Why?
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Interoperability is the “great unifier” since it enables businesses to move from siloed technology and fragmented data to connected solutions, agility and resiliency. In fact, according to Accenture, “companies with high interoperability grew revenue 6X faster than their peers with low interoperability and are set to unlock an additional five percentage points in annual revenue growth.”
Here are some more observations from the report when it comes to the benefits of interoperability:
Improved Agility: Companies with high interoperability can pivot quickly and take advantage of new opportunities. This is because interoperability integrates critical business applications, turning tangled inputs into a single source of data truth. As a result, organizations are better equipped to sustain compressed transformations, making them more adaptable during times of uncertainty.
Revenue Growth: Companies with high interoperability grow revenue six times faster than those with low or no interoperability. They also unlock up to five additional percentage points in annual revenue growth. This growth is attributed to the seamless integration of enterprise applications, which enables businesses to move from siloed technology and fragmented data to connected solutions.
Efficiency and Productivity: High interoperability enhances efficiency by 12 percentage points in supply chain and operations improvements. It also increases employee productivity, with companies being 12 percentage points more likely to succeed in this area when it's a priority. This is achieved by reducing duplicative efforts and streamlining data sharing.
Sustainability: High interoperability companies are 4 percentage points more successful in embracing sustainable business practices. This is due to better management of dependencies and improved visibility across business processes, which leads to more sustainable operations.
Innovation and ROI: Interoperability ensures that cutting-edge innovation reaches the business faster, increasing the return on investment (ROI) by 7%. This is achieved by creating in-context connections and reducing the time spent toggling between applications.
So, it’s safe to say that interoperability has been a major driver in revenue and overall operations. Even in the world of blockchain and cryptocurrency, interoperability is a crucial element.
Different blockchain networks tend to operate independently, leading to silos where information and assets are not easily moved across different chains. Interoperability is essential for achieving a more connected and collaborative decentralized ecosystem.
