Application Economy: The Next Wave In Enterprise Business
Today an increased number of people are bringing their own devices to the workplace. This has given rise to the Bring Your Own Device (BYOD) trend which is putting a lot of pressure on the IT team. With employees carrying devices, apps to their workplaces, security is always at the top of the minds of CIOs. However, on the positive side, the BYOD and broad consumerization of IT also means corporate CIOs are now embracing the benefits of an ‘app economy’ like never before. Moreover, faster mobile connectivity and trends like cloud computing are prompting CIOs to use app store model to offer employees with business-critical applications. As a result, we are surrounded by an application pool where everything is driven by a connected, mobile, application-based world where the customers are far more likely to experience the brand and interact with the enterprise through a software application than a live person.
While many already use commercial enterprise app stores from providers, organizations are also increasingly building their own internal app stores to manage in-house apps for employees. The question that often comes to mind is: Are IT organizations ready to harness the power of BYOD and mobile apps? It is here that the leading software solutions providers come into focus, helping organizations have an API strategy so as to power innovation, drive productivity and accelerate the development of secured mobile applications and offerings.
India is a hotbed for many new businesses and given the economies of scale, the application economy has a huge scope to thrive in such a situation. The application economy has thrust many startups into leadership position, putting pressure on the industry giants to taste the flavor of this medium.
As we move into a post-PC, mobile-first era, the application economy will continue to transform how we use software. As mobile apps have become an intrinsic part of everyday life, the biggest challenge is making businesses aware of the real value of an API especially due to the plethora of channels in the market, including mobile, social, third-party developers creating new apps, and so on.
The enterprise empire is vast and enjoys the brand equity and brand loyalty, which has been built through years of brand promotion, product innovation and delightful services. However, gone are those days when the brands used to scale up their sales solely due to brand name, because of fewer market players! With the growing technology and software innovations, plethora of brands have entered the category giving cut throat competition to industry giants. The impact of the application economy is clearly being felt more intensely by top management, especially far more by the “C-Suite” (e.g., CEO, CIO, CMO, CFO, etc.)
In today’s world where people have stopped visiting the brick & mortar stores and buy almost everything ranging from apparels, food, gadgets to consumer durables, online over an app, there is hardly any room for businesses who do not integrate their business objectives to this platform. Application Economy provides you with relevant services, exciting offers, hassle free delivery and plethora of options to choose from, at your fingertips through an app. Such is the power and aura of the medium with instant and long lasting magnetic effects. Apps with excellent infrastructure and huge warehouse can pump into thousands of brands, products and services to people in express one day delivery with exciting offers, unbelievable prices, instant delight and gratification.
To this end, a debate is gathering storm as to whether ‘App Loyalty is becoming the new face of Brand Loyalty.’ With numerous competitors entering the market providing similar products and services in the same category there arises a threat of Brand Parity which occurs due to confusion created by similar products and services offered by different brands to the customer who fails to distinguish between them. Apps can be a distinguishing factor in the market abundant of competitors, creating unique identity for the brand in the market. Apps can bring back the once loyal customers, fetch new customers and convert competition’s customers by creating enriching feel and experience which a brand, product or service can never create in silos. Apps can create an army of brand advocates and brand ambassadors through instant delight and gratification which can act like a shield during a crisis or rough patch experienced by the brand.
The application economy has played a vital role for the startups, transforming them into market leaders. This in no way stops giant enterprise businesses to adopt this strategy in order to retain their monopoly in the market, maintain their brand loyalty and increase brand equity. To fire-fight the increasing brand parity which arises owing to multiple brands in any category offering similar products and services, enterprises will need to be aware of what application economy can do to their business – from pulling out of the clutter, to offering an edge over their competitors.
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