Service(s) with a Smile!

Dizzying growth, buy-ins, buy-outs, booms, and busts are the material that the services segments are made up of. A major contributor to GDP and comprising key segments that attract foreign investment inflows, the fast growing sector is governed by factors domestic and global. Seeing its importance, governments and private players alike provide incentives to boost engineering, communications, information technology, banking, and so on.

The evolution of Smart Cities and investments in data-enabled services are key areas where the private sector plays a prime role in developing “open” services. According to the OECD, a large portion of the $1.8 trillion global annual investment required for infrastructure projects between 2010 and 2030 will be invested in cities. No wonder policy leaders, citizens, and business houses – in the Asia Pacific, Barcelona, Bengaluru or Boston – are fast forwarding to the future!   

On to startups, the latest entrants into the asset class in the product portfolio and on whom the eyes of the high net worth bracket are trained. Investment is through either personal wealth or angel funding. India is a case in point, the risk nevertheless. GCC governments too have made considerable investments in the services sector, and rightly so by improving ICT infrastructure. GCC business leaders and governments still face challenges, funds being among them, at times.

In the software industry, however, growth rules are far different. A 20% annual growth in a healthcare firm is cause for cheer, but it spells doomsday for IT. To sustain investment, firms anywhere need to plan with foresight as to:

·       How much growth is needed, and how quickly?

·       How much growth is left in core markets and how secure is the firm?

·       What are the chances of expansion and to generate cash for further investment?

·       What new opportunities exist, and when is the move?

Concern about one’s country, the world, its people, and environment has led to a new breed of investors promoting concepts they feel strongly about, to influence decisions that could detrimentally impact society. Socially Responsible Investing has thus come to stay.  

 As Stephen Covey wrote, “To be successful requires beginning with the end in mind.”

Live and let live, balancing ecosystems!

It took over 50 years for the word ecosystem, as we know it, to be transported from the natural world to that of business and commerce. Coined in the 1930s by British botanist Arthur Tansley, it was given a new dynamism by business strategist James Moore. Companies working together, cooperating and competing to promote new products while keeping the customer in mind was Moore’s vision of an ecosystem for the business world.

Fighting to find a footing in the jargon-oriented business setting, the term scored brownie points for its value and has since found a permanent place in the lexicon. From technology to platforms as diverse as media and healthcare, the scope of the possible was continuously put to the test. And pass it did with flying colors, in serving communities and harnessing talent.

The operative word here is platform, as, magnet-like, it attracts participants or players to the field with a purpose. Such platforms bring about resource sharing to access untapped assets or markets and improved customer satisfaction. Platform business models led to the evolution of apps-based businesses. The early birds stood to gain, the smartest opening the doors to Smart initiatives.

The financial technology ecosystems that took wing in the developed countries look set to branch out to other regions, for instance, to the GCC countries. Governments and financial institutions have come to realize that such ecosystems are imperative for growth. Architects of business ecosystems in the GCC countries would do well to:

·      calculate the financial benefits of having such systems

·      develop the strategy to achieve the aim

·      choose the partners

·      build an operating structure and model of the system

·      put together all criteria for best use of available resources

In countries such as the GCC, however, the governments have a more crucial role to play than in the developed world, and the challenge lies in developing the necessary coordination. So, let’s connect, cooperate, collaborate, and co-evolve!

Healthcare: wired, smart, and upwardly mobile!

Healthcare: wired, smart, and upwardly mobile!

The world is getting Smarter by the day. Shopping, banking … and more are accomplished at the click of a mouse or the press of a mobile button. Healthcare, too, has come within the ambit of this Smart world. According to reports, 70% of the world’s population is expected to use smartphones capable of monitoring biometrics and lifestyle data by 2020. 

This calls for concomitant Smart teams with access to constant, real-time data on lifestyle diseases or chronic conditions, such as diabetes and hypertension, and the ability to remote monitor and manage patients and situations. Users and their families will, in turn, have access to full medical records, test results, history of appointments, and related services. 

The benefits include better management of health conditions, lesser complications, fewer hospital visits, cost reduction, and faster return to the workplace. Patients’ medical queries are answered quickly, diagnosis is faster, and people understand their health and well-being better. For patients and countries battling healthcare costs, competition, and shortage of physicians, the use of telemedicine and mobile health technology or m-health is a blessing.  

Downloaded healthcare apps on the rise, and GCC countries, too, are upwardly mobile. The tech-savvy population is eager to adapt digital solutions for healthier lifestyles, and private and government entities are taking steps to provide on-demand healthcare. Cloud-based systems are used to connect healthcare professionals and cloud-based solutions to provide aid, for instance, in administering immunizations and conducting medical investigations.

GCC healthcare leaders could ensure that:

• 1.      Hospitals improve their admission, discharge, and transfer process. This will lead to shorter hospital stays and higher occupancy rates; reduced costs for patients and improved productivity for hospitals; besides patient satisfaction.

• 2.      Data, both internal and external, are used in better ways to gain maximum value.

• 3.      Collaboration and exchange takes place between organizations and the broader ecosystem.

The overall goal should be to capitalize on the advantages and carry through the digital imperative to completion.

.

..