Ecosystem for growth is a burgeoning priority for enterprises to transform and scale

In today’s fast-paced and interconnected business environment, partnering with other organizations has become increasingly important for gaining a competitive advantage. A well-knit ecosystem of complementing organizations allows an enterprise easy access to skills and expertise that it would otherwise have to build with significant investments; the strategy reduces costs and improves top-line growth and innovation.

Business leaders must also build partnerships to reach otherwise inaccessible new markets, geographies, and customer segments to broaden their customer base and increase revenue streams. Thriving in the evolving nature of business requires an ecosystem-partner mindset to attain new sources of value and gain a competitive edge.

Nearly half of enterprises (44%) are increasing their focus on enterprise-wide innovation and adopting the OneOffice™ mindset. While the OneOffice is a play in motion, we also see many enterprises (27%) echoing in for OneEcosystem™ to drive new sources of value. Look at our recent Pulse study of 602 IT and business leaders across Global 2000 enterprises for further insight.

Competitive differentiation and co-innovation are vital to staying ahead of the curve

In a discussion at NASSCOM Technology and Leadership Forum 2023 on leveraging the power of the ecosystem for exponential growth, Sumit Sarawgi, MD and Senior Partner at BCG; Satish H.C., EVP and Co-Head of Delivery at Infosys; and Venkat Pery, CSO at LTIMindtree, briefly discussed why businesses should know where they fit, how they can add value, and ultimately how they will benefit in a win-win, sustainable environment. The panel concluded that an ecosystem is necessary for organizations to gain a competitive advantage and stay ahead of the curve.

During the conversation, Sumit pointed out the importance of collaboration and how it creates new opportunities in the current business environment. Collaboration and co-innovation are the fastest ways to create new value for customers because they leverage partners’ expertise, resources, and perspectives.

Pandemic-driven ecosystems disrupt the value chain and drive more value

Satish shared a client success story on how Infosys helped a company create an ecosystem that moved the business from survival mode to thriving. A beverage company in the US delivered beverages to doorsteps with a logistics partner during the pandemic. To enhance customers’ in-store-like experience, the beverage firm allowed other food companies to sell their products on its existing digital platform so customers could buy related products on the same platform without switching to others. It also introduced a new loyalty program to retain customers, which worked so well that the beverage company generated additional revenue. The beverage company’s approach is a classic example of building a partner ecosystem that brings businesses together to amplify the value delivered to customers.

The pandemic pushed the market to disrupt the traditional business model and created the need for an ecosystem approach

Business models had hardly changed in the years leading up to the pandemic. However, the pandemic forced a virtual business environment, requiring organizations to change their business models. If businesses had kept to traditional models, they wouldn’t have found new ways of working or new sources of value. HFS emphasizes the same with its OneEcosystem mindset, which encourages collaboration with like-minded partners with common objectives of anticipating customer needs to deliver value and experiences. The panel discussion and examples further strengthen the ecosystem approach and its necessity for the market.

The Bottom Line: To gain a competitive advantage and disrupt the market, an enterprise must look beyond the confines of its boundaries and endeavor to expand its horizons.

There has been a shift toward more collaborative co-creation partnership models as enterprises seek to work closely with their partners to develop innovative solutions that address evolving customer needs. The need for ecosystem growth evolved rapidly in recent years, with the current uncertainty in the business environment and customer needs requiring specialized expertise and a collaborative approach. Enterprises wishing to thrive in the market must have an open mind and be willing to collaborate and co-create. Only then can enterprises gain a competitive advantage and lead the market.