Smart, Connected Products with APIs Transform Industry Ecosystems

Technological advances under the umbrella of Industry 4.0 are enabling asset‐intensive industries to become data‐driven, adopt zero‐touch automation, and transform the way people and machines work together. However, this requires that companies can co‐innovate and combine their offerings and capabilities with their strategic ecosystem partners. This kind of ecosystem approach has become an essential part of data‐driven business strategy planning and execution as part of digital transformation across industries. Via well‐formulated ecosystem strategy and orchestration, ecosystems can create 5G‐enabled competitive advantage by helping enterprises cost‐effectively and rapidly develop new business opportunities, monetize the value of digital technologies, and expand their solution opportunities into new customer segments and markets.