Earlier this year, EY partnered with Wikistrat to crowdsource the implications of industry convergence. 56 professionals from 23 regions and across 17 industries collaborated on Wikistrat’s online, interactive platform over the course of nine days to identify the industries most ripe for convergence and to analyze the effects of this trend.
The crowd developed 46 in-depth scenarios which revealed not only how the way we do business will be transformed but also the way we live.
Three industries in particular were seen by the analysts as most susceptible┬áto convergence: healthcare, mobility and financial services. EY’s latest report about convergence focuses on these domains.
Why are healthcare, mobility and financial services on the front lines of industry convergence?
All are industries where disruptors from other sectors are redefining value, services and the customer experience, writes EY.
Another key observation from the crowd was that industries with high customer pain points are also ripe for convergence. In some cases, unforeseen competitors can swoop in with superior products or experiences, or address parts of the market that have been traditionally unserved or underserved.
Technology is a key driver of convergence.
In healthcare, for example, technology companies and telecom providers are converging with the life sciences and pharmaceuticals industries to enable wellness and reduce healthcare costs.
But no less important are consumers, who (empowered by technology) are redefining what’s important to them.
For example, customers are gaining greater control over their data and demanding better services in exchange for it. Companies can only meet those expectations if they converge with competitors in other industries.
Click here to read more from EY.