The Platform (Economy) model offers substantial potential to companies in order to keep their customers and industry interconnected through a growing number of aggregators and processes which includes aspects such as finance (with mobile wallets and cross-border payments, included).

Platform Technologies are disrupting the natural order of business and life and are enjoying sustained success due to an esteemed level of innovation, beyond normal thinking.

In addition, continuous innovation in the platform economy has spurred growth while ensuring consumer trust in business and technology for those innovative enough to gain that trust and make use of the technological advancements to the benefit of the human race.

A few companies such as Airbnb, Uber, Netflix, Amazon & Facebook are making remarkable strides in the evolution of further advanced technologies like Meta, AI, MR by making use of existing ones such as AR, VR.

Requisite for Sustainable Development Goals (SDG’s):

The disruptive impact of digital innovation is causing the rise of Platform Economy that is fostering market inequality, while simultaneously promoting Platform Cooperativism (through a Social Solidarity Economy) and also citing a rise/threat of a Platform Capitalism.

Governments all around the world are being forced to adapt to the digital acceleration and become a part of the platform economy. Companies are being urged to prioritize Social Profitability than merely concentrating on Financial Profits.

There is a positive impact of the rise in economic activities with the rise and disruption of the platform economy encompassing many highly-regulated industries and sectors such as retail, financial services, travel, transport and accommodation. The economic and social importance of such a rise in platforms is bound to increase as this economy is expanding in the number of users, workers, and majorly platforms themselves.

Most online platforms remain small in terms of employment and revenues when compared to more traditional companies, but as they flourish globally and develop into multi-billion-dollar businesses in most of the cases, their future impact is not difficult to envision.

Sustainable Development Goals, popularly termed as SDG’s, are a collection of interlinked global goals designed to be:

• a “blueprint to achieve a better and more sustainable future for the humankind to exist and evolve,”
• and represent an urgent call for action for global partnership by developed and developing countries alike, to be achieved in a platform economy, to embrace the digital disruption.

SDGs are majorly aimed at improving health, education, and the environment, via reducing inequality and spurring economic growth although ending poverty and other deprivations are going hand-in-hand.

The goals are expected to stimulate progressive action over the next few years (say 10 to 15) to achieve inclusive and sustainable economic growth and decent work for all in improving the quality of life which also calls for bold and transformative steps to shift the world onto a sustainable and resilient path.

SDG’s relevance to digital platforms in particular highlights the impact that aggregators can have. Other aspects that are not related to the digital platforms address the rest of the aspects.

Role of Aggregators in achieving Sustainability:

Platform Models are based on:

• constructing an ecosystem that facilitates relationships that are necessary for value exchange (and)
• enabling value-creating interactions between producers and consumers

If SDGs are to serve as the catalyst for this change to take place, then platform companies will need to accelerate that change to become a major force of the sustainable development being sought and thus exploit the technology and maximize the benefits of the facilities for all.

Aggregators play a vital role in achieving sustainable development due to:

• their capability to provide consumers with personalized services, financial management tools and
• to serve as a bridge between financial service providers and their respective clients.

An understanding of one’s financial data footprint can assist in determining future financial choices, leading to access to more appropriate products and services while affording organizations the ability to know their customers better. This area of financial inclusion in specific has become a highlight of the SDGs and therefore an important function of today’s aggregators.

A few previous examples include banking & telecommunications who have deployed mobile and digital technologies to change the communication aspects and economics to extend the reach of financial services.

Modern day aggregators, have further enhanced to include platforms such as Stripe, and are also going to be brought along the innovative ride being driven by embedded finance, especially given the shifting behaviors and expectations among customers, with rise in technology and usage. Embedded finance is expected to/will dominate the industry by 2030, which happens to coincide with the agenda for sustainable development. Respective Thought Leaders from within the Banking Industry, Finance Sectors also anticipate and expect embedded finance to change market structures and business models by 2030. Already, payments are moving in that direction with taxi applications and stores without checkouts. It’s also predicted that software companies will embed financial services within their offerings to attract and retain more customers to evolve within the competition.

Going forward, big tech will become aggregators of bank and fintech services such as payments, lending, insurance, and investments into everyday business.

Research and Innovation on digital platforms enabled and being enhanced by technology advancements  in terms of their economic, social, and environmental impacts, as well as on ways to improve their sustainability, is still in its infancy as a relatively new phenomenon.

The platform economy is both a driver of sustainable and unsustainable production and consumption and is in its infant stage yet, but is proving to be a catalyzing agent for sustained growth. Since platforms come in different sizes and dynamics, it will be crucial to focus on comparable business models, and there will be a need to analyze the sustainability of digital marketplaces operating on a global scale in a continuous manner, so as to attain optimal and desired results.

Conclusion:

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

Companies need to step-up and take the initiative of technology adoption for embracing digital disruption.

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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