Tuesday, 29 December 2015

Live and let live, balancing ecosystems!



It took over 50 years for the word ecosystem, as we know it, to be transported from the natural world to that of business and commerce. Coined in the 1930s by British botanist Arthur Tansley, it was given a new dynamism by business strategist James Moore. Companies working together, cooperating and competing to promote new products while keeping the customer in mind was Moore’s vision of an ecosystem for the business world.
Fighting to find a footing in the jargon-oriented business setting, the term scored brownie points for its value and has since found a permanent place in the lexicon. From technology to platforms as diverse as media and healthcare, the scope of the possible was continuously put to the test. And pass it did with flying colors, in serving communities and harnessing talent.
The operative word here is platform, as, magnet-like, it attracts participants or players to the field with a purpose. Such platforms bring about resource sharing to access untapped assets or markets and improved customer satisfaction. Platform business models led to the evolution of apps-based businesses. The early birds stood to gain, the smartest opening the doors to Smart initiatives.
The financial technology ecosystems that took wing in the developed countries look set to branch out to other regions, for instance, to the GCC countries. Governments and financial institutions have come to realize that such ecosystems are imperative for growth. Architects of business ecosystems in the GCC countries would do well to:
·      calculate the financial benefits of having such systems
·      develop the strategy to achieve the aim
·      choose the partners
·      build an operating structure and model of the system
·      put together all criteria for best use of available resources
In countries such as the GCC, however, the governments have a more crucial role to play than in the developed world, and the challenge lies in developing the necessary coordination. So, let’s connect, cooperate, collaborate, and co-evolve!