We are witnessing a reverse trend in innovative
solutions from emerging economies making an
impact on businesses in the advanced markets.
ICICI is India’s second largest bank with an asset
base of about US $81 billion (as on March 2010)
and over 20 million customers. It is expanding
its international business in countries such as
the United Kingdom, United States, Germany
and Canada through a variety of service delivery
channels including internet and mobile banking.
Supporting its international growth plan is our
universal banking solution, Finacle™.
Our solution enabled ICICI Bank achieve
competitive advantage by a rapid roll-out of new
products and faster customer service through
multiple self-service platforms. The bank is now
managing its global operations by delivering rich
customer experience across channels, centralizing
processing hubs and ushering in automation to
excel in a multi-country environment.
Emerging economies now provide global enterprises
the opportunity to engage with millions of consumers
for new products and services. Enterprises need to
re-engineer their business processes and technology
platforms for their suitability to build growth
momentum in emerging economies. The traditional
approach of adopting standardized processes and
systems from the developed economies poses
significant challenges in these markets. For example,
the innovative application of mobile technology and
web-based services has led to the development of
new products, services and business models for the
emerging economies.
Successful enterprises are opening up their innovation
processes and are collaborating with complementary
ecosystem partners. Enterprises need to nurture and
develop their innovation capabilities in emerging
economies and not transport and localize the products
and services developed elsewhere. Each of the
emerging economies needs its own innovation hubs to respond rapidly to the differing needs, maturity
and price points. For example, the ability to integrate
product lifecycle management and supply chain
management data is helping enterprises manage
organizational information effectively across the
industry value chain.
Enterprises are disaggregating and globalizing their
innovation processes. Emerging economies are
attractive destinations for smart sourcing because
enterprises are moving independent work modules
to locations based on factors such as availability
of the right talent, cost, consumer proximity and
co-location with manufacturing facilities. However,
they need to shift the mindset from ‘owning the
resources’ to working through networks to
leverage the talent and resources available in
emerging economies. The new technology
and innovation hotspots are the emerging
economies. Enterprises need to leverage emerging
technologies with the right set of ecosystem partners.
Doing so will pay them rich dividends now and in the
future. |