Changing consumption patterns, disintermediation, technology advancements, geopolitical tensions, and continued cost pressures are just some of the changes that businesses across the globe are witnessing today. Across geographies, sectors, and organizations, the wave of change is ushering in a reimagination of business models.
This is taking many forms, one common and powerful trend of which has been the emergence of ecosystems. With the flexibility that digital technologies enable, organizations are participating in ecosystems designed around a purpose that is much larger than what a traditional enterprise or industry silo can cater to. According to a study of 158 senior executives done by TCS, 83% of C-level executives believe that ecosystems are a high priority in meeting their business objectives and 58% leaders include ecosystems in their core strategy. An ecosystem strategy is also critical to becoming a sustainable enterprise.