Digital platforms are no longer just a strategy for tech-savvy start-ups. They are now a must for any organization. “Businesses which do not embrace platforms risk being left behind by their competitors, who see them as a need and a foundation for new value generation,” says Accenture in a report. As a result, digital platforms are no longer the exclusive realm of tech-savvy millennials.
As their business models mature, companies such as Amazon, Nike, and Facebook have introduced their platforms. Successful platforms are founded on technological brilliance, but they cannot operate solely in the technological area. They rely largely on buy-in and suggestions from other departments of the organization, which is best organized through a cross-functional team that defines success measures and tracks progress.
To achieve this delicate balance, central leadership that establishes the vision communicates successes, and mobilizes the required staff; and ‘product owners’ who are responsible for driving success in their individual emphasis areas, must be carefully controlled.
Digital platforms are web-based solutions that allow numerous tasks to be completed at once. There are a number of activities and metrics to keep track of while building an effective digital marketing plan in order to increase your online visibility. Everything is more expensive and difficult to achieve when there is no Digital Platform.
Network Effects
Network effects, a term coined by economists, is the reason why internet giants like Google, Facebook, and Amazon have been so successful. To put it simply, as more people join a network or service, the more valuable it becomes to those individuals who utilize it.
Difficult Competition
By minimizing the need to constantly speed up a huge amount of promotion, the two-sided platform, which brings vendors and consumers together, can be an effective strategy to keep competitors out of the market and hinder their success.
Value Creation
A business’s Platform Strategy focuses on providing value to its clients while also collecting revenue. It is possible for platforms like Facebook to double the amount of money paid by users and use that attention to promote their services.
A digital platform must align the company’s work to all the channels.. If the systems are not meticulously integrated, the business can encounter serious problems. Businesses often rely on digital platform solutions to make the business sustainable.
Here are some of the platform solutions that your business might need:
The future is all digital. Digital technologies transform how we live and work, from the Cloud and machine intelligence to Blockchain technology and Big Data and the Internet of Things (IoT). To survive the digital revolution, companies need to be digitally mature. And the first step towards maturity is aligning your digital platforms.
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