“If you want to go fast, go alone; if you want to go far, go together.”

I love this proverb because it reminds us that sparking progress requires all of us. While this idea is generally true, our recent data show that when people, systems, and businesses come together to form a digital ecosystem, they can go further and faster.

Digital ecosystems bring together many organizations to address a shared challenge. That could mean technology and financial companies; research institutions and academia; non-profits and nongovernmental organizations (NGOs); and more coming together to modernize data and monetize digital transformation. That efficiency can spark competitive advantage, strengthen business outcomes, and make an impact that matters.

Business leaders who consider how tech investments can drive value for stakeholders beyond customers – including competitors, suppliers, and distributors – report 7% more value from digital transformation. But the benefits extend far beyond profit.

Leaders can advance financial and purpose-driven outcomes by building a network of strategic partnerships across disciplines and using their collective data to make a deeper impact.

1. Consider ecosystems’ broad value By exploring more monetization and mission-oriented strategies, business leaders can drive greater stakeholder value with digital ecosystems. This could include using shared data to enter new markets or related industries (33% of surveyed businesses are more likely to do so with ecosystems) or exploring platform strategies where collaborators create value using a connected infrastructure (29% of surveyed businesses are more likely to do so with ecosystems).

For example, a retail organization may establish a marketplace ecosystem where third-party sellers fuel expansion into new product categories and unlock more value from existing e-commerce assets. Macy’s has seen success by scaling their marketplace to include 400 unique brands and increasing exposure to brands from underrepresented communities, with no associated supply chain costs.

Considering ecosystems’ broad value can also mean working with like-minded organizations to advance purposeful change – such as economic renewal, social equity, and sustainability – along with business objectives.

The Yes SF urban sustainability initiative is an example. In 2023, Deloitte, Citi, Salesforce, the San Francisco Chamber of Commerce, the World Economic Forum, and more than 20 other innovators launched this initiative to address San Francisco’s needs with viable, scalable, and sustainable solutions. So far, this ecosystem has:

  • Deployed innovations for sustainable construction, green energy, water conservation, waste management, vertical farming, and urban forest management.
  • Created employment opportunities and fostered community engagement while making city living more affordable.
  • Built a model for cities to address complex urban challenges with vibrant ecosystems that support residents and the environment.

2. Make a broader, deeper impact with ecosystem data What types of data can help create more value? Organizations shouldn’t only consider traditional channels, such as connecting disparate systems or centralizing commerce in a single location. Think big! What information could make an immense impact, not only on the bottom line but for the greater good? What could efficiently remove those barriers?

Nothing is off limits, even data sharing among competitors, as demonstrated by the NextGen Therapies Industry Working Group (IWG). This ecosystem of more than 90 cell and gene therapy organizations shares cutting-edge practices, harmonizes industry standards, and creates solutions to enhance the lives of patients, providers, and other stakeholders.

By prioritizing collaboration over competition, this ecosystem helps standardize processes and supply chain management for innovative cell and gene therapies and expand the adoption of patient-centric problem-solving. Together, participants can drive medical advancements in ways that might never be fully measured.

3. Build a network of strategic partnerships across disciplines Ecosystems are stronger and more effective with a variety of perspectives, so leaders should look beyond the obvious industry partners and technology vendors to build new connections with academic and financial institutions, manufacturers, health care groups, and other organizations that can foster learning, collaboration, innovation, and evolution.

One of my favorite examples is The Smart Factory by Deloitte @ Wichita – a 60,000-square-foot space that features an end-to-end smart production line, space for smart ecosystem sponsors, and experiential labs. Deloitte, Wichita State University, Amazon Web Services (AWS), Infor, SAP, Siemens, and other key industry players use this space to show manufacturing organizations how they can accelerate digital transformations through innovative tech and sustainable manufacturing solutions.

Taking the first step As ecosystems evolve to multiply value, organizations that operate in silos might soon find themselves at a disadvantage, but leaders need not make the journey alone.

Deloitte has spent nearly four decades convening ecosystems across more than 160 leading organizations, institutions, and technology vendors. Through this work, we’ve seen how collaboration, technology, data, deep industry experience, and diverse perspectives can help organizations go further and move faster to achieve their goals.

When we work together, we can advance both mission and financial outcomes to spark untold progress.