Digital Innovation has completely reinvented the way businesses function across industries. Connected Industries are bringing together companies, communities and individuals. Adopting technologies with agile innovation practices and integrating a seamless edge-to-cloud network, provides new solutions to survive and thrive in Digital enabled world.
Why do we need a Digital Ecosystem Partner?
With the constantly evolving digital landscape, it is impossible for any single company to be the source of innovation that is being expected by the customer. Since 2000, 52 percent of companies in the Fortune 500 have either gone bankrupt, been acquired, or ceased to exist.
Therefore, transformation efforts are best served by partnering with experts in the space that can help the companies make the absolute most of the innovation.
What does a Digital Ecosystem Partner offer?
1. Expertise
Technology is ever-evolving to meet the expanding demands of a busy and often contentious marketplace. The right partner for your digital transformation journey will have a pulse on the technological evolution, finding solutions from vendors that are best suited for all your needs.
2. Speed & Flexibility
Most companies in a specific space are competing for the same audience. Flexibility in deploying the latest digital innovations may be the difference between winning and losing an account. A digital transformation partner can help quickly identify functions within an enterprise that would benefit from digital technology, finding the best solutions to implement them. Post-implementation, that partner can also ensure the solutions stay current by monitoring their efficacy and scaling as needed.
3. Best Practices
Every organization has a unique set of demands, expectations, and goals, which means that digital transformation is hardly a one-size-fits-all endeavor. A strategic partner with a wealth of experience across many different industries will have insights and perspectives that simply can’t be ignored. The right partner in digital transformation will have best practices to inform their decision-making and quickly help resolve any issues or questions that might arise.
4. Cost Reduction
Digital innovation is an extensive practice that affects company-wide functions in everything from accounting to marketing. Building an internal team within the company to address this is time-consuming, counterproductive, and ultimately, expensive.
How to choose the right Digital Ecosystem Partner?
Choosing the right partner may make all the difference between a successful partnership and those that fail to stand the test of time. Most organizations unfortunately don't expend much effort on this very important step. Success companies have 3 paced partnership team, each requiring specific mindset:
- Mature Partnership Team: Manage current set of partner
- Growth Partnership Team: Scale recently added but proven partners
- Open Innovation Team: Scout and incubate new partners
What matters most -
- Inclusive Perspective to a Digital Marketplace: The focus should be on finding the best solutions and not the best vendors. The partner should serve to fulfill the best interests of the organization and not their own.
- Aligned mission: Partners with aligned mission drive sense of purpose and action which jointly help their customers win
- Leadership: Partnerships are expected to transcend individual leadership tenure but they are forged under a particular leader. So to have leadership vision and passion to partner for growth is key trait in hyper digital world
Harnessing innovative technologies will continue to optimize and differentiate your business against your competitors, not just now but into the future as well.
