Why ecosystems?
The ecosystem business model involves using digital transformation to create connectivity within your company and to your external partners. The idea is that the participants included in an ecosystem can create more value collectively than they could create individually.
With distributed agile integration, an open application network that enables innovation within and between organizations evolves. Participants use this information landscape to collaborate, share, and empower each other, using shared knowledge and collective efforts to come up with innovative solutions.
who is included in an ecosystem?
Your organization's ecosystem can include businesses you outsource to, organizations that provide your business with funding, businesses that provide technologies that your business needs, and suppliers of products and services that can be used together with yours. Partners in an ecosystem create value for a common set of customers in a strategic way that minimizes time-consuming internal processes by delegating tasks based on expertise.
Different roles in an ecosystem can include designing and building the ecosystem, providing the core customers, supporting the ecosystem with technological expertise, producing complementary products and services, and bundling products or services together to create more value.
best practices
When designing an ecosystem for your business that merges your internal systems with those of external partners, it's important to consider value for all partners rather than making the mistake of only focusing on how a partnership will benefit your company's bottom line.
First, get a clear idea of what you need to outsource and what you have relevant assets and expertise to do in-house. Then, look for partners to meet customer needs that your business doesn't currently meet. Make sure that the right partners are motivated to join by offering them benefits and incentives and appealing to the value you can add for each other. Encourage collaboration through transparent sharing of data and creating value for all participants.
Given the ever-changing market, it's critical to create a flexible and agile operating model that can continuously add new solutions, address failures, branch out to new areas, and pivot focus if necessary. You should always be thinking about where your market is headed and sharing these insights with your ecosystem partners. Prioritize creation of long-term value over short-term profit, shift from rigid strategies to dynamic experiments, and aim to continuously identify new ways to collaborate and connect.
benefits
Your overall aim should be to collectively solve problems and shape solutions for customers. This could look like creating interconnected services that fulfill customer needs across a variety of sectors. It could also look like getting better insight into customer and market niches for higher personalization of your product or service.
Working collaboratively with other businesses gives you access to more expertise, resources, and technology than your business would have on its own. That way, you're better equipped to keep up with trends in new technologies and business models, you have access to more kinds of expertise to drive the best research, and you're able to bring new innovations to market faster. Sounds good, right?
