Organizations that share data, applications or processes with their ecosystem partners through joint ventures will increase their profitability by five percentage points by the end of 2023, according to the International Data Corporation (IDC). FutureScape: Forecasting the global future of industrial ecosystems to 2023 a report.
One reason for this is that when organizations are able to leverage the ecosystem of applications, partners and service providers, they can unlock the value of their data and thus increase productivity, operational efficiency and sustainability, while accelerating innovation. Bray Dillon, senior vice president of partners and business development at AVEVA, explains how the company is working with Microsoft to help industrial companies build the data ecosystems of the future.
What is the “Ecosystems of the Future” strategy, and how does it support the connected industrial economy?
Today's industrial organizations increasingly rely on — and are improved by — data-driven insights. This means that their value chains are interconnected and interconnected. Their success depends on the ecosystem of the future: a network of suppliers, vendors, customers and value chain partners who share information for mutual business value and to help accelerate sustainability ambitions. This type of ecosystem enables seamless communication, enhanced operations, and improved decision-making within the industrial landscape.
Data is the ultimate strategic resource. By leveraging industrial ecosystems, it is possible to maximize this resource by breaking down silos, enhancing efficiency and sustainability, accelerating innovation and generating new opportunities. All of these factors lead to a competitive advantage over isolated companies, creating a strong foundation for players in the ecosystem and ensuring future success.
Additionally, connected companies benefit from better supply chain management, enhanced customer experiences, reduced costs, risk mitigation, and business agility.
How does the ecosystem model of the future facilitate partners working together and how can this stimulate innovation?
Partnerships are a powerful way to drive innovation quickly and effectively. When multiple entities bring together their unique and complementary strengths through data exchange, tackling looming business challenges, including our collective race to net zero, becomes easier. In this way, data ecosystems represent the next wave of digital transformation. They leverage a trusted network of technologies to connect industrial operators and their partners.
If organizations are part of the industrial data ecosystem, they will have access to new capabilities or expertise that they may not have available within the company. Most importantly, a unified view across the value chain enables organizations to discover important new insights that enhance their capabilities in a changing business environment.
When this AI is powered by AI and shared in the cloud, every participant in the value chain – including partners – can envision ways to co-innovate and improve efficiency, productivity and sustainability.
How can these ecosystems help developers collaborate to find solutions that make companies more efficient and sustainable?
The competitive advantages gained from secure data sharing communities strengthen trusted developer relationships. By adding context to real-time data, companies can accelerate R&D and innovation together and mutually enhance competitive advantages.
All over the world, developers are already leveraging the connected ecosystem to achieve positive results. The ability to share detailed, standard-format data openly and securely with third parties supports the development of new innovations for sustainability and increased business agility.
For example, with increasing global regulatory and compliance requirements, there remains a tremendous opportunity for developers to assist industrial operators with reporting on ESG objectives. By displaying consolidated value chain data in context, developers can help highlight and provide access to interconnected areas where sustainability actions can have the greatest impact, such as reducing emissions and improving regulatory compliance.
How does AVEVA Data Hub support the ecosystem of the future?
Leveraging software-as-a-service (SaaS) capabilities through the AVEVA Connect industrial cloud platform, the AVEVA Data Hub removes barriers to data sharing using the scale and flexibility of the cloud. AVEVA Data Hub provides secure, real-time data access to users in remote locations or outside the enterprise network.
As a fully managed cloud SaaS, AVEVA Data Hub is ready to use from day one and can be scaled on demand without the need for additional infrastructure or IT staff. With AVEVA Data Hub, companies can more easily explore AI and predictive analytics, monitor remote assets, increase sustainability, and connect to the ecosystem of the future.
AVEVA and Microsoft have expanded their strategic collaboration to enhance both companies' data integration platforms. How will the partnership benefit companies?
The agreement will help better prepare customers to integrate AI into key industries around the world and see greater synergies between the AVEVA Connect industrial cloud platform and Microsoft Fabric data analytics solution. It is designed to simplify the process of collecting, transforming and standardizing data from different sources. It helps collect data from different parts of an organization's operations, including manufacturing processes, supply chains, and other relevant systems. These platforms provide tools to clean, transform, and enrich data, making data more consistent and useful for downstream applications and preparing data to enhance AI capabilities.
We're excited about Microsoft Fabric because it makes data easier to access. It allows data to be processed in a standardized way and with simplified repeatability, making it more predictable and manageable.
The unique combination of Microsoft's comprehensive solutions in the cloud and AVEVA's deep industry and software application expertise helps companies harness the power of technology to become more agile, resilient and sustainable.
To learn how industrial data ecosystems can spark innovation, watch a webinar with Bray Dillon and Yuri Gomez, global chief commercial and strategy officer for Microsoft's Operations Industry division, on the AVEVA website
This article was originally published in the Winter 2023 issue of Technology Record magazine. To have future issues delivered directly to your inbox, sign up for a free subscription.
