The top-performing enterprises in the world are willing to collaborate with their competitors in the digital ecosystem instead of regarding them as enemies, a study by TCS has found.
In the survey, 80% of higher-performing companies said they want to collaborate with their competitors. On the other hand, companies that are not performing well still regard competitors as enemies.
Collaboration indeed yields high dividends, says TCS, citing Netflix, which hosts its streaming service on Amazon Web Services, even though AWS has its own streaming video business.
The study has also found a substantial increase in the number of businesses offering digital products and services, despite digital not being their core offering.
Of the surveyed, 39% of companies said they had added digital products and services to their offering.
Automakers, for example, are making money by selling infotainment systems. In the survey, most of the respondents said they believe 41% of their revenue will come from new offerings by 2025.
“Keep in mind that we didn’t just survey media, banking, telecom, and other companies whose fundamental offerings have largely become digital. In fact, we surveyed manufacturers of industrial equipment, consumer packaged goods companies, energy and resource companies, and other sectors that sell both products and services,” the report clarified.
For the study, TCS interviewed 1,200 CEOs or senior executives of large global companies in 15 key industries in 14 countries, including Brazil, Mexico, and Colombia.