As market conditions fluctuate and consumer demands change at an exponential pace in today’s digital economy, it’s clear that speed is of the essence when rethinking your core DNA. If you really want to differentiate as an industrial enterprise, you need to leverage digital to improve your core business while scaling new businesses. A siloed approach to digital innovation is too slow. Tackling business problems as a solo company simply will not work. Instead, working collaboratively within a digital ecosystem, both internally (you need to break internal siloes) and externally, is essential for speed. An open ecosystem frees you from having to reinvent the wheel for every idea you want to develop and ultimately commercialize. 1.Reinventing products With open innovation, you can turn to IoT, embedded intelligence, connectivity, cybersecurity, artificial intelligence, and other advanced technologies to reinvent your products and ideate new ones. For example, Schneider Electric is a 180+...