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Technology solutions boost businesses in India
Experts feel technology can enhance revenue from marketing by 5 to 7 per cent
Technology solutions seem the buzzword for everything from business processes to solutions that help customers bridge from the traditional world of client-server technologies to the new world of mobile-cloud technologies.
Magma FinCorp for instance, is one of the few NBFCs in India to successfully use technology to expand its business and has now tied up with Nucleus Software to gain a competitive edge by creating and launching new financial products faster than its competitors.
Vmware End-User Computing solutions for instance helps its customers to transit to the new world of mobile-cloud technologies that they claim delivers greater agility, seamless access across user devices and enhanced security. Now, Nasscom has highlighted the use of technology as a marketing tool.
Srinivasan Jayaraman, senior vice-president and managing director of the $396.9 million Virtusa said that technology can enhance the marketing department’s contribution to revenue of a company by 5 to 7 per cent and is expected to go to 10- 15 per cent from the earlier 3 to 5 per cent with the growing use of technology.
Globally, the marketing division contributes between 30 to 40 per cent to revenue but in India, the use of marketing technology is in its initial stages. He says that his company sees 65 to 70 per cent of marketing officers talking about increasing their budgets in the technology space.
An advertising company, Publicis, recently bought a technology solution. Advertising companies are shifting from creativity to technology.
Banking and insurance companies are investing in marketing technology and so are e-commerce companies. A banking company recently asked a service provider to give information regarding its brand on social media.
The shift is imperative, says Mr Jayaraman because the consumers are very knowledgeable about products through social media, the internet and from peers to make an informed choice. They have unprecedented powers to reject, add to, or endorse the brand story. So, companies have to simplify their services, engage with customer and simplify their messages.
The marketing department has replaced the classical sales division and sits together with other departments and gives a feedback on the information on their product in social media. This had never happened till recently, said Mr Jayaraman.