Back in 2020, ecosystems seemed a risky bet to 55% of executives. Today skepticism has evaporated down to just 21%. What's changed?
🏆 The data: companies with robust ecosystem enjoy 2.1x faster growth and 1.5x lower cost. Take a look.
Leaders' perspectives evolved quite significantly according to EY's research. The ecosystem business model, once a controversial topic, has taken center stage in corporate strategy.
⚡️ Here's a snapshot
A substantial 71% of leaders believe ecosystems are integral to their company's current success.
Resilience, a word on every executive's lips today, has seen an uplift in 91% of businesses due to ecosystems.
Notably, 88% of CIOs are integrating ecosystems into their tech transformation blueprints.
The benefits that companies saw in 2022 are compelling.
High-performing ecosystems contribute 1.5x more to annual revenue and boost incremental revenue growth by 2.1x, compared to their underperforming counterparts. Moreover, ecosystems reduce costs.
📈Ecosystems boost three key business areas: Growth, R&D, and M&A.
✔️#Growth
High-performing ecosystems lead to
65% higher efficiency
59% faster geographic expansion
57% higher probability of launching new products
✔️R&D
Ecosystems offer
67% higher success rate in R&D
68% improvement in resource access and sharing
✔️ M&A
With high-performing ecosystems, you can expect
67% more growth opportunities
59% increase in execution speed
53% uplift in customer outcomes.
🛠️ But how do you create a high-performing ecosystem if you're a CEO or a business leader?
Consider these 3 key practices among high performers:
1️⃣ Elevate ecosystem discussions to the Board/C-level
In 77% of high-performing ecosystems, ecosystem strategy is actively driven by senior management.
2️⃣ Create an Ecosystem function
76% of high performers have a function that tracks ecosystem progress via dedicated KPIs.
74% have a dedicated function that identifies potential partnerships.
68% operate ecosystems as an independent business line.
3️⃣ Strategically invest in ecosystems
65% of of high-performers have a dedicated budget for ecosystems.
These practices could serve as your strategic playbook to make the most of ecosystems.
As you're building your ecosystem strategy, what other factors do you consider crucial for its success?
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