of companies have 3% . completed enterprise digital transformation projects
of those companies have significantly improved or 92% . transformed customer engagement
of business executives say platforms will reshape industries into 81% . interconnected ecosystems
of large enterprises (80% of the Global 500) More than half by 2018. will join industry platforms
Link to Sources
Redefining Customer Experience Many business leaders think of the customer journey or experience as the interaction an individual or business has with their firm.
But the business value of the future will exist in the much broader, end-to-end experiences of a customer—the experience of travel, for example, or healthcare management or mobility. Individual companies alone, even with their existing supplier networks, lack the capacity to transform these comprehensive experiences.
A Network Effect
Rather than go it alone, companies will develop deep collaborative relationships across industries—even with their customers—to create powerful ecosystems that multiply the breadth and depth of the products, services, and experiences they can deliver. Digital native companies like Baidu and Uber have embraced ecosystem thinking from their early days. But forward-looking legacy companies are beginning to take the approach.
Solutions could include:
Packaging provider Weig has integrated partners into production with customers co-inventing custom materials.
China’s Ping An insurance company is aggressively expanding beyond its sector with a digital platform to help customers manage their healthcare experience.
British roadside assistance provider RAC is delivering a predictive breakdown service for drivers by acquiring and partnering with high-tech companies.
What Color Is Your Ecosystem?
Abandoning long-held notions of business value creation in favor of an ecosystem approach requires new tactics and strategies. Companies can:
1. Dispassionately map the end-to-end customer experience, including those pieces outside company control.
2. Employ future planning tactics, such as scenario planning, to examine how that experience might evolve.
3. Identify organizations in that experience ecosystem with whom you might co-innovate.
4. Embrace technologies that foster secure collaboration and joint innovation around delivery of experiences, such as cloud computing, APIs, and micro-services.
5. Hire, train for, and reward creativity, innovation, and customer-centricity.
Evolve or Be Commoditized
Some companies will remain in their traditional industry boxes, churning out products and services in isolation. But they will be commodity players reaping commensurate returns. Companies that want to remain competitive will seek out their new ecosystem or get left out in the cold.
Download the executive brief The Future Will be Co-Created.
Read the full article The Future Belongs to Industry-Busting Ecosystems.
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