Russia-Ukraine War: Critical Lessons for Companies Around the World

It has been more than one month since the Russian forces invaded Ukraine. The Ukrainian people are bearing the brutality of the war. In addition to the consequences of the war on Ukraine and its economy, the crisis has heavily impacted the global energy markets. Due to the key role Russia plays when it comes to global oil & gas trade, economic transactions in Russia have a direct effect on the prices of energy, especially in Europe.?

The European Union heavily relies on Russian natural gas. Consequently, the United States and Europe are not able to sanction Russia as badly as needed. They strategically maintain some loopholes in their economic sanctions. In the first week of March, White House spokesperson, Jen Psaki, said that the U.S. government was considering energy sanctions on Russia, but they were also evaluating the impact due to the high costs of energy in both the United States and Europe.

Crippling energy sanctions are needed to force the Russian government to reconsider its action in Ukraine. The challenge is that Europe is extensively dependent on Russian energy. In response to this, the EU wants to establish energy security by reducing dependence on Russian gas and diversifying energy imports - by trading with other countries.

Critical Lessons from Russia-Ukraine War

The war happening in Ukraine and the consequent economic sanctions are sources of inspiration for organizations around the world. Firstly, the reliance of the EU on Russian natural gas shows how crucial diversification is to maintaining energy security. For companies, building partnerships and an ecosystem of connected solutions is a great lesson here.?

The EU plans to maintain stability by getting its energy supplies from different sources. This is to ensure energy security. In the same vein, organizations can build immutable business frameworks through partnerships and product & services ecosystems.

The second lesson is the need to be innovation-ready. Smart business leaders leverage digital solutions to build innovation-ready capacities to avoid going out of business when the unexpected happens. Today, global crises are heavily impacting organizations; and companies without a robust digital strategy are finding it difficult to thrive. In a world filled with crisis and uncertainties, you have got to be ready to innovate and cancel the effect of bad policies.

You have to implement technology solutions and digital ecosystems capable of sustaining you on a rainy day. International politics is getting fierce by the day. Any organization that wants to stay competitive must be innovation-ready. And this requires strategic implementation of digital ecosystems.

The Solution: Advanced Digital Ecosystem

If you want to stay a thousand steps ahead of the global crisis and be competitive in the face of the spike in prices of oil and raw materials, strategic adoption of an advanced digital ecosystem is the way to go. It provides future-proof solutions you need to develop a robust digital strategy for product and corporation-wide transformation. The goal is to foster immutable, disruptive transformation and innovation even in the face of rapid negative changes.

That said, what is a digital ecosystem? A digital ecosystem is a group of interconnected information technology resources making collaborative intelligence possible. Digital ecosystems are made up of suppliers, customers, trading partners, applications, third-party data service providers, processes, procedures, standards (including governance), compliance, and risk management in digital-driven business.

How is Advanced Digital Ecosystem the Solution to the Present Global Business Crisis?

A digital ecosystem enables you to build partnerships and connectivity needed to thrive in a fast-changing business landscape. By creating networks of products, collaborating with other companies, and sharing resources & skills, you can quickly get more done efficiently. Here is how an advanced digital ecosystem can help you:

Innovation-Ready in the Face of Global Issues

An advanced digital ecosystem helps you to create a secure business architecture that can withstand harsh economic changes. With an ecosystem of interconnected products, you can easily adapt to changes. For instance, when demand for one product diminishes, you can alter your strategy to focus on another one or you can rely on your partners to adapt to changes quickly.

Reduced Costs

By building a network of interconnected technology resources and partnering with other companies, you can seamlessly share resources and expertise to enhance your business processes. When it comes to the cost of acquiring customers, multi-company ecosystems broaden your reach and give you access to a wider customer base. This enables you to acquire new clients without having to spend more on advertising or other customer acquisition processes.

Customer Loyalty Through a Group of Interconnected Products

People will not look elsewhere if you offer a suite of interconnected products. It is easier to buy everything they need in one place. Companies like Apple and Google leverage extensive digital ecosystems to build customer loyalty. These leading companies offer a range of products that are interconnected. For instance, once a consumer gets an iPhone, it will be logical to go for an Apple laptop when looking for a system.

Quickly Add New Revenue Stream

Adding a new income stream can be labor-intensive and time-consuming. Partnering with companies that already have the expertise and infrastructure you need enables you to roll out new products faster and at lower costs.

Why is Advanced Digital Ecosystem Important in 2022??

The global business scene is dominated by news of unstable supply chains, a rise in the price of oil & gas, a spike in the cost of raw materials, increased cyberattacks, and more. Any company that wants to outlast the present global ‘shaking’ needs to implement an advanced digital ecosystem. You need a network of interconnected products & services and collaboration with other companies to be able to adapt to changes easily without losing out in the market.?

Thinking of how to get started? Bredec is in the business of helping organizations build advanced digital ecosystems. We have experienced experts to help you analyze your needs, make recommendations, and build an ecosystem of solutions. Contact us now to schedule a consultation with our digital ecosystem lead expert.

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Contributors; Laura Penwell (Artist), Gray Oshin (content creator), Melanie Matt (concept and strategy) & Boris Matt (Head of domain Advanced Digital Ecosystems)