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In the new market dynamics, no business succeeds by going it alone. Strength lies in sharing resources to innovate and build resilience.
The pandemic. Climate change. Economic inequity. Today, our biggest societal issues are systemic. And with cause and effect so globally interwoven, the solutions have to be collective, too. The hoarding of information and resources only hinders innovation, slows resolution, and erodes trust.
Our commercial challenges are also systemic. External forces have a much bigger impact than they used to, and supply chains have been fundamentally disrupted. Digital giants like Google and Amazon have built massive networks of data collection which they’re using to dominate, replacing entire markets with a few powerful supply chains that cut across industries. At the same time, digital startups are disrupting from underneath, though they struggle to reach scale. To stay competitive, there is a growing imperative for tighter integration with stakeholders. As a result, corporate venture capital (CVC) is on the rise: Established companies are investing in their own startups, tapping into their flow of innovation while keeping them flush with resources.
In this environment, digital transformation isn’t enough: You need digital innovation, where data is the product or service. Accordingly, last year's digital switch has unlocked a lot of possibilities. Software is hot; data and analytics are hottest. But while software is infinitely scalable, talent is finite. A recent IDC survey revealed that in much of the world (Europe, the Middle East, and Africa), “finding talented and skilled employees” is the most significant obstacle to achieving business goals. That means you no longer have the luxury to innovate only inside your organization. You need to innovate outside of it, too – in collaboration with your partners and ecosystem.