“Due to increasing market pressure, we’re likely to see more UK companies – particularly those that have traditionally been competitors – join forces as they look to create new growth and achieve competitive agility. ‘Coopetition’ will continue to grow and exciting partnerships will form as a result, some of which have already remade markets and industries around the world,” said Oliver Wright, managing director and global Consumer Goods lead, Accenture Strategy. “Customers will benefit from the new products and services that will be created, and organisations will pursue new business models to capitalise on market shifts.”
Adapting to change
Business leaders say that some of the biggest challenges they experience when building ecosystems include getting comfortable with ceding control – 45 percent of UK leaders are concerned about sharing company assets and secrets with other organisations – and 41 percent say it’s challenging to balance the responsibilities of the current business while exploring the new.
Path to success
UK businesses pursuing disruptive growth by building ecosystems should consider:
- Setting the vision: For ecosystems to deliver growth, it’s important to consider what the strategic intent and innovation goals are upfront. When ecosystem players combine their functional, technology and industry strengths and capabilities, they can deliver exciting new customer propositions and open new markets.
- Identifying the right partners: Selecting the right partners is critical to ecosystem success. Leaders should look for partners with complementary capabilities, a collaborative mindset, industry experience, customer relationships and data to set themselves up for success. They must also clearly define how data will be shared and how success will be measured. Proper governance frameworks can ease fears and reduce friction among participants.
Orchestrating the ecosystem: Once leading companies with distinct capabilities join together with a shared vision and necessary outcomes, they can launch and operate their ecosystem. The process involves planning and testing the ecosystem design and piloting the market play. Successful ecosystems enable companies to drive new value beyond what they’re able to do in isolation.
About the research
Accenture Strategy surveyed 1,252 C-level executives from organisations around the world, including 100 UK business leaders, in January 2018 to understand how they are creating competitive advantage by building ecosystems. All leaders surveyed represented companies with over $1 billion in revenues, and nearly 60 percent were over $6 billion. Thirteen industries and seven countries were represented in the study.
Data from the Accenture Strategy ‘Revenue Growth’ research was also referenced which surveyed 815 C-level executives from organisations around the world across diverse industries to identify sources of competitive growth. Furthermore, the World Economic Forum and Accenture report, ‘Digital transformation initiative: Unlocking $100 trillion for business and society from digital transformation,’ was also cited.
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To find out more about the report, visit: www.accenture.com/growthecosystems. Join the conversation at @AccentureStrat #ecosystems.
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