Digital technologies are making value exchange easier and cheaper. Transaction costs that drove the creation of tight value chains are being reduced or eliminated. This makes it more practical and cost efficient to work with partners. Arguably, this may be the only way to keep up with the rapid pace of digital innovation.
Digital is an ecosystem play. And a true digital ecosystem is more than a set of arms-length partnerships. It is a network of independent contributors who interact closely to create mutual value. This creates interdependency, and individual partners are only as successful as the ecosystem is.
How can service providers develop a digital ecosystem?
Moving to an ecosystem mindset is difficult. It involves a different approach and, more concretely, an entire new set of processes and skills. There is, however, a systematic way to approach the challenge.