According to research by Google, 85% of user journeys start on one device and finish on a different device, 87% begin the ‘buying’ journey on digital channels, 98% switch between multiple devices every day, and users average 6 touchpoints on the path to ‘purchase’.
Now more than ever, It is vital to know what experience you are delivering, where you are delivering it, and how it is being delivered. This is where your digital ecosystem is key.
The term ‘Digital Ecosystem’ may sound like just another buzzword, but when you look deeper into what a successful digital ecosystem means for your business, the value is undeniable.
Increased sales, guaranteed ROI, open new revenue sources, reduce risks, and increase the speed of technology adoption.
A digital ecosystem is a dynamic, continually evolving integration of all of your digital channels that enables you to fuel growth by consistently adding value and removing frustrating and outdated systems and technologies, restricting your ability to deliver on the needs of your modern user.
By developing a digital ecosystem, companies can deliver value to users through new services, products, and business models.
Previously, companies would perform business functions independently and compartmentalised within organisational departments. There would be (significant) investment in new technologies and software without taking into consideration how these tools and systems would (could) be used and integrated through the rest of the organisation.
For a digital ecosystem strategy to succeed, organisation silos need to be unified, new systems and tools need to be embraced and external partners need to be utilised.
How can you integrate your tools and technologies to increase business performance, fuel growth, and deliver value through an increased flow of data and shared insights.
The importance of understanding exactly where your organisation is at today and how to optimise the tools that currently exist within your organisation should not be underestimated. Take a look at the tools and systems and the departments responsible, to understand how connections can be made to increase efficiency, effectiveness, and data sharing.
Every stakeholder needs to be accounted for when defining the ecosystem.
What a well-defined digital ecosystem brings is around transparency and creating greater capabilities that comes with understanding how you are using digital.
What are the benefits?
- Improved business processes
- Decrease costs and expenses
- Identification of new revenue sources
- A better experience for your users
How does this all deliver value?
Increase sales with access to data and related insights
Better communication, effective lead generation, and building innovation can be achieved by utilising data insights the exist within your digital ecosystem.
‘Guarantee’ Return on Investment
Understanding and optimising your channels and creating better touchpoints along the ‘buying’ journey. This knowledge ensures your present clear, consistent, and personalised messaging when required and reduces risk by adding data to your strategic direction.
Create new revenue sources
By being more connected with your users you can increase the perceived value of your products and services, reducing the risk in creating new (potentially non-traditional) revenue streams.
Increased speed of technology adoption
Your digital ecosystem should be designed to embracing the improved efficiency and effectiveness of new technology. If you do not embrace new technology resources your return on investment suffers.
A digital ecosystem is an integral part of your digital transformation and strategy to create a culture that embraces change and new technologies, designed to grow your progress. Understanding the structure and workings is important – but that is not enough.
You need to understand how to make your digital ecosystem succeed.
Until next time,
Tony – Lead Experience Strategist