In our previous articles, we have already learnt the following:

Digital platforms enable a data-driven world rather than a process-driven world. The digital platform handles an end-to-end business process necessary to achieve an improved experience for its participants.

To manage multiple and innumerable operations, a digital platform makes use of different frameworks.

Let’s look into the same along with their salient features:

1) Product Information Management (PIM):

Organisations need to keep updating the product information, to offer/sell their products/services on a website. Managing products with tons of attributes is a tedious task and such massive data in a spreadsheet or a PDF could be error-prone.

Large volumes of product information in a well-structured, logical way in a single platform can be developed on a bespoke digital platform, considering Product Information Management (PIM), which makes it easier for the target audience to consume data and take necessary actions immediately.

Technology advancements have also facilitated to publish the product information in the native language of customers, thus providing multi-lingual support and payments that can be made in multi-currency formats, on the digital platform.

Across multiple sales channels, a PIM Platform ensures accurate product information and consistent product data distribution.

The following Capabilities of a PIM enable and empower digital platforms:

• Product Data Modeling
• Product Data Management
• Product Data Integration
• Product Data Quality
• Product Data Delivery
• Product Data Workflow Management

2) Digital Asset Management (DAM):

Digital assets are usually stored locally (in folders) and hence are scattered, making them vulnerable to match and mapping to the product information, as they are available across multiple systems.

Integrating Digital Asset Management Framework into a digital platform to manage all digital assets such as images, videos, intellectual properties, policies, rules and regulations, documents, and other files in the preferred format, is possible.

The following Capabilities of a DAM enable and empower digital platforms:

• Digital Asset Consolidation
• Digital Meta-Data Management
• Digital Asset Portal Extension
• Digital Asset Delivery
• Digital Asset Workflow Management

3) Customer Data Platform (CDP):

There is absolutely NO EXISTENTIAL VALUE OF THE PRODUCTS CREATED, if Customers do not like them, no matter how good they are and hence KNOWING CUSTOMERS is a critical requirement of today’s business.

Apart from managing stores and providing consolidated customer information, a Customer Data Platform helps to understand customer behaviour and enables them with the products they are looking for, thus assisting businesses to drive customer engagement and improve conversion rates.

The following Capabilities of a CDP enable and empower digital platforms:

• Customer Data Modeling
• Customer Data Integration
• Customer Profile Unification
• Customer React-Time Personalisation
• Customer Data Automation

4) Digital Experience Platform (DXP):

With ever-changing customer expectations and evolving business needs, making changes to the content on the website as required is facilitated by a Content Management System.

An advanced digital platform supports building a website in a preferred language but makes it possible to be made available in multiple languages and prompt it in various regional languages as per the target audience pertaining to a country.

The following Capabilities of a DXP enable and empower digital platforms:

• Single Source of Truth
• Multi-Channel Publishing
• Manage Personalized Experiences
• Content, Commerce and Conceptualization
• Marketing Automation
• Scalability
• Usability

5) Digital Commerce Platform (DCP):

Both Manufacturers & Retailers manage their B2B & B2C businesses via digital commerce platform or an eCommerce platform, which simplifies complex digital transformation by creating personalized experiences to the target audiences.

By integrating digital commerce with digital platforms eCommerce operations such as price, catalog and products can be seamlessly integrated to manage.

The following Capabilities of a DCP enable and empower digital platforms:

• B2B & B2C eCommerce Framework
• Catalog Management
• Product Management
• Complex Product Price Management
• eCommerce for PIM
• Customer Experience Management

6) Master Data Management (MDM):

A Master Data Management Framework allows organisations to manage their data such as products, customers, suppliers, vendors, retailers, partners, employees, accounting and operations and much more…..

An MDM also allows the management of reference data, location data and asset data as a single source for all the data, including documentation, description, structure, validation, hierarchy, versioning, translations, enrichment and other data.

The following Capabilities of an MDM enable and empower digital platforms:

• Rich Content Integration
• Data Quality
• Hierarchy Management
• Workflow Management

Conclusion:

While understanding what a digital platform is crucial, in-detailed insights about its essential frameworks are very important too to know how a digital platform helps to achieve organizational goals.

By opting for a digital platform strategy, an organisation is given new innovative opportunities to generate continued revenue with a new business model.

Concurrently, a digital platform can also be used directly to achieve sustainability objectives.

Being an open-source technology, one does not need to invest in solution development. All one needs to pay is for high customization and implementation of digital platforms.

There is no ‘one size fits all’ strategy for creating a digital platform that is both successful and sustainable.

But, this strategy starts with a vision, guts and iterative experimentation to determine what is the best approach for the organisation, its customers and society.

Learning a design & validation framework for leading Intrapreneurs to create their own platform and fine-tune a sustainable business model around it paves the 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 to evolve needs to be in place to succeed and prosper.

The organization benefits from digital transformation and its many opportunities for timely communication and exchange.

As a part of digital transformation and being technology innovators using 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 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 does 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 info@mpowero.com or visit us at https://www.mpowero.com/ for more information.

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