And while the mobile marketplace is moving at unprecedented speed – often with rather disruptive implications – the reality is that the wide-spread adoption of mobile holds significant opportunity for all types of organizations. For traditional enterprises, mobile offers a clear path to new revenue opportunities and business model transformation that – in many cases – should create unprecedented competitive advantage. For new market entrants, mobile could be the golden ticket that reduces the cost of entry, levels the competitive playing field, and allows innovative ideas to become billion dollar businesses.
Turning change into opportunity
Clearly, much has changed since KPMG published its Mobile Payments Outlook survey in July 2011. New products and services have been launched, cross-industry partnerships formed, and unexpected trends have emerged. Lessons have also been learned by keen observers who watched some mobile strategies soar while others plummeted at inception.
Likely the most important lesson for business leaders has been that success in the mobile marketplace takes much more than financial investment; it requires a strong (and realistic) understanding of the landscape and environment, a comprehensive and achievable vision for the future, the willingness and capability to learn from the mistakes and successes of others, the open-mindedness to work with competitors (so called 'co-opetition') and appropriate resourcing to turn change into opportunity.
This is unlikely to be easy: business leaders will need to balance pace against prudence to ensure that their mobile strategies support the long-term goals of the enterprise and that investments are aligned to the needs of the business. In many cases, the adoption of mobile will demand significant transformation as enterprises evolve their business models and enhance their operations in order to take full advantage of the benefits that mobile offer.
Where is mobile heading?
It is not surprising, therefore, that – with such dramatic and seemingly inexhaustible change underway – many business leaders find themselves somewhat bewildered by the complexity and scale of the mobile market evolution. Clearly, many challenges still lie ahead and many questions remain to be answered. What business models will prove resilient to future change? How will security and privacy concerns be overcome? Which payment technologies will win out in the long-term? What are the implications of newly emerging areas such as machine to machine (M2M) communication? In short, where is this all going?
To help answer these questions and clear away some of the complexity surrounding mobile, we are launching this bi-weekly article series. Every two weeks, industry experts and insiders will tackle many of the most pressing mobile issues facing executives today. We will examine emerging trends, explain the latest concepts, and offer practical advice and recommendations to help business leaders turn mobile into sustainable business value.
Share your thoughts and insights
At KPMG, we recognize that best practices are most often developed through collaboration and knowledge transfer. And so we encourage you – the reader – to share your experiences, your lessons learned and your successes, so that together we can help the market mature, grow and flourish. Articles will be posted on some of the top social media sites, where industry participants and KPMG firms' professionals will share their perspectives on hot topics and submit counterpoints to the views of our authors.
We hope that this series helps business leaders to develop a clearer understanding of the mobile marketplace and catalyzes the industry – technology companies, telecom providers, device manufacturers, banks, retailers and others – to work efficiently to solve the many challenges still facing the sector.
But most of all, we hope that each article provides practical value for you, and we welcome your feedback at email@example.com
By Sanjaya Krishna, Principal and US Digital Risk Consulting Leader, KPMG in the US