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BFSI industry has witnessed innovation at a rampant pace. Unified Payment Gateway was one such milestone that is set to cross the payment marks of exisinting giants like Visa and Mastercard. Similarly, Insuretech, Market Investment, Mutual Funds, Neo-banking etc. have seen within themselves disruption with companies making their mark by constantly innovating to stay aloof in the market and not loose their clients.
With the spread of COVID-19 pandemic, healthcare has received significant importance wishlist government support and upcoming policy changes for pumping extra money to improve healthcare standards. Few innovatons has caught up the eyes of managing database history of patients for advance healthcare support, use ot hand-held deviced to idenitfy blood clots and other tumours at an initial stage, doctor consultation and diagnoses online and much more. The giants investing into innovation will come out winning.
With the introduction of RERA Act in the recent years from government, the speedy delivery of the property has become increasing important. While, to be able to manage to operations cycle, it is vital to have sales funnel built as a part of innovation. AR-VR can come handy into building a greater sales proposition alongside social media selling. Giants like L&T and Godrej have been constantly investing into innovation for their growth.
Until 2020, Robotics has been used in quite a few companies for manufacturing and will continue to disrupt the labour market as an on-going trend. With Covid-19 pandemic, increased importance of work gears have catch the eye. Judging the company on their cybersurity score for data security has increased. AR-VR alongside low-code platforms for building and IoT have gathered much required momentum for growth of manufacturing industry.
The backbone of Indian economy employee nearly 60% of the workforce. The upcoming trends are witnessed in a way of digitization the area using multiple technologies and aiding farming for a better output in terms of quality & quantity. These not only helps FMCG giants grow but also turns out to be worthy for fertilizer providers, farm equipment manufacturer and companies that aid in farming. With IoT coming into picture much from the process can be automatized receiving support from AI-ML based learning for output maximization.
Innovation is the way ahead for an industry such fast-paced and with the presence of giants Amazon, Reliance and Walmart locking horns. Devices built to ease the customer shopping journey and innovation means for a swift and quick customer acquisition and loyalty will hold the trump card for sustenance and excess market pie in the industry.
The last decade saw heavy disruption from Marketplace giants like Airbnb, MMT, Trivago etc. who took the onus of taking the industry to the next level. Prime properties, get-away locations and travel destinations are now made within the reach through affordability. The industry is shaping up drastically through customer data for repititive sales, leveraging tech for assitance, keyless entry etc. The service standards has seen a rise with the usage of techology for better customer onboarding and experience during their usage period. Much more innovation is required to bring users post COVID-19.
The FMCG growth has been bullish in the early months of 2020 with much reliability into packaged foods. The question lies into constantly innovating of which much room is left with the way supply chain is enhanced to also cater the rural markets apart from amping-up services in the urban areas. Sales through gamification, health-orineted products, digital customer tapping are the recent innovations picking up the pace. The ones that have constantly innovated and caught the right consumer nerve will grow to capture better market share.
The Indian telecom industry has shaped sharply with the launch of Jio Infocom and its ecosystem which is a result of constant innovation, improvisation and acqui-hire spree. The data charges are lowest in the world and soon the model will be followed by the global players. Using AI and IoT for customer service, AR-VR for network management, Big Data for ecosystem expansion and much more. With the global market gearing for the launch of 5G the importance of innovation within the industry and connected dots will play a major role into acquiring higher market share.
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