Platforms are reshaping industries into interconnected ecosystems that are redefining competitiveness. Players across industry clusters are entering existing platforms or collaborating to build new products, services and customer experiences on enabling platforms. Or businesses are expanding into other industries by using existing platforms—or creating their own.
Previously “independent” products and service suppliers are now part of one large competitive set. This leads to a new landscape where former competitors are now working closely together, and former collaborators become competitors. And while this expanded competitive circle may seem a threat, it is also an opportunity.
Accenture Institute for High Performance research reveals that 80 percent of chief strategy officers (CSOs) across slow- and high-growth industries agree that new technologies have rapidly changed their company’s business over the past five years, and 93 percent believe new technologies will disrupt their industry in the next five years. Yet, only 20 percent feel prepared for disruption.
Companies most prepared to meet intensifying consumer demands are pursuing partnerships and collaboration. In fact, 88 percent of CSOs prepared for disruption have both significantly invested and will significantly invest in platforms that make such collaboration easier. They continually question traditional norms use digital to meet customer needs in new, better ways.
In an ecosystem, companies can work together. Successful ecosystems create shared value for partners. Accenture Institute for High Performance research reveals that 57 percent of CSOs who have already strongly invested in platforms report platforms have enabled their business to offer more value to customers.
Re-assess your customer needs
Identify customers’ known and unknown needs, and address them in the most productive way possible.
Make yourself indispensable
Become a critical part of the integrated solutions that customers demand.
Question your value proposition
Move from observing to acting.
Prepare for the new normal
Examine whether you have the capabilities you need to fulfill your value proposition.
Make your ecosystem successful
Deliver ongoing value for your value proposition within your ecosystem, versus just relying on it as a transaction-based partnership.