IBM included ecosystems in the 🏆 top 5 Tech trends for 2024, highlighting their crucial role in customer engagement and value creation.

As we delve into the significant trends shaping cloud GTM in 2024, let's understand why ecosystems are pivotal.

📈 Executives Embrace Ecosystems for Tangible ROI

Business leaders are experiencing the financial impact of ecosystems firsthand.

A striking 📍 69% of executives have seen improved financial results due to ecosystem participation. Furthermore, 65% underscore easier access to high-demand skills through partners.

🎯 Open Innovation: The Heart of Ecosystem Success

The real magic of ecosystems lies in their ability to foster open innovation. Traditionally, innovation was a closed, internal process. But in today's interconnected ecosystem economy that runs on partnerships, open innovation isn't just an option; it's often a necessity.

By sharing talent, ideas, resources, and technology, partners can accelerate everything from product design to after-sales support, creating value that benefits all involved.

📊 Revealing Data: Open Innovation Fuels Revenue Growth

The evidence is in the numbers: 84% of executives say that open innovation is important for the growth of their business.

Open innovation leaders see a 59% higher revenue growth than their peers. In large organizations, up to 10% of revenue can stem from open innovations supported by the ecosystem.

This is a trend that can't be ignored.

♻️ Three Key Elements for Ecosystem Value

Data-Sharing and Transparent Communication

Seamless access to shared data and breaking down data silos are essential. The cloud plays a critical role here (as we discussed in the previous post), unifying data and making it accessible for shared growth and innovation.

Quality Over Quantity in Partnerships

IBM's advice is clear - prioritize the quality of partnerships and regularly reassess them to ensure alignment with your evolving goals, culture, and strategy. Trust and the ability to offer diverse capabilities and technologies should be the foundation of these relationships.

AI's Role in Boosting Collaboration

IBM’s research indicates that 77% of executives expect AI to improve partner collaboration. Strikingly, the majority of organizations said they’re currently evaluating or piloting generative AI for open innovation, 📍 primarily because of its ability to improve ecosystem collaboration.

🗽 As we enter 2024, collaborating with cloud hyperscaler ecosystems and building your own are becoming top priorities in GTM strategies. It's all about driving growth and innovating together throughout the entire customer lifecycle.

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