Tag: IoT

IMC 2022 Highlights: India Mobile Conference Focuses on 5G Business Opportunities | Blog

With the launch of 5G in India last month, the 2022 Indian Mobile Congress (IMC) demonstrated many exciting possibilities for the high-speed network to deliver innovative use cases in India. Beyond the technology benefits, 5G can be leveraged to solve efficiency and optimization challenges and enable future growth for enterprises. To learn more about 5G business opportunities, read on.  

India embarked on its “new digital universe” with the official unveiling of 5G technology by Prime Minister Narendra Modi at the sixth edition of the Indian Mobile Congress (IMC), Oct. 1-4 in Pragati Maidan in New Delhi. In this blog, we share some of our key takeaways from the event organized by the Cellular Operators Association of India (COAI) and India’s Department of Telecommunications (DoT).

The evolution of connectivity technologies with 5G as a platform for boosting productivity and innovation was among the key themes that emerged from this India mobile conference that drew an enthusiastic response from technology service and infrastructure providers, manufacturers, industry and government officials, academia, and the public.

Shifting narrative: from explaining technology to showcasing possibilities

While the 5G benefits of increased connectivity speed, low latency, and improved reliability are now well known, the India mobile conference highlighted several 5G-enabling technologies. These include carrier integrated 5G network (low- and mid-band); open-source technologies and architectures (O-RAN); network cloudification through Software-Defined Networking (SDN), Network Functions Virtualization (NFV), and Multi-Access Edge Computing (MEC); small cell 5G architecture, private 5G, network slicing, and Fixed Wireless Access (FWA).

An interesting highlight of the event was the increased emphasis on showcasing the applications of 5G. Among the possible use cases spotlighted were massive and critical Internet of Things (IoT), machine-to-machine communication, collaborative robotics, autonomous driving, vehicle edge computing, metaverse and Augmented Reality (AR) powered collaboration, predictive maintenance, remote surgery, real-time analytics and decision making, cloud-based gaming, smart cities solutions, intelligent supply chain and logistics, and smart retail.

With 5G resolving connectivity problems and other building blocks like cloud, Artificial Intelligence and Machine Learning (AI/ML), and IoT now mainstream, enterprises have all the needed elements to optimize and modernize their technology landscape and capture the next wave of growth opportunities.

5G for sustainability: an emerging conversation

While 5G network equipment and components are generally expected to consume more power than the previous generation, recent equipment and software innovations aim to make products as energy efficient as possible.

Some examples of the energy-efficient technology presented at IMC included lightweight massive Multiple-Input Multiple-Output (MIMO) radios and software solutions such as traffic-aware dynamic network management solutions for energy monitoring and management that provide 5G levels of expected network performance while consuming the same amount of energy as the traditional 4G network.

5G also is expected to power the next generation of sustainability applications around Greenhouse Gas (GHG) emissions monitoring and management, optimal resource management, smart transport, and other uses. Its higher bandwidth will make it possible to connect large numbers of IoT devices over the Internet and enable faster decisions through increased connectivity speeds and low latency.

Turning possibilities into practicalities: the need for building a contextualized business case

While 5G offers numerous benefits, from optimization and efficiency to unlocking new growth avenues, the strategic business value needs to be clearly communicated to enterprises.

Currently, the 5G ecosystem is a bit fragmented, with different types of players offering their own strengths. For example, OEMs are focusing on improving the equipment and hardware; communication service providers are focused on increased speed and low latency; and system integrators (SIs) bring data, AI/ML, IoT, and cloud expertise.

To move to the next level, industry players need to combine 5G’s benefits of connectivity, reliability, and low latency with AI/ML, IoT, and cloud to build business use cases that add value to enterprises beyond just showcasing the possibilities.

Ecosystem players need to help enterprises realize that 5G is not only an improved wireless network technology but also a solution to their long-standing efficiency and optimization challenges that can enable their next wave of growth.

To further discuss the India mobile conference and how to capture the most value from 5G business opportunities, please reach out to us at [email protected] and [email protected].

Watch our webinar, What’s Ahead After a Decade of Digital Transformation?, to hear our analysts share perspectives on what’s in store for the digital transformation industry in the next ten years.

