A digital platform is any network that facilitates connections and exchanges between people (exchanging goods, services, or simply just communications). Facebook, Uber, and Airbnb are all examples of digital platforms, giving you an idea of the magnitude of this trend. But why are digital platforms so significant right now, and what can your business do to prepare for this transformative trend?
Want to know how to create your own digital platform?
What’s new about today’s most powerful platform businesses is that the connections they facilitate take place online. In other words, digital platforms draw upon related technology trends, such as mobile devices, artificial intelligence, big data, cloud computing, and automation. All these tech trends have combined to create a perfect storm, giving rise to a new wave of highly successful digital platform businesses. That’s what makes this trend so significant right now.
Where’s the value?
The concept of creating or capturing value is essential to the success of any platform. A good starting point is to ask how your intended users would benefit, both from the platform itself and by connecting with others in the platform. It’s more important to focus on your unique value proposition as a business, what is it you do best, and how could a platform help you build on that success? There might also be opportunities to create a platform-powered additional revenue stream or service.
Do you have the necessary skills?
Many traditional corporations simply don’t have the expertise – or even the culture – to seamlessly adopt a platform business model. This means you may need to collaborate with others, outside of your company, who have these skills.
How will you attract people to your platform?
Facebook, relies on its community of users to generate and post the content people want to read and see. The community is critical to the success of your platform. You need to work out how you will channel users to your platform – and this may involve offering free services, reduced commission, or a uniquely specialized offering.
How will your platform encourage and support user interactions?
Your platform would become the core of the community it serves – it needs to be the place where consumers or users connect with people who can provide the information, goods, or services they need. This means your platform needs to encourage and facilitate valuable interactions between participants. A key part of this value comes from developing appropriate governance policies on what is and isn’t acceptable behavior on the site, in order to ensure users continue to have a great experience.
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Aiswarya spends most of her time listening to good music. She likes to write code as much as she like to cook her favorite dishes, and of course sharing it with her friends and family.
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