How firms can maintain their digital ecosystems

Digital ecosystems have a plethora of benefits to helping a business grow and stay ahead in innovation, but they are not always easy to maintain.

Sameer Datye, head of insurance and wealth solutions at IT software company TietoEVRY has released a blog on how to maintain a digital ecosystem. The full blog can be read here.

TietoEVRY’s WealthMapper platform, empowers partners in the ecosystem to deliver a range of retail wealth management services. Its modular digital toolkit enables users to implement end-to-end wealth management services, from the customer facing operations to back-office support.

Datye has outlined ten steps it has taken to ensure the WealthMapper solution can flourish and stay relevant.

One of the steps has been the platform’s defined result expectations. The team has plotted the minimum results, the best outcome and any extra benefits that can arise from the ecosystem.

Another key part of its continued success, has been down to the fact the company has ensured stakeholders are onboard for a minimum of three years. This ensures the platform stays lively and is not bogged down by short-term players.

That engagement with players is also key to the survival of a digital ecosystem. Datye explained that internal and external communications are in place to ensure everyone can understand what is going on with the platform, the victories and the value being created. He added, “Keep your partners in the loop at all times- their commitment is sacrosanct.”

Some of the other points include: continuous monitoring of transparent targets, having pre-defined rules for fail-safe activation, always engage with new technology, accept constant evolutions of business and monetisation models, and have flexible resource commitments.

Finally, Dayte stated that it is crucial to remember the digital ecosystem is not an “ego-system.” This means the team needs to work together to support everyone in the ecosystem and not just focusing on the biggest groups. The only way for the ecosystem to survive is through nurturing it, he said.

In a previous blog post, Datye explained how TietoEVRY was able to create such a strong digital ecosystem.

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