Ecosystem Services

Abstract

Winning firms opened their boundaries and are harnessing external knowledge, resources, and capabilities. Changing client demands, regulations, and pervasive technological change are the core areas where today’s human resources must develop new management practices. We acknowledged the ability to deploy partnerships as this is key for the transformation and for rapidly adapting business models. Management teams realized that they can only fully capitalize from innovation ecosystems if they provide an open culture and increase skills for collaboration and managing all the stakeholders. They must also learn to make better decisions with more instantaneous and insightful information about financial markets, products, services, competitors, and clients. Managing the volumes and complexity of data is another focal development that infuses all firms on all hierarchical levels. It will destroy several existing roles and creates new job profiles vis-a-vis machines. Overall to be successful in an ecosystem, leaders must develop ecosystem services that embrace disruptive business models. In this chapter we discuss an open organizational culture that fosters creative thinking besides exploitation and exploration strategies and the development of ambidextrous innovation capabilities. Lastly it is all about trust and the player’s engagement in the ecosystem build up on social capital.