Future of Industry Ecosystems
Build open, agile and scalable ecosystems that encourage innovation
The Future of Industry Ecosystems
An organization’s ability to generate value is directly tied to how fully leaders are willing – and able – to embrace digital-first strategies. Digital business models are undergoing transformations – from linear based value chains to integrated ecosystems that leverage shared data and insights. At the same time, changing customer requirements, and new ways of operating are emerging, fueling the need for scaled-up digital ecosystems that use software platforms
Organizations in every industry must approach partnerships differently, creating multifaceted and strategic relationships. Complementing traditional partnerships with new partnerships that include competitors and organizations from other industries can empower ecosystems.
Building a Trusted Industry Ecosystem
Businesses across industries are prioritizing open, extended industry ecosystems that enable innovation, resiliency, and monetization as key digital initiatives.
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Inside the Future of Industry Ecosystems graphic description
At the center of the diagram is the text, "Trusted Industry Ecosystem Models," surrounded by three elements -- Shared Applications, Shared Operations & Expertise, and Shared Data & Insight. The outer ring has three elements -- Digital, Capital, and Physical.
Industry ecosystems must extend beyond partnerships with companies and organizations. It is also about leveraging the sharing of data, applications, operations, and expertise – building on the platform, sharing economy of the past five years. IDC’s Future of Industry Ecosystems framework encompasses:
Shared Data and Insights
Strengthens security, reduces fraud, improves safety, and spurs new, mission-critical innovations. This trusted, sharing ecosystem of data and insights becomes a complement to the standard value chain approach of moving money, goods, and services.
Shared Applications
Unlocks data and insights, improves operational efficiency, and improves the customer experience. Ecosystems can leverage shared applications in a number of ways, from maintaining connectivity across the web of partners to developing customer-facing applications to bring together all aspects of the product and service engagement to replacing traditional packaged software.
Shared Operations and Expertise
Enhances resiliency and flexibly scales capacity and innovation to meet business and market requirements. Shared operations and expertise can improve flexibility and resiliency in the face of disruptions, ranging from fluctuating demand to environmental or geopolitical issues.
Executives across industries today are prioritizing open, extended industry ecosystems that foster innovation, resiliency, and monetization as key digital initiatives. Organizations looking to empower their industry ecosystems can start by taking three steps:
- Instituting an Industry Ecosystem Control Platform
- Establishing a Bidirectional Flow of Data Across an Industry Ecosystem
- Sharing Applications to Empower Ecosystems
How do ecosystem participants efficiently create agreements? How do they assure immutable transactions? And, how do they minimize technical debt associated with the integration of intercompany activity?
With its combination of blockchain, non-fungible tokens (NFTs), and container-based software distribution, Web3 offers a technology foundation, or fabric, for industry ecosystems that can ensure trust, enable innovation and, perhaps most importantly, scale activity. This decentralized, interconnected foundation can also serve as an enabling force for the metaverse – a collection of 3D virtual assets, content, knowledge, and places where people can communicate, collaborate, and transact business.