Leveraging Technology – The CACID Dimensions

In today’s world, where technology is so ingrained in our business, daily lives and in our future, it’s given that it’s no more a word, its real leverage to influence present and shape future. There are many aspects to the influence it commands and to put it summarily, I call it, “The CACID Dimensions”.

Cost - Technology can dramatically alter the cost equations of New Product & Services Development, Concept Testing or Test Marketing, Operations, Services, and Delivery. What took oodles of money and time before can be done at a fraction of the cost today, by leveraging technology. A simple example of that would be post office stamps becoming a collector items more than the means to send a message across. Don’t have to buy an envelope, a stamp, no visit to a post office, no cost to send and instant delivery with a return receipt guaranteed. Sounds too simple an example, It is.
In business perspective, the cost of information access, selling or buying products without the need of a retail store, experiencing services (Access banking - anywhere, anyway, anytime), all has been dramatically brought down just because communication technologies make it possible.

Access – The wonder aspect of technology is that it makes access for both business and consumer so ubiquitous. Where physical infrastructures can’t reach or is unviable to access customers, a mobile bank, an ATM or a PoS terminal or better so internet or mobile exists. The unbanked or under banked population, which has the potential to provide next round of growth suddenly becomes accessible and vice versa with the near universal reach of mobile phones, the unbanked or under banked customers can access the bank without the need to open an account with bank or to have a plastic card because cardless cash, mobile money, virtual cards or biometric terminal/kiosk or an Aadhar Card (direct cash subsidy) make it possible. New markets, new segments, new products and services (read customized at micro level) are emerging and the revolution has just begun.

Convenience – Suddenly convenience has become the operative word as dynamically changing lifestyles, rapidly evolving global environment, altering rural/urban landscape, shifting preferences and paucity of time force all to adapt to life differently. Information search, decision support, payments/purchases/transfers, need to connect in real time and live and share life digitally, all are becoming possible thanks to World Wide Web. Multiple access and delivery channels have evolved for you to do anything, anytime, from anywhere. Business and Consumers both have rapidly evolved to make convenience not just a word but an experience.

Innovation – In this world, where change is the only constant, innovation has become the fuel on which business and individual thrive…Be it a smart phone, a tablet, a notebook, the power to engage, interact and do business, has been put in the hands of the Businesses or individuals . A relevant example could be the way banking has evolved. From Ledgers in bank branches to electronic accounts to cards to PoS to ATMs to Phone Banking to Online Banking to Mobile Banking to virtual accounts to virtual cards to m-wallets to cardless cash to video banking to online financial malls to electronic trading accounts, banking world has undergone a sea change and it has just begun. Now all that would not have been possible without the need to innovate and without technology supporting the innovative concepts. Not only that, technology has made innovation “viable” not just innovation with “no real benefits”.

Disruption – Technology has uprooted many a tall towers and decimated them. Be it mainframe computers industry, the thriving middle-men (who instead of bridging the gap between producers and consumers in fact tried to create the gap to benefit them), the information controllers and sellers, all have bitten the dust to name a few. Mainframe computers have become obsolete and are being replaced with storage devices as computing power is put in miniature computers or independent access devices. The online platforms connecting producers and buyers (Web Information and Transaction Portals, Payment Gateways, Integrated Delivery and Logistic platforms and Service Platforms) have rendered the middle man obsolete and created a huge market, where everyone is welcome and where everyone is a winner. Today, with the power of professional and social networks, the knowledge sharing platforms and the power of connecting and sharing information in real time, has toppled many dictators, autocrats, secretive governments as information flows freely, opinions are built in real time and decisions are made and supported almost in a matter of days having far reaching consequences.

Leveraging technology to shape the build, shape and realize the world, as we dream it, has become possible and the day is not far where all will matter and all that matters, will be in reach of all, who matter…

I can be reached on rajnishkhare@gmail.com for any comment, feedback or discussion.