Unleashing the Potential of Data in Insurance – The Road Ahead | Blog

Leading insurance organizations seek to be more data-driven in their business decisions by harnessing the full potential of the data that resides within their enterprise boundaries. With the evolving technology landscape, real-time experience management, and explosion of data types, insurers are increasingly leveraging real-time insights to improve customer experience. In this blog, we will explore the potential benefits for carriers of unlocking data in the insurance value chain.

Insurance enterprises are facing a tough business environment marred by macroeconomic challenges, heightened natural catastrophes, and unfavorable interest rates. This is creating an urgency to re-evaluate underwriting and pricing models by taking data-driven approaches.

Data can help insurers unleash the next growth wave, enable targeted cross and up-selling generated through higher customer engagement levels, and provide a 360-degree view of their customer needs. For example, embedding data and analytics and Artificial Intelligence and Machine Learning (AI/ML) models within the claims workflow can enable zero-touch insurance claims transactions. The digital interaction process can flow seamlessly from intaking all filed claims consistently across channels, validating and assigning complexity scoring to each claim, segmenting and routing the claims based on complexity, to finally settling them as quickly as possible.

Infusing intelligence across insurance operations while investing in data and analytics capabilities can generate a surplus economic value of US$ 874 billion, according to Everest Group research, as illustrated below.

Exhibit 1

Picture1
Source, Everest Group

However, the industry faces challenges to effectively unlock the full potential of data in insurance, including:

  • Siloed and scattered data: Insurers face a high data spread across disparate systems, business lines, functional areas, and channels preventing them from gaining a 360-degree customer view, resulting in high integration costs
  • Inadequate enterprise-wide data strategy: Insurers need to foresee the entire insurance lifecycle to democratize enterprise-level data and analytics objectives and define how they can manage data as an asset and drive critical business decisions
  • Attraction and retention of skilled talent: Employees with technical expertise and domain-specific skills are scarce

The changing road ahead

Insurers are not only striving to make data-driven decisions but also beginning to explore new business models by combining available big data with advanced AI and ML capabilities.

Insurers are shifting from being risk mitigators to playing more of a risk avoidance role with data, cloud, and platforms being their foundational components. Digitization of the value chain, new business models, and underwriting transformation are helping insurers expand their roles from underwriters to risk decision partners who predict unforeseeable risks and ensure protection.

Data from connected devices is becoming a prominent source to assess and prevent risks. To illustrate, in the auto insurance industry, sensors, blind-spot assist, collision avoidance tools, and other safety systems have already been pre-built into vehicles using behavioral data to help improve safety.

Vast data stores are opening up opportunities to price risk more accurately and offer personalized product structures. For instance, utilizing climate and other third-party data empowers insurers to assess geographical areas that present greater catastrophic risk and charge higher premiums instead of measuring these types of risk through traditional approaches.

Deploying AI and other latest technologies not only assists with ingesting unstructured data but also helps generate actionable insights that previously were unavailable to underwriting and claims teams. Insurance data and analytics spend is growing at an accelerated rate of over 25% annually as insurers look to transition to being data-driven enterprises.

Leveraging data from different types of sources such as wearables, internet of things (IoT) sensors, and telematics through clients’ lifestyles and behavior, insurers are embarking on a new age digitized underwriting process. Smart loss capture and IoT sensors are expected to bridge the gap between the traditional claims processing mechanism to zero-touch claims transactions.

How will the insurance industry progress toward a data-driven approach?

Insurers need to actively engage with the ecosystem of data generated by the insurance enterprises as well as information coming in from external sources such as InsurTechs, and services and technology partners. By doing this, insurers can create and implement strategies that will lead to unmatched automated decision-making support that they can leverage to drive growth and efficiency and extract maximum value.

Exhibit 2

Picture2

Source, Everest Group

Data will be a central driving force to strengthen competitiveness in the industry moving forward – allowing carriers to leave behind their traditional approach of solely being risk protectors and move them toward being risk preventers.

