It’s the mantra of our era: every company a software company; every company a data company. Does that mean every company now shares the same DNA, part of the same industry? Are companies poised to leach into each others’ spaces, beyond their traditional core products or services?
L&T Technology Services, a technology services company, launched L&T SuFin —an Amazon-like portal dedicated to industrial products. This move opens new revenue streams for the company and positions it as not just a service provider but also a one-stop solution for industrial product procurement. “We call this phenomenon ‘crosspollinovation,’” says, CEO and managing director at L&T Technology Services.
A new generation of electronic payment systems has also been a catalyst for industry hybridization — catalyzing “standardized APIs behind ridesharing apps,” Rehberg observes. “In the beginning it was an amalgamation of capabilities that were put together — a payments capability, find-a-device on a map, and so forth. When it came time to combine them for the app, developers were easily able to weave them together because they were available through standardized APIs.
Chadha sees partnerships are the most crucial driver for hybridization. “Partnerships can come in various forms — from alliances with tech partners to collaborations with startups or niche providers that would bring new capabilities to the table,” he says. “They enable organizations to adopt modern technologies and explore adjacent areas without significant investment.”
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