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Business ecosystem

  • Writer: Ade McCormack
    Ade McCormack
  • Jul 24
  • 1 min read

What is a business ecosystem?

A business ecosystem is a collection of entities that coordinate and collaborate in a manner that benefits all parties. Early ecosystems were essentially supply chains, eg. running from the mine to the car showroom. The car retailer had no relationship with the mining company. The relationship with the manufacturer was largely around whether they could make enough cars to meet demand.


Ecosystems are not simply focused on extracting value from the other actors. Each actor recognises that the stronger each actor is the more all actors benefit, so there is a greater investment in maintaining a healthy ecosystem.


The ecosystem does not simply include other businesses, it recognises the importance of all stakeholders including employees, customers, professional bodies, local communities and regulators.


Intelligent ecosystems harness the cognitive value of both people and AI to create a system that behaves like a living organism. As such, it can sense, decide, act and predict in a manner that benefits all parties.

 

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