Data sharing between organisations and building a modern ecosystem with a new strategic approach is critical to enabling business success in today’s world. The research from Accenture states 84 percent of business leaders globally agree that building ecosystems – joining forces with other companies to share data, customers, technology and industry knowledge – is critical to their strategy for success.The study titled ‘Cornerstone of Future Growth: Ecosystems’ by Accenture Strategy surveyed over 1,250 business leaders from different industries around the world to understand how companies are creating competitive advantage through agile business models. It found that companies operating in Telecom, Banking and Utilities verticals have the strongest capabilities to capitalize on the ecosystem opportunity.
“In today’s competitive market, companies can no longer create sustainable growth by going alone. They need the help of partners to form ecosystems to innovate and create new customer propositions, expand their customer base and enter new markets, “said Michael Lyman, Senior Managing Director, Accenture Strategy. “The beauty of ecosystems is that no single company owns or operates all components of the solution, making the value generated much larger than the combined value each of the players contributes individually, and the risk is distributed equally,” he said.
Ecosystems Igniting Growth
Enabled by digital platforms, ecosystems could unlock $100 trillion of value for business and society over the next decade. To capitalize on the opportunity, companies are forming ecosystems to make major innovation plays, increase revenue growth, access new markets and gain new customers, the research says. Today, nearly half (46 percent) of business leaders are actively seeking partners, and another 77 percent believe their organization will generate more than half of its revenues by building ecosystems in the next five years.
Business pursuing disruptive growth by building ecosystems should consider:
- Setting the Vision: For ecosystems to deliver growth, it’s important to consider what the strategic intent and innovation goals are. When ecosystem players combine their functional, technology and industry strengths and capabilities, they can deliver exciting new customer propositions and open new markets.
- Identifying the Right Partners:Selecting the right partners is critical to ecosystem success. Leaders should look for partners with complementary capabilities, a collaborative mind set, industry experience, customer relationships and data to set themselves up for success.
- Orchestrating the Ecosystem: Once leading companies with distinct capabilities join together with a shared vision and necessary outcomes, they can launch and operate their ecosystem. The process involves planning and testing the ecosystem design and piloting the market play. Successful ecosystems enable companies to drive new value beyond what they’re able to do in isolation.