Several global megatrends are driving opportunities for companies. Changing demographics encompassing a move toward urbanization with a surging middle class concentrated in urban areas and aging populations; energy availability and resources; sustainability and regulations; and digitalization all create opportunities for companies to grow.
We live in a new world of an engagement, an ecosystem-driven economy where everything around us is changing exponentially. In the future, a company will not only compete against another company. Every company is and will be part of an ecosystem and success will depend on how a company can create a strong and sustainable ecosystem that is able to compete and win in the marketplace.
All supply chain ecosystems, which consist of the entire supply chain and value chain network, must focus on creating value for every partner with the goal of serving customers in better ways. Companies must aim to create a highly competitive ecosystem, to drive greater efficiencies, higher quality and lower costs so we can do that. In that way, supply chains can become a competitive advantage for companies in serving customers. The overall question will be how ecosystems can be enabled by smart technology to deliver value exponentially faster, and how smart connected products transform competition. Value chains will transform into ecosystems of ecosystems, highly connected and dependent on each other.
Smart, connected ecosystems combined with artificial intelligence integrated in products is game changing and disruptive. Organizations can link products and services at the front-end of a business with the back-end of a business. There are solutions that connect with the front-end to provide business intelligence, which creates visibility and transparency in supply chains–key to responding to customer demands. In the commercial world, you have to be responsive and reliable to the end user to unlock value. B2C e-commerce has created new B2B customer expectations: I want to buy products when and how I want, and will find someone who will sell it to me my way. That is becoming the new reality for B2B businesses. To respond to that mindset, you need to streamline processes to enhance performance, and adopt systems and technology that enable that.