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May 3, 2024
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Hello Leymah,
I agree business ecosystems is an interesting topic of discussion and a very important organizational strategy which can give businesses a competitive advantage. Business ecosystems are complex, dynamic systems characterized by a multitude of entities, including companies, ventures, and technologies, as well as activities and trends (Basole et al., 2024). Understanding the state of business ecosystems is an increasingly critical strategic imperative for many decision makers, but it is a resource-intensive activity as relevant information sources are dispersed, often highly unstructured, and not integrated or curated to deliver actionable insights.
To survive in today’s hypercompetitive environment, companies must rapidly identify competitive actions, emerging trends, innovation, technology, and investment opportunities. Business ecosystem intelligence is increasingly viewed as an essential aspect of corporate strategy and a topic of growing interest to both scholars and practitioners. The ability to rapidly make sense of companies, industries, markets, and trends requires the design and development of
new tools that can leverage the wealth of textual data and computationally transform these into human-actionable insights.
Startups and tech companies are not the only kinds of companies which can benefit from ecosystems. Incumbent firms also use ecosystem-based business models to create value. The most effective way to identify a viable ecosystem opportunity is to examine the customer journey
and identify market frictions—frustrations, unmet needs, and unfulfilled desires—which are too big or complex to be solved by one company alone (Arcidiacono et al., 2024). Once executive leaders identify an attractive market opportunity and value proposition, then ask the management
team whether an ecosystem is the best way to deliver the solution. Typically, ecosystems work best when solutions feature high levels of modularity with easily and flexibly combined components and require high levels of coordination to identify and match partners, align innovation activities, or manage interfaces. Otherwise, other business models, such as vertically integrated organizations, hierarchical supply chains, or open-market models, may be better choices.
References
Arcidiacono, F., Ancarani, A., Di Mauro, C., & Schupp, F. (2024). Enabling digital business ecosystems: an empirical analysis of the impact of smart manufacturing technologies on firms’ financial performance. In Handbook on Digital Platforms and Business Ecosystems in Manufacturing (pp. 194-204). Edward Elgar Publishing.
Basole, R. C., Park, H., & Seuss, C. D. (2024). Complex business ecosystem intelligence using AI-powered visual analytics. Decision Support Systems, 178, 114133.
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