SMAC (short for Social, Mobile, Analytics and Cloud) is an emerging paradigm in the business world, following close on the heels of the emergence of a full-blown Internet economy. It refers to a symbiotic integration of the four major pillars of digital transformation, namely - Social, Mobile, Analytics and Cloud, which has a potential to revamp the way we do businesses today.
SMAC is a redefined marketing approach which discourages usage of traditional cost-intensive marketing approaches and aims to adopt smarter marketing strategies like:
The various challenges in implementing SMAC. As with any technology, data security and privacy remain one of major concerns for SMAC. Extensive use of social media can aggravate risks of data leakage all the more. Cloud adoption could be another source of contention, given the inherent risks involved in the process of moving to the cloud.
It is interesting to note that: SMAC models emulate the platform model (create and pull), as against the pipeline model (create and push). This helps businesses in making utmost profits - by maximizing footfalls and minimizing the incurred costs.
Each pillar in the acronym SMAC can add great value to a business, but no one strategy can fit all organizations. The leaders need to revisit their organizational goals and come up with the most suitable strategy. Success will be realized by those - who don’t just react to the SMAC phenomenon, but also transition swiftly to it.
Priyanka is a multi-disciplinary practitioner in the banking, risk and financial technology space. Backed by a coveted blend of robust technical background and acquired competencies in the BFSI domain, she can intelligently connect the dots between the conventional banking industry needs, customer pain points and contemporary digital solutions. She fervently aspires to drive innovations to the financial services industry - by leveraging disruptive technologies like Social, Mobile, Analytics and Cloud (SMAC), Application Programming Interfaces (APIs), Big Data, Machine Learning (ML), Deep Learning (DL), Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT), Chatbots, Blockchain, CryptoCurrencies, Bitcoin (BTC), Ethereum (ETH), Biometrics & Wearables - that would eventually serve to improve the overall financial inclusion & innovation.