MAY 2017CIOAPPLICATIONS.COM 19As we begin 2017, no company is too big, successful or powerful to fail. The mass digitization of business will only accelerate, disrupting traditional markets and brands in its path. Unless enterprises urgently transform how they innovate, they risk becoming irrelevant or extinct. It disrupts, be disrupted or die. Gartner predicts that while 75 percent of businesses have digitization plans, only 30 percent of them will succeed. To survive, businesses must apply new strategies for innovation to keep pace with, adapt to and capture all the opportunities of the digital economy.Today, no single enterprise can innovate fast enough on its own. The complexity and speed of digitization, fueled by Internet of Things technologies, is the most significant market transition since the Internet itself. As a result, solution and service providers must rely more and more on extending and engaging with their ecosystem of partners, both inside and outside the organization.To thrive in the digital economy, companies will increasingly turn to crowdsourcing innovation to co-develop new solutions with their partners. In the past, big companies often turned to other big companies behind closed doors to help solve a particular business problem with ALEX GORYACHEV, SENIOR DIRECTOR, INNOVATION STRATEGY AND PROGRAMS, CISCO SYSTEMSCROWD SOURCING CO-INNOVATION TO DISRUPT MARKETS: GET READY!Cisco Systems (NASDAQ: CSCO) is a multinational technology company headquartered in San José, California, which develops, manufactures, and sells networking hardware, telecommunications equipment, and other high-technology services and products.Alex GoryachevcXoinsights
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