TECHNOLOGY
A scene from Zoholics 2023 business landscape , functioning digital ecosystems offer plentiful benefits from a commercial growth perspective .
A prime example is the facilitation of faster tech adoption in ways that were previously too complicated and unmanageable , allowing firms to take full advantage of cloud services and SaaS . Enabling this level of innovation often serves as a boost to both revenue and profitability .
Ecosystem integration , says Iyengar , can also create new revenue streams and allow organisations to track and analyse wideranging data flowing through the business .
“ This data can then be analysed to create new products and services tailored to customer preferences , increasing their value ,” he continues . “ It can give an early flag to potential problems which can be dealt with before they grow and can present potential opportunities .
“ Overall , the ability to see a complete overview of data right across the business in real time means informed decisions can be made on business strategy .”
Furthermore , new markets can be reached through digital ecosystems and customer segments enhanced by tailoring offerings to different demographics or industries .
It goes almost without saying that this expanded market presence can lead to a spike in revenue and growth opportunities . Iyengar concludes : “ An effectively-run digital ecosystem can enable an organisation to be truly flexible , agile and adaptable which increases resilience – something greatly needed in these uncertain times .”
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