How ecosystems can help transform your business 

Shifts in technology, growing expectations from consumers and society, the effects of climate change, and increased globalization and geopolitical tensions all require more than just an immediate response from businesses. The need for constant adaptation and transformation is now an absolute imperative.

It will take a collaborative approach to tackle these challenges. No business can do it alone.

Recent technological advances are removing barriers and enabling businesses to connect and collaborate in ways that were previously either impossible or insurmountable. This is leading to the rise of complex multi-lateral collaborative “ecosystem” business models that are helping businesses solve their most challenging problems quickly, dynamically and efficiently. 

To remain competitive and avoid being disrupted, business must adapt to this paradigm shift. By orchestrating the right data, skills, technology, capabilities and insights, business can remain competitive, spark innovation, reduce costs, and create new forms of value for themselves, the market and their customers.

Can collaboration drive business performance? 

The EY Ecosystem Study shows that companies that are embracing ecosystems are generating significant value as a result. The study revealed that 69% of business leaders from companies that are part of an ecosystem believe ecosystems are very important to their company’s current success, and 91% agree that ecosystems have increased the resilience of their business.

The study also showed that on average, high-performing ecosystems drive 1.5 times the cost reduction, contribute 1.5 times more to annual revenue, and achieve 2.1 times the incremental revenue growth of low performing ecosystems.