As insurers look to become data-driven, data centers and cloud services can enable companies to respond to evolving customer needs, improve resiliency, instill agility, and drive enhanced operational efficiency. Similarly, leveraging AI/ML models and predictive analytics offer a major solution to the challenge of providing real-time actionable insights. Insurers that can create true differentiation and impact using internal and external data will be able to future-proof their business and be seen as leaders in times to come.

To learn more, check out our State of the Market Report 2022 – Unveiling the Economic Value of Data and the Road to Actualization. To discuss more on these topics and share your perspectives with our analyst team, contact [email protected], [email protected], [email protected], and [email protected].

What’s Ahead After a Decade of Digital Transformation? | Webinar

ON-DEMAND WEBINAR

What's Ahead After a Decade of Digital Transformation?

Access the on-demand webinar, delivered live on October 11, 2022.

In 2013, the term digital transformation gained dominant mindshare across leading companies and has since been a priority for over a decade. The next decade promises to be dramatically different – with exciting new opportunities and critical challenges that enterprises will need to deeply understand, as they rethink their digital transformation strategies.

Join this webinar as our analysts share perspectives on what’s in store for the digital transformation industry and provide recommendations and best practices on how to keep pace with exponential technologies such as web 3.0, metaverse, and quantum computing.

What questions will the webinar answer for the participants?

  • What will digital transformation look like over the next decade?
  • What opportunities and capabilities are needed to serve this industry?
  • How will technologies, processes, and business networks evolve?
  • What were the pitfalls witnessed in the last decade, and how can we avoid them in the next decade?

Who should attend?

  • CEOs
  • CIOs
  • CTOs
  • Chief digital officers
  • Chief data officers
  • Head of cloud
  • Head of CX
  • Head of digital strategy
  • Head of digital consulting

3 Tips for Managing Perpetual Change from Software-defined Operating Platforms

Over the past seven years, almost all large companies made substantial progress in implementing digital transformation across a wide variety of functions. At the core of those enormous investments and efforts was building software-defined operating platforms, which put companies on a trajectory to fundamentally change how they operate their business. However, studies show many companies (70%) failed or underperformed against their digital transformation objectives. In this blog, I’ll discuss three tips for how to avoid that outcome and, instead, reap the significant benefits of software-defined operating platforms.

Read on in Forbes

Trust and Safety (T&S) in the Metaverse | With Great Power Comes Great Responsibility

LINKEDIN LIVE

Trust and Safety (T&S) in the Metaverse | With Great Power Comes Great Responsibility

View the event on LinkedIn, which was delivered live on Thursday, September 22, 2022.

The metaverse is an expansive network of interconnected virtual worlds that enable highly immersive experiences and social connections🌐. Due to its intrinsic nature and exacerbated by 5G and Web 3.0, the metaverse will drastically drive up data usage, unregulated social interactions enhanced by Augmented Reality (AR) / Virtual Reality (VR), and the evolution of video and live streaming content💻.

This explosive growth has immense implications for Trust and Safety (T&S), including threats to user security, increased abuse, the proliferation of objectionable content, and financial fraud❌.

📢Watch this session as our speakers present the T&S challenges brought on by the metaverse’s rapid growth, risk mitigation strategies for these challenges, and what this means for the third-party T&S services market.

Our experts will explore:

  • T&S use cases for the metaverse
  • Risk mitigation strategies for challenges that arise
  • Implications for the third-party T&S services market

Meet the Presenters

Web 3.0 and Metaverse: Implications for Sourcing and Technology Leaders | Webinar

ON-DEMAND WEBINAR

Web 3.0 and Metaverse: Implications for Sourcing and Technology Leaders

The next evolution of technology is upon us, and business leaders are racing to understand new concepts like Web 3.0 and Metaverse – both generating strong reactions from hype acceptance to extreme cynicism. Regardless, organizations that explore the business benefits, experiment early, and work with the right partners are bound to see the full potential of both.

In the coming years, we expect to see business adoption of Web 3.0 and Metaverse in some form or another, as they evolve and expand business boundaries.

Watch this on-demand webinar as our experts deliver their perspectives on Web 3.0 and Metaverse and provide actionable insights to enterprises, service providers, and technology vendors.

