Open Ecosystems

Will digital platforms and ecosystems become the leading management approach of the next decade? Developments in information and communication technology promote hyperconnectivity as a fundamental principle for interaction and cooperation in an open ecosystem. The world has long been a digital network in which everything is interconnected. Interdependencies serve as the basis for value creation and scaling is achieved through network effects. The diverse potentials of open and digital ecosystems range from poverty alleviation and the promotion of financial inclusion to collaborative learning for improved customer experiences and sustainable growth. Studies have shown that successful ecosystems primarily originate in sectors such as e-commerce, social media, and finance, and from there penetrate into complementary business areas of other industries. This golden triangle of ecosystems has established itself in China. Dominant ecosystems such as those of online retailers like Alibaba or messaging platforms like WeChat from Tencent emerged over a decade ago and now serve as models for business strategy innovations. Super-apps integrate services for all areas of daily life—from shopping and travel to finance, health, logistics, and entertainment. Within an ecosystem, there are data, information, goods, and financial flows, all of which are closely intertwined. A deep understanding of these cycles is crucial for success in the platform economy. Global competition will increasingly occur not between individual companies, but between ecosystems that extend beyond organizational and sector boundaries.