Bringing value through product and pricing strategy

As customers around the world evolve, product life cycles get shorter, and new technologies come into play, the onus is on OEMs to anticipate challenges and plan portfolios accordingly. I believe that the planning and preparation for commercialised 5G devices should kick off now, starting with the R&D stage to test compatibility with all the varied requirements. While manufacturers are harnessing the power of the latest nanoscale processors for high performance, there is also the need to integrate the entire 5G cellular system design into devices without compromising the experience. Planning will help curb the risk of lengthy product development cycles and faulty products, barriers to accessibility with justified price points, and bottlenecks in the supply chain. Product evolution does not happen overnight and not in silos. This is why OEMs are also infusing products to target demographics, implementing feedback in development, evaluating testing and certification, and engaging in dialogues with communication service providers for collaboration and bundling plans. As any intelligent industry will do, the idea is to hit the ground running, rather than be laggards.

The trump card of innovation

When great minds come together, miracles happen. Take the case of UPI (United Payments Interface) for example. The mobile-based, real-time payments platform has garnered massive popularity with its design simplicity and interoperability and is now a case study in other global markets as well. To complement the power of 5G processors, 5G handsets will need to evolve on the aspects of the display, camera, performance, design, fast charging capabilities, hardware, and software as well. Similarly, a cohesive cross-collaboration among industry leaders, startups, academia and researchers, government authorities, and investors is required for 5G innovation to flourish. For one, creating innovation clusters with focus areas for use cases, investor-friendly policies, and adequate innovation governance models will unlock new capacities and drive momentum. Manufacturers can turn ideas into reality in a shorter time and birth better expertise, product diversification, and job growth in the long run. India currently occupies the 48th spot on the Global Innovation Index. And with the right push, I am sure we will rise to the Top 10 in a few years.

product innovation

The path to creating a mature 5G device ecosystem

India’s brightest young business minds