What questions will the webinar answer?

  • What is Web 3.0 and Metaverse?
  • How are these relevant to your business?
  • What should you do to source services and technology for these?

Who should attend?

  • CTOs, CDOs, CHROs, CXOs
  • Digital engineering leaders
  • Cloud and edge leaders
  • Heads of sourcing
  • Vendor managers
  • Mixed reality leaders
  • Extended reality leaders
  • Metaverse architects

Metaverse eCommerce: The Next Logical Step in the Evolution of Immersive eCommerce

Metaverse is here to stay, and it’s going to play a significant future role in how we experience brands virtually. Industry giants are investing big in this space, and it is creating new opportunities for service providers to build feature-packed solutions for their customers entering the Meta world. Read on to learn about the potential and pitfalls of Metaverse eCommerce and why gaining a first-mover advantage is critical.

Digital commerce owes its maturity to the ever-evolving technology ecosystem – starting with the first online dial-up transaction on a modified television to a plethora of innovations over the past decade like mobile commerce, voice search, and social commerce. Emerging concepts such as gaming commerce and recommerce or reverse commerce are further defining the ecosystem.

Digital commerce is also witnessing an era of hyper-personalization powered by Artificial Intelligence (AI). According to Everest Group research on the Top 15 Start-ups Redefining Shoppable Experiences, 70% of the start-ups in the ecosystem are leveraging AI to offer enhanced solutions.

Enterprises are offering immersive buying experiences through Augmented Reality and Virtual Reality (AR/VR). To continue progressing on this trajectory, technological alignment is inevitable for a futuristic eCommerce strategy, and the next logical step for attaining this is Metaverse.

Defining metaverse and its significance in eCommerce

metaverse

Exhibit 1: Definition of Metaverse

In simple terms, Metaverse is an extension of technologies such as AR, VR, blockchain, cryptocurrency, and social commerce coming together to form a virtual world, where customers can shop, play games, and socialize with friends.

Popularized by video games and fiction novels, the idea of Meta has been around since the early 90s, but recently, the industry has become extremely bullish on Metaverse primarily due to two major contributors. Firstly, technologies backing the concept of Meta (blockchain, crypto, and affordable VR) have attained significant headway in the past decade. Secondly, the idea has gained mainstream momentum because industry giants such as Facebook (Meta), Google, and Microsoft are pouring huge investments into Meta-platforms. Experience management leader, Adobe, has also put its best foot forward towards the Meta world by offering tools specific to 3D content creation, experience delivery, asset management, and commerce.

The Meta wave began in the early 2000s with games like Second Life and World of Warcraft, which were based on centralized economies where the value of owned assets was limited to those games. Aiming to overcome this deficiency, Decentraland came into existence in 2020. This platform offered a decentralized economy, where along with building virtual worlds, trading assets, and hosting events, users could transfer purchases to other Meta platforms like The Sandbox. Although the latest version of Meta provides numerous opportunities for users, we are still far away from creating an Omniverse like the movie “Ready Player One.”

Despite the technology being in its infancy, Metaverse holds significant potential in the digital commerce space. In the current 2D eCommerce model, information is consumed rather than experienced, restricting brands from creating physical connections with users.

Metaverse can solve this problem to a very large extent. In Meta-commerce, shoppers can truly experience a company’s culture, design, and branding elements. This will create huge brand differentiation beyond what is currently limited to logos and banners.

Although the technology backing Metaverse is still at a nascent stage, it holds immense potential to build an immersive commerce platform where products will come alive and personalized customer engagement will create brand loyalists.

