Partnerships are becoming increasingly important in the digital economy, as business models evolve and product innovations demand expertise from other industries. Successful digital partnerships and business networks – also called digital supply chains or digital ecosystems – effectively collaborate to develop innovative solutions that lead to successful consumer outcomes.
The digital economy is pushing businesses to create more collaborative digital partnerships, according to the SAP eBook The Digital Economy: Reinventing the Business World. The eBook states companies that partner effectively can cross industry boundaries and bring innovative digital products to market more quickly and efficiently.
Realize the benefits of your digital ecosystem
To take advantage of the full value of a digital partnership or business network, companies should consider the following:
- New alliances: Consider partnering with new associates or even former competitors to offer expanded coverage and streamline digital processes.
- Data-driven business models: Share valuable data across digital networks to collaborate better with your most important suppliers and distributors.
- Network of networks: Collaboration across entire vertical markets is key to value creation.
- Business connectivity at scale: Imagine the potential of a vast digital ecosystem that connects thousands of partners with the ability to generate and process data in real time.
- User experience: Suppliers and distributors are consumers too, and they are becoming accustomed to the digital consumer experience. Business applications should reflect that same user experience by being intuitive and effortless to use.
When it comes to the potential of the digital economy, most companies are just scratching the surface. As the Internet of Things drives the surge toward hyperconnectivity, partnerships will progressively become more important. This will result in the expansion of digital ecosystems, which will ultimately lead to multiple sectors of the economy becoming increasingly digitally interconnected.
For an in-depth look at digital ecosystems and the three pillars of the digital economy, download the SAP eBook The Digital Economy: Reinventing the Business World.
To learn more about the multiple factors driving digital transformation, download the SAP eBook Digital Disruption: How Digital Technology is Transforming Our World.
Take a closer look at one industry in the midst digital transformation. Download the SAP eBook, Connected Care: The Digital Pulse of Global Healthcare.