Accenture's Global Electronics and High Tech Industry Lead, Sami Luukkonen, understands why businesses want to keep information about their products proprietary. However, in a recent HBR piece he argues that in an age of digitalization and the Internet of Things, intelligent products, by their very nature, require integration and collaboration. As well, the next "big thing" could come from any myriad of sources, so companies that volunteer some product data (pipeline products, features, functionality) and customer analytics to the ecosystem are more poised to be innovative.
Beyond the high tech industry, executives in other sectors need to understand that there remains only a few stand-alone technologies: products are ecosystem-based rather than individual devices, and Luukkonen cites the example of sensors and integrated software in oil pipelines that provides information about location of leaks, severity of leaks and possible environmental impacts.
Finally, he adds that a collaborative strategy, in which companies make strategic decisions about which of their partners they open up to completely and which they have to take a selective approach with, provides greater benefits through co-innovation.
What do you think?
Image source: Harvard Business Review