The Platform Economy is enabled by technological developments in connectivity, automation and algorithms, offering enormous financial benefits and added value to all its participants hence Whether it’s an innovative start-up or a long-established company, business owners want to rethink or broaden their business model.

A Platform Economy Model:

• facilitates valuable and interconnected interactions within and across its participants (network effects), with the ability to create ecosystems and associated communities,
• ensures innovative and flexible business collaboration within and across sectors and related industries adopting agile methodologies,
• offers innovative solutions for the delivery of goods and services as a part of logistics, and
• provides access to new innovative markets and their associated customers on a scalable level – both at local & international markets

A robust approach is necessary to protect the platform business by focusing on ensuring an excellent user experience supported by a trust-building mechanism and clear data strategy, whilst ensuring its long-term viability and profitability, balancing growth and risks. Hence it’s critical that you’re vigilant from the beginning at the ideation itself in order to progress well and remain successful.

A Platform Business Model:

• makes it possible to reinvent the existing business setup or innovate to create new business opportunities, whilst challenging industry peers,
• forms the basis for rapid growth by inculcating agile methods,
• creates the opportunity to monetize data through data acquisition and sharing, data flow control and data analysis methods for attaining effective ROI,
• allows for business scalability (upscaling) with Zero marginal costs

The Platform Business Model enables us to recognise/perceive to foresee the opportunities provided by the platform economy and to benefit from them in a progressive manner.

In order to set up a Platform Business Model, let’s look at the steps involved:

1) Business Model: Establishing the Technical Foundation

• define the core interaction within the participants
• define the platform rules and principles
• create a beta technical platform to experiment and evolve via experimentation
• define long-term view

2) Operating Model:

• define the key elements involved
• determine the method of engagement with the participants (network effects)
• design & implement flexible & scalable resources at scale
• define how to “Co-Exist” if already a part of an existing company

3) Launch:

• attract and keep participants (network effects) engaged
• develop standard procedures to automate and iterate whilst focusing on generating great user experience, trust and effective data handling

4) Scale:

• keep adding more interactions with involved participants
• launch the existing and evolving platform in new emerging markets
• keep improving via prioritizing aspects of engaged participants
• retain focus on the long-term view

Conclusion:

Platform business model differs from a traditional linear model by providing a common platform of transactions and interactions between communities of users, within the ecosystem and across multiple platforms.

Learning a design & validation framework for leading Intrapreneurs 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 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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