How can we work with our ecosystem partners to reimagine the future of our industries using 5G?

Today a host of emerging technologies are enabling us to reimagine our industries, along with our world. These powerful technologies include robotics and automation, analytics and artificial intelligence (AI), edge computing, 5G and the Internet of Things (IoT).?According to the EY Reimagining Industry Futures Study 2022, a survey of more than 1,000 enterprises globally, businesses across sectors are increasing their investment in these technologies and others.

?Successful business transformation does not just require investment in emerging technologies, however. If enterprises are to maximise their return on investment – and achieve the best possible outcomes for their customers, employees and other stakeholders – they need to form strong alliances with ecosystem partners that can help them to create more disruptive business models through greater innovation and agile use of technology.

?The EY study – which focuses on how enterprises can more effectively exploit the potential of 5G technologies in particular – shows that ecosystem approaches are currently on the rise. Three-quarters (75%) of enterprises say that ecosystem strategies will become a significant driver of their organisation’s growth over the next five years. Over two-thirds (69%) are already collaborating with other organisations as part of a business ecosystem.

?Technology vendors are among the most important partners for enterprises...they are trusted as transformation experts

What do enterprises want from collaboration?

?Collaboration brings many benefits to ecosystem participants, including diversity of perspectives, shared financial risk and reward, and access to specialist skills. In fact, the EY study finds that access to new skills, knowledge and competencies is the main rationale (38%) for why enterprises choose to collaborate with other organisations as part of an ecosystem.

?Naturally, technology vendors are among the most important partners for enterprises. This because they are trusted as transformation experts that can speed up the deployment of new capabilities and co-create new products and services.

?While the value of ecosystems is recognised, pain points do exist. The biggest inhibitor to ecosystem collaboration is a lack of strategic alignment between participants, cited by 40% of respondents to the survey. Another pain point – which is actually growing in prominence – is the perception within organisations that innovation through collaborative ecosystems is a ‘nice to have’ rather than a ‘mission-critical’ requirement.

?Ecosystems and 5G

?EY believes enterprises that embed digital and technological transformation into all areas of their business perform better – a strategy that is best enabled by an ecosystem approach. That’s why EY teams help companies to rapidly and digitally transform with minimal risk through EY Alliance and Ecosystem relationships . These alliances – with IBM, Microsoft, SAP, ServiceNow and many others – provide the technologies and insights that enterprises need to solve their toughest challenges and create new forms of value for their customers.

?Additionally, EY is using its alliance ecosystem to accelerate its own transformation. Our work with Atos, Kyndryl and Microsoft has enabled us to build a resilient and agile infrastructure to support the hybrid working of 350,000 staff in over 150 countries. What’s more, our investment in EY Fabric – our global cloud, data and AI platform, which integrates many of our ecosystem partners – is enabling us to digitalise our service delivery to our clients.

The combination of 5G and IoT offers huge potential for industries to reimagine their future?

The value of taking an ecosystem approach to technological transformation is especially underlined by 5G. The combination of 5G and IoT offers huge potential for industries to reimagine their future, with the widespread disruption that we are experiencing today acting as a catalyst for innovation and transformation. The majority (85%) of survey respondents say the impact of the global health crisis is driving their interest in 5G, up from 52% in last year’s study. Furthermore, 80% say supply chain disruption has galvanised their pursuit of 5G, while 71% cite the focus on environmental, social and governance (ESG) issues.

?Still, there appears to be some way to go before enterprises will realise their ambitions around 5G. More than a third (37%) of enterprises surveyed express concerns that 5G vendors’ current use cases do not meet their business resilience and continuity needs. Additionally, almost half (47%) do not think their sustainability goals are met by today’s use cases. These findings highlight the need for 5G providers to adjust their solutions to meet the real-world needs of industry leaders. For example, they could look at supporting 5G-based IoT applications that optimise systems and processes, mitigate cyber threats, improve supply chain management, enable personalised products and services, or enhance energy efficiency.?

Look to the future

Emerging technologies – including 5G – will undoubtedly be instrumental in defining and shaping the industries of today and tomorrow. Nevertheless, it is only by working with our ecosystem partners that we will be able to truly capitalise on all the potential these technologies have to offer, bringing benefits to the economy, the environment and society at large. Ecosystems are not just integral to the future of our businesses – they are integral to the future of our world.