How connected ecosystems drive business growth and innovation
Written by Daniel Gaeta, Product Marketing Manager, AVEVA Data Hub
In today’s fast-paced business world, there is enormous pressure on companies to create more and more value. With technology advancing at a rapid rate and consumer demands constantly evolving, the stakes are high for organizations to transform quickly or risk total disruption. According to the World Economic Forum, at the current churn rate, almost half of the companies listed on the S&P stock exchange will be gone in the next 10 years.
To meet these mounting expectations, companies must collaborate and foster connected ecosystems, or, as we call them at AVEVA, connected communities. Going it alone is no longer enough in today’s global economy. No single company can make meaningful headway on issues such as optimizing operational efficiency, increasing sustainability, and achieving digital transformation on its own.
Reaching across borders, fostering diverse thinking, and building new skills will be crucial to creating innovative solutions and staying competitive. This is where the connected community model comes in: a fast, secure, and easy way for multiple stakeholders to access and visualize a shared set of relevant data. This ease of access becomes especially important when stakeholders are external to the organization.
A recent survey from EY of more than 800 business leaders demonstrated the vast potential of deploying the ecosystem business model. The survey found that ecosystem business models on average accounted for 13.7% of total annual revenues, drove 12.9% in cost reduction, and generated 13.3% in incremental earnings.
That’s the reason why, over the past five years, EY has formed partnerships with more than 100 companies, such as Dell Technologies, IBM, Microsoft, SAP, and ServiceNow. Through these partnerships, EY can provide its clients with access to sustainable, long-term value through data, relationships, and technology.
The future–and success–lies in collaborating with external stakeholders to assemble the necessary data to make informed decisions. And collaboration requires real-time, sophisticated, and simplified data-sharing. With the connected community feature in AVEVA™ Data Hub, data owners can create and manage a secure, multi-tenant data repository in the cloud, which allows authorized users to access data streams and share their data with internal and external stakeholders. Companies can easily and securely connect trusted business partners, governmental agencies, and even competitors in a common data environment while retaining granular control over what data they share with each of them, no matter where in the world the stakeholder is located.
You can visualize shared data directly through AVEVA Data Hub’s trending feature, transfer it into Power BI using the native AVEVA Data Hub Power BI connector, or share it via REST APIs with custom applications, AI/ML platforms, or third-party analytics tools like Grafana.
AVEVA Data Hub is available on AVEVA™ Connect, our industrial cloud platform. Gain access to AVEVA’s full portfolio of secure industrial SaaS that is fast to deploy and easy to access and manage across any global enterprise.