If we consider that the 2000s were the decade of sales automation and the next ten years the decade of marketing automation, this new decade is all about data, ecosystem automation and ecosystem partnerships. In this blog, we look at what a partner ecosystem entails, what its purpose is, who benefits from it, and how this new era of ecosystems is changing the game for CIOs in the IT sector.
What is a Partner Ecosystem?
A partner ecosystem is a strategic approach to driving growth and innovation through a network of multiple partners who serve a similar target audience. Working together, the partners in the ecosystem create new opportunities that they would otherwise be unable to pursue alone. According to ecosystem expert and founder of co-selling platform Workspan, Amit Sinha, an astounding 60% of revenue flows involve a partner. Amit was recently DMI’s guest on The Data Whisperer podcast episode “Maximizing Success: How Powerful Ecosystem Partnerships Can Transform the Business of IT” where he shared his insights into the world of partner ecosystems. By collaborating and co-innovating, ecosystem partners in the IT sector can share ideas, put together new value propositions, bring new solutions to market together, and reduce risk. All of the partners benefit from this collaborative approach, and their customers have access to an expanded offering that combines the strengths and capabilities of multiple innovative partners, enhancing the overall customer experience.
Managing Data in an Ecosystem Partnership
In the IT industry, a partner ecosystem might be composed of technology vendors, service providers, and consulting firms, for example, who all have a similar customer base. People, processes, and data all play a key part in the ecosystem partnership, with the creation of cross-company workflows between partners to share information and accelerate processes. Managing the data within the ecosystem to support better decision-making is a key aspect of this transformation. With data being shared in real time between partner networks thanks to technological advances, strict controls need to be in place and consideration needs to be given to data security and compliance with data governance standards.
Why CIOs Should Sit Up and Take Note
CIOs and technology leaders have an important role to play in driving innovation. Technologies are evolving and new technologies are emerging, and by forming partnerships, CIOs can leverage technological expertise outside of the company. The topic of co-innovation also has been widely discussed at Forrester, and Vice President Matt Guarini summed the situation up: “We look at today’s tech execs, CIOs, and CTOs, and they need to deliver business outcomes. How do they do that when you are limited by how much tech talent and how much capability and how much money you have to spend within your organization? You can’t do everything yourself”. Collaboration and co-innovation are, therefore, factors that business leaders in IT, in particular CIOs, should be considering to generate business growth and orchestrate value for the end customer. Enabling innovation means that CIOs need to look beyond their own four walls, harnessing synergies, and forming an ecosystem that will be game-changing for all the partners involved.
The Emergency of the Chief Ecosystem Officer
Given the strategic importance of partnering and ecosystems, some companies are even going one step further by adding a new role to their C-Suite: Chief Partnerships Officer, Chief Strategy & Partnership Officer, or Chief Ecosystem Officer. The titles vary, but they are all focused on creating value through powerful partnerships.
At DMI, not only do we adopt a partner ecosystem approach ourselves, but we also work with global organizations that actively nurture networks of partners to achieve mutual growth and pursue innovation. Our Information Management Platform JiVS enables organizations to cost-effectively manage their historical and operational data, keep it secure, and comply with data governance standards. Our approach also helps companies make their IT operations greener by retiring legacy applications and reducing their data footprint.
Author: Eva Heinze, Partner Manager, Data Migration International