Embrace Industry Innovation & Data Standards Ecosystems
- February 8, 2018
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Ecosystems are nothing new. Businesses have been linking to different cooperation structures for years. What’s different today is how those ecosystems are formed and the nature of the ecosystem itself. From innovation hubs to partnerships to data standards organizations to legislative initiatives, by banning together, industry collaborations have a stronger voice and decidedly more influence.
- The ability to influence and make change
- Breakthrough branding initiatives
- Collaboration builds strong relationships
- Joint collaboration on industry best practice, education and certifications
- Collaboration can produce powerful research
- Thought leadership
- Coalitions and federations become the go-to source for information and industry expertise
The multifaceted oil and gas industry is composed of buyers, sellers, and third parties whose interests do not always intersect, and whose business practices do not always translate. Some of the benefits of adopting voluntary best practices and standards include:
- Time and cost savings · Eased communication and data sharing · Enhanced customer service · Streamlined systems and processes · Increased operational efficiencies · Better-educated, more professional employees
Our proposition rests on the belief that collaborating in industry initiatives is the starting point for building successful digital business initiatives. As with any other strategy, this needs to be properly implemented across the organization to create value.