SIX PILLARS FOR BUILDING A SUCCESSFUL BUSINESS COLLECTIVE
Digitization, connectivity and new modes of collaboration are shaking up how companies conduct business. Long-standing boundaries separating discrete enterprises are blurring. All of this is leading to the emergence of industrial ecosystems – business collectives in which companies join forces to face the market as a single competitive powerhouse.
Product and service innovation is no longer enough to guarantee success. Companies must now innovate at the business model level.1 This realization is driving the adoption of a new ecosystem approach, which we call Business Collective 1.0 (BC 1.0).
While ecosystem theory is in place, execution lags far behind. “The dramatic shift toward understanding that business model transformation must be done hasn’t been matched by an understanding of how to get it done,” notes Jacob Bruun-Jensen and John Hagel of Deloitte in a 2015 report.2 BC 1.0 has one mission: to create sustained value for the end customer while simultaneously propelling partners to shared prosperity.
But how do you create this business collective?
Is there a roadmap for implementing it?
Not yet. But it’s coming.