Brands advocating metaverse are already pioneering virtual commerce

Envisioning the macro future implications of a single worldwide Metaverse, forward-looking brands have already started creating virtual commerce experiences at the company level. Here are some examples:

  • DRESSX – Designers and fashion enthusiasts can enter their Metaverse and create clothes from scratch. Users can try clothes on through their avatars and convert their fashion non-fungible tokens (NFTs) into actual garments
  • Gucci Garden Metaverse and Louis The Game – Gucci and Louis Vuitton have each launched their own NFTs where everyone has the freedom to create and modify their apparel
  • Charlotte Tilbury Virtual Beauty Gifting Wonderland Users can connect with make-up artists in virtual rooms to discuss their skincare concerns and also invite friends to help them find the right product through an integrated video feature in the same session

Potential challenges in realizing metaverse

Metaversechart

Exhibit 2: Challenges pertaining to Metaverse implementation

To make Metaverse a reality, several challenges need to be overcome. These include:

  • Consistent user experience and interoperability – A singular global decentralized Metaverse with shared data, computation, and bandwidth can only be achieved with collaboration between several global parties. Unless features are aligned and intellectual property is shared, we’ll never get a true Metaverse
  • Dearth of skilled talent – Talent for developing design tools and headless systems for businesses to prepare their stores for different media and virtual formats is in high demand and short supply
  • Cybersecurity and privacy – Metaverse users could experience incidents related to fake NFTs and malicious smart contracts that access personal data and crypto-wallets. Since personalized virtual experiences will create an endless need for countless customer data points, industry giants will likely prioritize competitive advantage over user data privacy

 Along with these obstacles, challenges related to hardware, use-case identification, slow adoption, lack of capital, a fragmented tech landscape, unpredictable Return on Investment (ROI), and legal implications will surely make it difficult to turn the virtual world into a reality.

But on the brighter side, the foundational infrastructure is already in place in the form of a sophisticated global blockchain network, ergonomic VR design, scalable AI, and last-mile internet connectivity in most parts of the world. Therefore, Meta is no longer a far-fetched dream. And with most industry giants strategically investing in the concept, the challenges associated with it will get mitigated very soon.

Opportunities for eCommerce service providers in this meta wave

This new world is pushing IT service providers, consulting firms, and design agencies towards attaining Metaverse eCommerce capabilities. These industry players will be able to add several new digital service offerings through Metaverse. A few of these services include:

  • Metaverse consulting – With Pwc buying land in The Sandbox, it is evident that consulting firms will play a pivotal role in the world of Meta. Enterprises entering Metaverse will need significant hand-holding and a relevant knowledge base about the concept to formulate their Meta-business strategy. Consulting firms can leverage their expertise to advise and direct clients who wish to embrace Meta with its full range of challenges
  • Metaverse applications – Exclusive applications will be required for users to interact with the Meta world for virtual shopping. IT providers will need to build development expertise in the AR/VR technology stack to deliver these capabilities
  • Design and NFT – Design agencies will be essential for creating 3D models of virtual artifacts in the Meta world. Along with that, designers also create NFTs that play an extremely vital role in the Meta economy. Therefore, Metaverse will bring a plethora of lucrative business opportunities for design agencies around the world
  • NFT marketplaces – With the increasing popularity of cryptocurrencies, from digital paintings to Twitter hashtags, NFTs are being bought and sold everywhere. Since sellers will have the power to tokenize everything in Metaverse, a marketplace that supports NFT transactions through blockchain will be needed. Because of this, demand for IT service providers specializing in the NFT marketplace and blockchain development technology will rapidly increase

An exciting future

Brands are already implementing core technologies essential for Meta in silos. Soon, we will witness their integration to create an alternate world full of endless possibilities.

Metaverse is here to stay, and it will bring a multitude of opportunities for service providers to build feature-packed solutions for their customers entering the Meta world. Enterprises need to seize the first-mover advantage now by swiftly evaluating the future impact of Metaverse on their businesses.

Discover more about how organizations are increasingly finding ways to incorporate elements of the metaverse in our blogs: Enterprise Metaverse: Myriad Possibilities or Problems for the Hybrid Workplace? and Metaverse: Opportunities and Key Success Factors for Technology Services Providers.

To further discuss Metaverse eCommerce opportunities, contact us.

Request a briefing with our experts to discuss the 2022 key issues presented in our 12 days of insights.

Request a briefing with our experts to discuss our 2022 key issues

How can we engage?

Please let us know how we can help you on your journey.

Contact Us

"*" indicates required fields

Please review our Privacy Notice and check the box below to consent to the use of Personal Data that you provide.
Consent*