Put it in a bag of rice. Because of all the little spaces and nooks and crannies in the compact case, pockets of moisture might remain for awhile.
When you use your phone it heats up and the moisture turns to vapor. This can mess with capacitors and the like but the bigger problem in the long term is corrosion. The longer the device is used with moisture in it, the greater the chance for serious effects.
Rice, rice baby to go. We dehumidified $1600 Harris handheld computers this way all the time. Users would take them out in thunderstorms and wonder why their gps wouldn't work anymore. We would ask them to turn them upside down and tell us if the water in the view screen moved around. It was a shock when we explained that this wasn't a "feature".
A blow dryer can be used on a powered down device but don't touch the case with it or get it hot from too much. You will still need the rice either way. The blow dryer has a better chance with the case open because the heat will vaporize the moisture but the fan will be blowing it out--and you need airflow for that to work.
Removing the battery is extremely desirable if it's reasonably possible--it's most at risk for oxidizing as well as causing a short.
FYI--silica (like the little bags) is highly toxic and if a pet or infant swallows it, it can cause fatality.