Securing The Competitive Edge In The digital Space
The combination of changing consumer behavior and rising expectations is forcing companies to expand their product portfolio and range of services like never before. Interestingly, we have seen more companies in strategic alliances with other companies and in some cases with competitors, to design, create and provide complementary range of product and service offerings.
Consequently, new ecosystems of businesses have emerged from this interplay, these new ecosystems may come to define the global economy. It is imperative to stake out a position in the resulting ecosystems as it offers significantly high value. McKinsey experts believe that by 2015, some $60 trillion in annual revenue could be redistributed across the economy-one-third of that year’s total. It is no surprise that this dynamic is playing out in the high tech, media, and telecommunications sector, where tech giants have built platforms on which the entire ecosystems run.
It is save to assume that not every company will succeed by orchestrating ecosystems. For many, joining already existing ecosystems will be more effective. Whichever approach they choose, companies will need to start developing new capabilities from “ecosystem IT” systems that link enterprise to platforms and innovative third-party services to new management skills that can handle the scale and complexity of ecosystem relationships.
To explore what this kind of cooperation actually means, we take a deeper look at what is happening in the automotive and healthcare industries, where incumbents and digital natives are sharing data and merging solutions.
The industry landscape is going through an upheaval as digital ecosystems take shape. To win, companies will need to embrace new relationships and ways of collaborating.