financial crime, money laundering and terrorist funding.” … — RegTech Associates (@rt_associates) June 12, 2018 Keep watching this space! We regularly publish similar blogs with current happenings from around the globe in the world of Tech and Digital.

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What We Learnt From The AI Summit, London

June 15, 2018

The world’s largest AI event for business ‘The AI Summit’ took place in London from 12-14 June. Artificial Intelligence or AI is a big thing at the moment and this event showed what kind of impact AI is bringing forth in the business world. The event was supported by industry stalwarts like AWS, IBM Watson, Microsoft, Cisco, Oracle, Google, HCL, PwC, Intel, Genpact among others. Here are some updates from the event for your perusal: ‘This is a technology that changes everything, and we are living through it’. Great to hear Secretary of State for business and industry, Greg Clarke, set out the significance of AI and its role in transforming businesses and skills. Exciting times for@IBMWatson #AISummit #ai pic.twitter.com/0QWw8zgIHD — Paul Ryan (@pauldtryan) June 13, 2018 BBC team used machine learning to train a model to recognise credits across thousands of TV Programmes so they could recommend the next show to watch. – Ali Shah #AISummit @Business_AI #AI @BBC @BBCiPlayer #MachineLearning pic.twitter.com/fZCQYs6gCu — Darryll Colthrust (@dcolthrust) June 13, 2018 #ArtificialIntelligence isn't something that's on the horizon! People are, right now, using #AI solutions which are opening doors to a new wave of possibilities. #Accessibility #LTW #London #Tech #AISummit #LondonTechWeek @MSFTBusinessUK @MSNewEngland pic.twitter.com/iW9HQIY9jz — Evan Kirstel #B2B #TechFluencer (@EvanKirstel) June 13, 2018 "It's very very important that the data we are using takes place based on an incredibly transparent basis and is largely anonymised. For us it is a commercial, ethical, and moral consideration." Richard Potter of @MicrosoftUK speaking on the finance #AI panel #AISummit #fintech pic.twitter.com/jkta2MUJqx — AI Business (@Business_AI) June 13, 2018 #AI offers truly transformational opportunities for business & society. But can you explain how some of the most complex algorithms are making their decisions? We’re discussing #ExplainableAI live on stage at the #AIsummit now, paper available here https://t.co/B3lkswMhOg #LTW — Felicity Main (@felicitymain) June 13, 2018 Christina San Jose, group chief data strategist @bancosantander says 80% of her teams’ time & resources are spent on data normalisation because data was originally intended for simple reporting or a byproduct or a back office app, not for #datascience purposes. #AISummit #AI — Nick Patience (@nickpatience) June 14, 2018 Fascinating insight on the progress of #Santander’s #machinelearning activities. Here are the bank’s key customer-facing use cases for #AI & what the model deployments look like internally. They also regularly test their algorithms via sponsored competitions on @kaggle #AISummit pic.twitter.com/UOgA4X5TAw — Nicholas McQuire (@nickmcquire) June 14, 2018 Keep watching this space! We regularly publish similar blogs with current happenings from around the globe in the world of Tech and Digital.

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