4. A strong middle platform that organizes core capabilities and maximizes synergies
First adopted by internet companies such as Alibaba,
a broader middle platform in which different businesses share customer information, is one way that companies can harness their big data capability. Thanks to its cross-business data-sharing platform, Alibaba leverages customers’ data from the Hema Supermarkets
app, the offline retail store under Alibaba, to increase the accuracy of its customer purchase-behavior information by 20 to 30 percent.5. Entrepreneurial talent
Any ecosystem’s success depends on the quality of its talent, particularly for traditional companies entering a very different market environment. To get the talent they need, companies should strive to hire the right types of people, retain those with the potential to become future leaders, and build an entrepreneurial culture.Tinkoff Bank
focused on talent to drive its entrepreneurial transformation. The bank teamed up with the Talent and Success Foundation to establish a new development hub in Sochi and has also announced the launch of an R&D center at Skolkovo that will focus on blockchain-based solutions and crypto-economics research to boost its financial ecosystem. Tinkoff has developed a start-up spirit with an open, egalitarian culture where everyone is encouraged to speak up.6. Partnership
Collaboration is critical for success within an ecosystem. LEGO
has extensively leveraged partnerships to expand its brand and keep it relevant for evolving audiences. In 2009, it partnered with Disney
to produce toys and video games and recently, it partnered with Nintendo
to launch LEGO Super Mario, featuring an interactive LEGO Mario figure. The company also has longstanding partnerships with other well-known brands such as Batman, Harry Potter, and Ninjago. In April 2020, the LEGO Group announced yet another collaboration—an exclusive global partnership with Universal Music Group to launch a new suite of music-based LEGO products in 2021.
Putting all these capabilities together, companies should be ready for the challenge and the opportunity of the ecosystem revolution.
Success of early ecosystem plays proved that ecosystem strategies could generate real value, motivating new startups and incumbents to follow. While a few years ago ecosystems were thought to be relevant for only a few industries and regions, in the last two years we have seen dominant ecosystem players, startups and incumbents, accelerate their activities, all over the world. This trend is likely to intensify in the wake of the COVID-19 crisis as digital interactions are an important step-change in both business-to-business and business-to-customer activities: consumers are looking for more end-to-end journeys across products and services, and organizations are looking to rapidly reinvent their value proposition for the “next normal.” However, going after that opportunity requires strategic focus, and choosing the approach that best fits the organization, to unlock the full potential of an ecosystem strategy..article source