Advertisement
Leveraging the app ecosystem to achieve fast and affordable scalability
- Emerging digital ecosystems is the future of software and may account for revenues of over US$60 trillion by 2025
- Businesses can use complementary apps to increase operational capacity without affecting their bottomline
Paid Post:XERO
Reading Time:5 minutes
Why you can trust SCMP
[Sponsored Article]
Unlike large enterprises, small and medium-sized enterprises (SMEs) often have to operate with a lean team, especially in their early years.
To make the best use of resources, tech-savvy business owners have found that they can drastically reduce man-hours spent on routine tasks by digitising their operations. By adopting digital solutions, such as cloud-based systems with automation, machine learning, and artificial intelligence (AI) capabilities, SMEs can equip themselves with the latest technologies to get ahead of the competition.
For instance, digital solutions enable staff to spend more time on activities that directly add value to the business. They can also empower SMEs with insights into business performance and trends when they digitise data storage which feeds into data analytics tools.
Interestingly, the management consulting firm McKinsey says that digital strategies fail when service providers overlook ecosystems. That means it is not advisable for providers to force companies to use their product for all of their processes, or to create systems that are incompatible with other software. Businesses need the flexibility to choose the software that they are most comfortable with and that does not require a major, expensive shift in their processes.
Software creators thus need to recognise that competitors or players in other industries may become their partners. According to McKinsey, this “emerging set of digital ecosystems could account for more than US$60 trillion in revenues by 2025, or more than 30 per cent of global corporate revenues”.
Advertisement