While the pandemic has forced businesses to make a shift to digital ecosystems almost overnight, challenges and hurdles still exist. The biggest change that we are witnessing today is not just the mandate for extraordinary agility and business resilience but also a drastic shift in consumer demand patterns. The notion behind organizations, devices, people, and things connecting seamlessly can be made possible by leveraging an effective hyperconnected ecosystem: An evolution of the digital ecosystems that are driving businesses today.
To manage hyperconnected ecosystems better, business leaders must delve deeper into the key implications of the technological and digital transformation that we are witnessing. A holistic approach is the need of the hour as technology shrinks boundaries. Biswajit Das, Director, KPMG, avers,
“The six degrees of separation between people has shrunk significantly. The emphasis today is on making technology faster and better integrated. In many ways, technology is enabling innovative solutions and initiatives to be used more effectively en masse. The pandemic has also necessitated innovation to make a business impact and ensure sustainability. “
According to a McKinsey poll, online sales patterns would continue long after the pandemic, and 71 percent of the audience is prepared for what a digital ecosystem offers. Much like a natural ecosystem, a digital ecosystem too ought to be adaptive and offer solutions that are sustainable with regard to business offerings, be it a product or service. “Tata Communications has been a practitioner that leverages the digital ecosystem and also a facilitator of the underlying technology to create digital ecosystems that fulfill customer needs. Today, it has become imperative for organizations to have digital dexterity built into them where processes and systems are entirely re-imagined with a blue-sky approach,” asserts C R Srinivasan, EVP & Chief Digital Officer, Tata Communications.
The emphasis is undoubtedly on weaving a seamless buyer’s journey in a digital ecosystem and this requires a comprehensive approach based on a customer’s pain points. Firms like Info Edge initiate the digital journey right after an individual completes their primary education. Jai Prakash Sharma, Executive VP – Technology Operations, Info Edge India, says, “Info Edge then helps customers find bigger colleges that fit their needs, within India or abroad, prior to taking up their first job. Once they garner the required experience, customers are groomed for a more premier working role. The idea is to facilitate a clear path for career progression and personal growth, based on the customer’s goals or overarching vision. Today, this journey has become seamlessly digital.”
In a hyperconnected world, the game of cricket can also serve as a simile for hyper-connectedness in the business world. Shedding light on the nature of this hyper-connectedness, Surendra S, Managing Director – Infrastructure Services, Accenture, highlights that Cricket is no longer relegated to the television and can now be watched in different ways. Surendra observes, “ OTT platforms have become a powerful enabler for sports streaming. Accenture worked with the Star Group to develop the Hotstar app, keeping these trends in mind. The Hotstar app has offered cricket aficionados choice and flexibility and they can now consume content on the go. In many ways, for Accenture, the cloud has played a critical role in ensuring a seamless digital ecosystem. Thanks to these technologies, Accenture can respond to market challenges and opportunities at a speed that was not possible before. “
The nature of this business agility has become a critical facet of the hyperconnected digital ecosystem in the new normal. In the long run, hyperconnected ecosystems will enable companies to make a more profound business impact while also leveraging innovation to secure critical opportunities in the market. The diaspora for digital change is all about focussing on building a secure and hassle-free experience for customers and stakeholders alike.
(Speaker views showcased above have been collated from The Economic Times Webinar on Building a Dynamic and Sustainable Digital Enterprise: Managing hyperconnected ecosystems)