Ecosystem strategies can generate significant value both by growing the core business and by expanding the portfolio with new products and services. The digital landscape has changed remarkably in the past decade, and new advances in technology are paving the way for more revolution. The digital transformation has significantly altered the way information is shared in business, marking a profound shift in both B2B and B2C activities. Consumers now seek complete end-to-end experiences across products and services, a substantial departure from traditional models. This evolution is driven by the rapidity of digital data exchange, transcending geographic and temporal constraints. In the B2B realm, real-time data has optimized supply chains, while in B2C interactions, customers expect immersive journeys from discovery to post-purchase engagement. Ultimately, businesses must adeptly navigate this landscape to orchestrate comprehensive experiences that align with contemporary consumer preferences. Organizations are looking to rapidly reinvent their value proposition for the “next normal.” However, going after that opportunity requires strategic focus and choosing the approach that best fits the organization to unlock the full potential of an ecosystem strategy. Let us have synergy to make our workplace a world-class organization.
Analytics capabilities are a competitive advantage regardless of the role a company plays in an ecosystem. Any business that lacks advanced analytics capabilities will struggle to remain relevant. Advanced analytics excellence also requires open, modular technology and data capabilities. Analytics utilization enhanced the capability and efficiency of operations, so that we can build world-class organizations leveraging advanced technology. Historian and data lake integration is a success factor in Digital analytics. A large Asian Telco successfully leveraged advanced analytics to build a world-class monetization business. In only three years. Recently in our organization, we have integrated IT and OT systems, and Data lake has been built, which is remarkable in terms of Analytics and Machine learning models.
Agile development and operations
Leveraging agile development principles and creating customer-focused, scalable operating and delivery models can meet customer expectations for more efficient services. A kind of solution like e-commerce can make a major change in the metal business. Adopting the agile strategy in project management makes a difference and reduces risks. So let us have an agile approach and scrum methodology for lower costs.
Any ecosystem’s success depends on its ability to hire the right types of people, retain those with the potential to become future leaders, and build an entrepreneurial culture. However, we still see that many companies that have tried to replicate the ecosystem successes of tech giants like Google and Amazon have struggled. Because ecosystems are complex, defining the right approach to capture maximum value from them is challenging. Let us put the right talents in place for better efficiency.
Create new products and services, build an end-to-end solution for a new segment, or improve operational efficiency. Hence, building a market strategy with demand-based information makes a difference in business and builds a revenue stream.
Based on a recent survey of over 1,250 business leaders across diverse industries, it’s clear that an Ecosystem strategy is a business model that all business leaders should pay attention to. The survey results showed:
- 60% of executives would build ecosystems to disrupt their industry
- Further, 72% agreed that in five years, business models would be “unrecognizable” and that ecosystems would be a driving force
- Lastly, 84% said that ecosystems are important to business strategy.
Collaboration is critical for success within an ecosystem. Putting all these capabilities together, companies should be ready for the challenge and the opportunity of the ecosystem revolution. The success of early ecosystem plays proved that ecosystem strategies could generate real value, motivating new startups and incumbents to follow. While a few years ago ecosystems were thought to be relevant for only a few industries and regions, in the last two years we have seen dominant ecosystem players—startups and incumbents—accelerate their activities all over the world. This trend is likely to intensify in the wake of the COVID-19 crisis, as digital interactions are important. Let us aspire to build up start-ups and digital ecosystems for our organization.
Let us build an end-to-end solution to serve business customers and stakeholders and improve operational efficiency. Ecosystem building has been a hot topic in the business world in recent years. The COVID-19 crisis has amplified the importance of digital interactions and will likely further accelerate the adoption of digital-ecosystem business models.
IT and digital teams have had to pivot dozens of times since the pandemic hit. There’s little room for those who are stuck in old ways. Let us innovate and Sharpen 10x our thinking. Inspire young minds at the workplace. to Re-invent, Re-establish, and Re-implement.