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A Look At How Digital Ecosystems Are Re-Shaping Markets and Creating the “We Economy”

Individual companies are now evolving in to interconnected ecosystems using digital technologies like the Internet of Things combined with industry expertise to develop a We Economy, which is a major shift from the Me Economy.
The report by Accenture (Accenture Technology Vision 2015) points out that most companies are realizing that digital connections are not just limited to their employees and customers. They also have the potential to tie themselves into a global network of businesses, individuals, and things from every industry around the world creating a “digital ecosystem”.
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The key trends that the report pointed out were:
1Internet of Me: Companies have realized that products have to reach deep within the consumer’s lives by being access points to individual’s experiences for them to reap benefits by engaging and exhilarating customers while also maintaining the customer’s trust. Products like connected TVs. Wearables, connected cars and smart objects are being developed and experimented by many manufacturers. The majority (60 percent) of such manufacturers are seeing a positive return on their investment in personalization technologies. Companies that succeed in this new “Internet of Me” will become the next generation of household names.
2Outcome economy: Intelligent hardwares is bringing closer the integration of digital with the physical world by providing better outcomes of services through the enormous opportunities that Internet of Things have opened up. Companies have now started selling better out comes out of services through embedded intelligence in products via sensors and connected networks to their consumers, more than selling the products. This is the new “outcome economy”.
3Platform Revolution: Platform based companies are capturing more of digital economy’s opportunities for growth and profitability. Rapid advances in cloud andmobility are not only eliminating the cost and technology barriers associated with such platforms, but opening up this new playing field to enterprises across industries and geographies.  In short, platform-based ecosystems are the new plane of competition.
4Intelligent enterprise: With big data, advances in processing power, data science and cognitive technology, softwares intelligence is helping machines make better decisions. Software intelligence will adapt to changing trends in the ecosystem and will form the base for the next generation of software intelligence that will propel innovationthroughout enterprises.
5Workforce reimagined: Advances in technology through wearables, smart machines and natural interfaces have opened new opportunities for companies to empower their workers. This has pushed the need for humans and machines to do more together also raising challenges for companies to manage the collaborative workforces.
Survey Data:

  • Four out of five respondents believe that in the future, industry boundaries will dramatically blur as platforms reshape industries into interconnected ecosystems.
  • 35 percent of respondents are already using partner APIs to integrate data and collaborate with business partners, with an additional 38 percent planning to do so.
  • 60 percent of those surveyed said they plan to engage new partners within their respective industries
  • 40 percent said they plan to leverage digital partners outside their industry and 48 percent said they plan to engage digital technology platform leaders.­­
  • 87 percent of survey respondents acknowledged a greater use of more intelligent hardware, sensors and devices on the edge of networks, leading organizations to increasingly shift from selling products or services to selling outcomes.
  • 84 percent of respondents touted a deeper level of understanding of how products are being used and outcomes customers want resulting from embedded intelligence in products.
  • 75 percent of survey respondents believe the next generation of platforms will be led not by large tech companies but by industr­­y players and leaders.
  • 74 percent of respondents are using or experimenting with industry platforms to integrate data with digital business partners.
  • 80% of respondents believe that this is the era of software intelligence where applications and tools will take on more human-like intelligence.
  • 78 percent of respondents believe software will soon be able to learn and adapt to our changing world and make decisions based on learned experiences.
  • The majority of survey respondent companies (57 percent) are adopting technologies that enable business users to complete tasks that previously required IT experts
  • 78% of the executives surveyed agree successful businesses will manage employees alongside intelligent machines—ensuring collaboration between the two.
  • 77 percent of respondents believe that within three years, companies will need to focus on training their machines as much as they do on training their employees.

– Check out the report.

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