target audience: TECH SUPPLIER Publication date: May 2024 - Document type: IDC Survey - Doc Document number: # US52125124
Future of Industry Ecosystems Survey, 2023–2024: Key Findings — Life Sciences Industry
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Abstract
This IDC Survey examines the results of our third annual global survey that was fielded in May and June 2023 to 1,288 executives across 5 regions and 11 countries. The goal was to determine executive and business leader sentiment on industry ecosystems, maturity of current approach, and future plans for IT and use case investment. Respondents spanned multiple domains including CXO, business-line executives, and IT leadership. Industry coverage is across 10 industries: architecture/engineering/construction (AEC); energy (and subindustries); discrete and process manufacturing (and subindustries); healthcare; life sciences; financial services; government and education; telco, media, and entertainment; retail; and transportation/logistics.
Key findings from the survey include:
- Improving end-customer engagement is a primary driver of industry ecosystems.
- AI is growing in importance as a key decision-support technology in industry ecosystems.
- Environmental sustainability remains a key initiative for industry ecosystem partners.
What is clear is that organizations in every industry are looking to open and expand their industry ecosystem as part of becoming a digital-first business. Shared data and insights, shared applications, and shared operations and expertise are enhanced with this approach — becoming not only a way to ensure flexibility and resiliency but also a way to grow revenue and profitability.
This document is focused on the life science industry. R&D, collaboration, and customer engagement are keys in this industry, and an ecosystem strategy is critical in support of this. Data, knowledge, and expertise reside inside the organization and with key external stakeholders and partners; patients participating in clinical trials must be able to virtually engage with researchers and providers while also providing input into new products and services. A flexible ecosystem of partners, data sources, and applications empowers the life science organization to thrive in the face of constant change and opportunity.