Own your area of business with digital ecosystem management 3/3

Date: 06.06.2017  By: Magenta Advisory  Type: News Comments: 0

Our two previous blog posts have revealed what digital ecosystem management actually means and how to get started in developing digital ecosystem management practices. The last piece provides you a brief summary and three important lessons from the previous writings that decision makers should take into account and remember while starting to seek new growth through digital ecosystem management enabled business models.

Three key lessons

Creating a digital ecosystem management model for your company can be a real challenge. However, it’s not difficult to get moving and not everything needs to change instantly, as it’s best to implement gradually in parallel with your existing business model. There are a few key things that vastly help you get started with an ecosystems-driven business model.

  1. Executives and the board need to adapt their thinking to a new model, where protectionism is no longer a best practice and they need to embrace openness instead. An analytical approach with the readiness to carry out significant changes is needed – small adjustments won’t cut it.
  2. Once you’ve identified the changes needed, you need to re-conceive your role in the world, that is, identify growth possibilities and the new applications of your know-how. This information is necessary for re-allocating investments; not only in terms of capital, but also manpower and mental capital.
  3. Lastly, don’t wait for the IT transformation to happen before getting going. Quick IT solutions that allow you to move regardless of your legacy IT and the tangles of old systems are essential. Lean startup methods allow you to move quickly and achieve the level of flexibility that is needed when trying to set up a comprehensive platform for your company, consumers and other producers. This is not to say that the transformation will be a quick project – fully adopting a digital ecosystem management approach is a lengthy process.

 

This short blog post series about digital ecosystem management has provided a quick intro where leading companies across all sectors should already be aiming at. If still in need of more inspiration, have a look at the video below and become inspired by the fourth industrial revolution that is already on its way. We believe that companies taking DEM seriously will surely have a greater chance to flourish while the time goes by and the revolution finally becomes more tangible at every sector.

 

 

 

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