The platform economy is an economic and social set of activities facilitated by platforms via imbibing digital technologies and the associated technological advancements on an ongoing basis from time to time.

As mentioned in the previous article, Platforms create value by facilitating communication exchange between two or more cohesively interdependent groups (usually termed as consumers and producers) allowing them to interact and transact in an ecosystem effectively.

Organizations pursuing platform strategies are proven to generate more revenue. Yet, only 3% of companies have adopted an active technology platform strategy. So there is a tremendous competition where there is a clear first-mover advantage in a winner-takes-all scenario. Anyone who understands and is passionate about technological advances can create a platform and have a chance to succeed hence it is an open competition.

Whatever the nature of Business is,  as long as platform rules are being adored and taken into consideration, organizations are or will compete with or build on top of existing platforms, to leverage advances in mighty technologies to serve humanity better.

Platform opportunities have existed in the past and will remain in existence for as long as there are evolving technologies available hence there is always unexplored potential remaining to tap for.

The adoption of digitalisation across value chains is still very low and the potential is not capitalized well enough, especially in the B2B segment. Organisations across industries often lack tools and frameworks to convert products & services to minimum viable platforms (MVP).  Top Management within these organizations is unaware of the specific metrics that must be accounted for to track the Return on Investment from running a platform business and how these metrics differ from traditional linear businesses and hence is the challenge and the immense potential to excel.

Platform existence comes with a few misconceptions:

• Platform Economy is predominantly considered a technology domain only.
• Platforms are just a conglomeration of Software and its associated products.
• Top Management Professionals who define strategy in Organizations often approach platform building with traditional competitive dynamics that do not work well in open ecosystems as platforms are very high-tech oriented.
• Platform business models require top management strategic leaders to shift production from inside the company to letting outside users transact in an ecosystem, so as to capture a part of the exchanged value.

Platform Economy has challenged tasks:

• Generating Initial Supply and Demand
• Building an engaged community of users to create a strong network effect
• Platform entrepreneurs often make the mistake of trying to build both the supply and demand side of a platform simultaneously by neglecting to identify the hardest side and focusing on getting that side first.
• If supply is scarce, getting suppliers on a platform will very likely also drive demand.

Conclusion:

Learning a design & validation framework to create their own platform and fine-tune a sustainable business model around it paves a way for how to launch and monetise digital marketplaces.

Arriving at a prototype approach in building the platform with a roadmap with step-by-step actions to validate platform ideas and test them repeatedly to arrive at actionable tools and techniques so as to evolve needs to be in place in order to succeed and prosper.

Intrapreneurship is an essential factor for organizational growth as it ensures that a company regularly adapts to new market conditions and thus stands out from the competition introspectively. Intrapreneurship significantly impacts an organization’s profitability and ability to survive, and thrive in the real world.

The intrapreneur identifies himself within this organizational structure, which focuses on agile decision-making and personal responsibility. Thus the team can dedicate itself to one topic in its entirety or become involved holistically within the company.

Possible topic-centered functional areas as individual units are freely selected within an organization, where-in these units have a small number of members to enable quick reactions and effective exchange.

Communication takes place externally and internally, openly and transparently as all stakeholders are included in feedback loops and contribute towards a common goal.

The organization benefits from digital transformation and the many opportunities it offers for timely communication and exchange.

As a part of digital transformation and being technology innovators making use of learning experience platforms at Mpowero, we are well versed in understanding traditional Business Models across industries that can be reshaped into platform business models to facilitate accelerated growth, in order to adapt to digital innovation.

Our aim is to facilitate in co-developing the business platform concept together with our clients while we help structure the technology framework that will enable the digital platform to go live in the shortest possible time, hence providing an end-to-end solution that encompasses business and technology, making mPowerO a pioneer and a one-stop shop for our clients’ platform transformation journey.

The digital revolution has brought new network-based value chains and “coopetitive” business models. Traditional, linear value chains with their competitive business models – otherwise known as product-based business models – are striving to/have been replaced by platform-based business models as platform-based businesses are winning & hence thriving with more enhanced visibility and profits.

As the transformation to digitalization continues to evolve, now are exciting times for businesses who want the opportunity to get us there collectively through the implementation of SDGs and allowing us to guide platform privacy, security, and ethical standards.

The platform revolution has opened up myriad new opportunities/challenges in meeting global sustainability goals.

An LXP such as mPowerO, can help you in an end-to-end training development solution, from identifying the right skills to building them while providing an impactful learning experience, across various verticals & industry sectors, for organizations, in order to achieve sustainable growth.

For instance, as the distributed workforce do not have time to learn, they need an OJT platform that is mobile-friendly as they are always on-the-go, to remain on par with the competition and technological evolution.

Upskilling the Frontline workforce with Learning Experiential Platforms (LXP) driven by the latest advanced technologies is crucial to get the most out of this valuable resource. Creating a culture of continuous, interactive learning/training through on-the-job training for the frontline staff via m-Learning with the LXP tool from mPowerO, a frontline workforce enablement solution can help train the frontline and take them to the desired next level, to achieve desired goals.

mPowerO platform can assist in managing the complete lifecycle of a frontline, from onboarding to moving them up the career ladder by empowering them with the right skills and knowledge, with improved performance.

OJT with the right mix of the latest technology via an automated skilling platform creates uninterrupted learning/training and seamlessness in a hybrid work model/environment, thus promoting impactful learning experiences.

An LXP can be a definitive helping hand in providing impactful personalized learning/training experiences in order for the employees to be successful and also the organization.

An LXP powered by the latest AI could further keep up the Frontline workforce up-to-date through micro-learning content merged with AI content recommendations along with an advanced data analytics platform to showcase the outcomes for better learning/training outcomes and learning/training experiences.

For upskilling Your Frontline workforce, mPowerO provides continuous support and is an end-to-end offering to Online Learning Platforms/Solutions, Digital Publishing Solutions, Upskilling/ReSkilling and Skilling training opportunities for medium to large companies.

mPowerO has evolved from being an Online Learning Solution (LMS) to serving as LXP in order to accommodate larger targeted audiences for educational/publishing and skilling requirements of various medium to large organizations/enterprises.

Talk to our expert team members for a deeper understanding and more related information.

Reach out via email at [email protected] or visit us at https://www.mpowero.com/ for more information.

Happy to Help!