The disruptive impact of digital innovation is causing the rise of the Platform Economy that is fostering market inequality.

The Rise of Digital Industrial Revolution:

On a global scale, today’s platform businesses facilitate multifold access to a growing number of individuals than ever before, and thus the silos of inequity are being challenged at an exponential rate.

Global innovators and pioneers in technology advancements are relying on the technology industry:

• to employ emerging platforms through a lens of trust and
• inclusion to create a more frictionless marketplace

where transactions and feedback between all end users and service providers are part of the ecosystem.

This change in mindset from the traditional (pipeline) business model is a necessary shift in consciousness for businesses to survive and thrive to remain on par with the disruption in the technology. This mentality can be applied globally, across businesses, so as to achieve lowering barriers to entry and through the controlled sharing of data in an open, democratic, collaborative ecosystem.

As the platform economy continues to grow, so does its impact on our economy, society, environment and the overall situations where noticeable changes can be felt. Online marketplaces are founded on the belief that everybody should be part of the global marketplace for mutual benefits and hence the principles of inclusiveness, growth and prosperity are embedded in marketplace business models.

Maintaining Security, Privacy & Ethics:

The proliferation of digitalization and the use of big data bring with it the potential for security, data privacy and ethical risks. Hence, the onus is more on the Sustainable Development Group (SDG’s) which acknowledges the above notion.

The increasingly extensive use of data (from Big Data) by large and small organizations (and hence platforms) alike has prompted calls for antitrust scrutiny on the assumption that massive data collection by platforms leads to harmful entrenchment in their respective market segments and industry sectors.

On par with the concept of financial inclusion, the more that digitalization is available to more populations across the globe, including those who are not “tech savvy,” or remain untrusting of technology, democratization of data will become an imperative of privacy and security issues.

The key to a successful resolution here is to make data accessible enough to the average person that they do not need to seek the assistance of its usage, as data democratization is the stepping foundation for self-service analytics.

This increased accessibility to the data raises questions/poses threat about privacy, security, ethical standards and questions related to:

• what types of data are being collected,
• where data is stored,
• how secure that storage is,
• how data is used by those entities gathering it and potential third parties, and
• how is the user consent obtained (especially with those whose access to technology is not consistent)

need to be monitored carefully.

Technology-enabled collection of an individual’s life details becomes too intrusive and industry has an inherent responsibility to tread carefully and to consider that consumers have rights regarding how their data is used and who possesses it.

Since many aggregators operate under limited regulations, oversight to regulations are possible and that registered financial institutions are subject to, appropriate self-governance is the only underlying ethical standard.

All stakeholders (including consumers) should be clearly communicated on privacy and data security measures through a terms-of-use policy that also includes:

• disclosure of where data and credentials are shared and/or sold
• use of encryption (when utilized and when retrieving data)
• length of time that data are retained
• process of purging (or disposing) of data once a contracted/agreed relationship ends

Information on liability, or lack thereof, as well as potential insurance coverage should be standard worth considering as Processes related to any data breach, including protocol on notify consumers and financial institutions about a breach should be easily visible and understood.

Conclusion:

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 Frontline workforce with Learning Experiential Platforms (LXP) driven by the latest advanced technologies is crucial to get the most out of this valuable resource. By creating a culture of continuous, interactive learning/training through on-the-job training for the frontline staff via m-Learning with 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 an 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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