We are in the midst of a paradigm shift in the way businesses are organized. The traditional model of the integrated firm with its hierarchical supply chain is increasingly being replaced by business ecosystems, dynamic groups of largely independent partners that work together to deliver integrated products and services.
 
Most of today’s business ecosystems are built around digital platforms. Our smartphones, smart cars, and smart homes are powered by ecosystems of hardware suppliers and application developers; we increasingly order our food, transportation, and accommodation on digital marketplaces; and industrial companies are revolutionizing the way they collaborate by moving to IoT platforms.