Did you catch the news the other week about some of the global telecoms coming together in a new venture to provide API network access to developers across their vast networks? Some of the world’s largest telecom operators, including América Móvil, AT&T, Bharti Airtel, Deutsche Telekom, Orange, Reliance Jio, Singtel, Telefonica, Telstra, T-Mobile, Verizon and Vodafone, together with Ericsson are announcing a new venture to combine and sell network Application Programming Interfaces (APIs) on a global scale to spur innovation in digital services. Network APIs are the way to easily access, use and pay for network capabilities. The venture will drive implementation and access to common APIs from multiple telecom service providers to a broader ecosystem of developer platforms. You can catch the full press release here from Ericsson.
Why do I think this is important? Well, it got me thinking. What more could big corporates collaborate on? We've seen some of it already with the Open Banking platform currently being worked on by our banks. Open banking is a system that allows you to securely share your financial data with authorised third-party providers, such as fintechs, through secure digital channels called APIs (Application Programming Interfaces). But what else could we do here in NZ to further collaborate and innovate?
Data is the new oil, and Artificial Intelligence (AI) is the engine that drives it. Corporations sitting on vast amounts of data could collaborate in new ventures by pooling their data resources and investing in AI development. This would allow companies to extract deeper insights into consumer behavior, operational efficiencies, and market trends. For example, healthcare providers and tech firms could jointly develop AI-driven health solutions that improve patient care while driving innovation in medical research. Collaboration on AI enables companies to share the costs of research and development while tapping into new revenue streams.
Most corporations that have a retail arm, need bricks and mortar. There's been a push to digital, but there are many companies that still need a high street presence for marketing or the ageing part of our population that still like to see things in the flesh. If you could share the cost of a shop with someone else, wouldn't that be great? What about going a step further where competitors share a shop. An example could be a shop that houses Spark, Vodafone, and 2Degrees. The staff might have access to all 3 platforms. Sure, this might not work in every situation, but it's a novel thought.
As cyber threats become more sophisticated, large corporations are increasingly vulnerable to attacks that can result in significant financial and reputational damage. A collaborative approach to cybersecurity could involve corporations from different industries coming together to create shared security platforms, threat intelligence networks, and best practices. Financial institutions, technology companies, and even governments could form coalitions that provide stronger defense mechanisms and faster responses to emerging threats. This form of collaboration helps distribute the high costs of cybersecurity while building a more resilient business ecosystem.
Digital transformation is happening across all sectors, but it's a complex and expensive endeavor. Corporates can collaborate to accelerate digitalization by co-developing digital tools, platforms, and frameworks that benefit multiple industries. For instance, a partnership between retail giants and tech companies could lead to the creation of advanced e-commerce platforms powered by AI and cloud technology. Similarly, logistics companies could partner with blockchain firms to create transparent, tamper-proof supply chain systems. By working together, corporates can scale their digital transformation efforts faster and more efficiently than going it alone.
As environmental concerns take center stage, corporations across industries are being pressured to adopt sustainable practices. Collaborating on sustainability initiatives allows large companies to share expertise and costs in the development of green technologies. Retailers might collaborate with logistics firms to create greener supply chains. A joint commitment to sustainability not only benefits the planet but also enhances brand reputations and aligns with evolving consumer preferences.
Collaborations between big corporates can create groundbreaking ventures that push the boundaries of innovation and address some of the world's most pressing challenges. The possibilities for collaboration are vast and exciting. By leveraging each other’s strengths, corporations can not only drive growth but also shape the future of industries and society as a whole.
Photo by Austin Distel on Unsplash
