World business competition, now, is not limited by physical borders anymore. Digital markets replaces and maneuvers traditional markets. This system taking changes faster than ever. That is why it is important to know ecosystem economy.
Therefore, you may get familiar with big data, cloud computing, and machine learning.
In ecosystem economy complex network of companies across industries collaborate. They aim to provide a seamless experience for the customer. Data, emerging technologies, and innovative platforms enable the system. The economic opportunity of operating in this system is sizable and unprecedented.
The actors actively involved in this system always focus on building innovative platforms than products. Therefore, technology companies claim the top five spots in the world. They are Microsoft, Apple, Amazon, Alphabet, and Facebook. Those five companies are the major contributor to this system. Moreover, they are expected to unlock a $100 trillion digital dividend by 2025. That number is larger than the global GDP today.
Big Changes in Asia
The same change has arrived in the Asia market. The easy example will be what happens in United Overseas Bank (UoB). UoB is a leading bank in Asia. It has now focused on its technology development. It aims to make banking simpler, smarter, and safer for the customer across the region.
According to its 2017 annual reports, UoB has invested $1.2 billion in technology. The investment purpose is to improve its digital capabilities. Consequently, they launched a cloud-based integrated business solution, UoB BizSmart. The system is purposefully created to help small and medium-sized enterprises (SMEs). As the consequence, more than 3,500 SMEs across the region have signed up for it.
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Another easy example is in Business to Business (B2B) space. B2B companies are supportive enterprises that offer help to other businesses to grow. JIn King Tech Group, a Singapore based company, introduced cloud-based BPO services. It provides smart card and biological recognition to their portfolio. This can be a new solution for banking and government sectors.
