#79—Miklos Dietz: Preparing for the Shift to an Ecosystem Economy

Miklós Dietz is a senior partner at McKinsey & Company, where he leads McKinsey’s banking strategy and innovation work globally and is the managing partner of the Vancouver office. Miklos’s specialty is in helping financial services companies and other organizations harness digital technology and stay ahead of emerging trends. He is the author of The Ecosystem Economy: How to Lead in the New Age of Sectors Without Borders, a compelling and practical books I’ve read on this shift strategists have been tracking now for a decade of the erasing of barriers and growing cross-section competition .He is the founder and chair of the Panorama research group and the Ecosystem Hub, and has served over 450 clients in 40+ countries across multiple industries. Prior to joining McKinsey, he worked at Merrill Lynch and Reuters. Miklós is a certified financial analyst, a member of the CFA Institute, and a founding member of the Hungarian Society of Investment Professionals.In this podcast, he shares:Why now? We’ve been talking about the erosion of industries boundaries for years now, but Miklos offers the economic and technological reasons why we are about to step into a new era of ecosystem-based competition.A picture of what this future would be like when the 88 sectors of the global economy reconfigure into a smaller number of ecosystems.Some very specific strategic exercises and steps you can act on right now to move position your organization to thrive in emerging ecosystem economy._________________________________________________________________________________________Episode Timeline:00:00—Highlight from today's episode00:51—Introducing Miklos + The topic of today’s episode2:51—If you really know me, you know that...4:15—What is your definition of strategy?5:15—What is the argument for 'why now'? Why is this the time from an economic perspective for a shift to ecosystems?9:55—What do you think is the future of data?11:27—How many sectors are there now, and if they reconfigure into ecosystems, can you give us an example of what that looks like?14:38—If a company wants to start building capabilities to work within an ecosystem rather than a sector—where do they start?18:23—Does migrating an ecosystem economy reduce startup costs and risk for experimentation?20:12—Do you have any last advice on how companies can start migrating into an ecosystem economy?__________________________________________________________________________________________Additional Resources: Personal Page: https://www.mckinsey.com/our-people/miklos-dietzLinkedin: https://ca.linkedin.com/in/miklosdietzThank you to our executive producer Zach Ness, our producer Nazanin Homayoun Jam and our editor James Pearce. If you enjoyed this episode, please follow, download, and subscribe. I’m your host, Kaihan Krippendorff—thank you for listening.Follow us at outthinker.com/podcast