Platform Economy-Creating New Opportunities and Contributing to a Sustainable Society:
Role of mPowerO LXP Platform
Components of the Learning Ecosystem
Characteristics of the Learning Ecosystem
Contribution of mPowerO to Problem Statement of Robotex India
Problem Resolution from mPowerO to Robotex India
mpowero Case Studies of Robotex India
Digital business models are contributing to speeding up the sustainability agenda within organisations via propelling digital technology platforms in making the rise of the Platform Economy. Interweaving the sustainability agenda with a digital platform strategy is set to become a win-win situation for both the organisation and its customers and employees.
With an exemplary digital platform strategy businesses and hence organisations will gain new opportunities to generate consistent ROI.
Digital platforms come intertwined within our existence and hence society, where we are increasingly living in the ‘platform economy’. The continuous growth of the companies within these economies and their associated platforms are inextricably linked to the technological developments surrounding the ever-faster & ever-growing internet, ever-evolving and ever-smarter algorithms and super hyper-automation. Various studies indicate exponential growth in the number of digital platforms.
Creating New Opportunities:
It’s a common myth that only start-ups focus on platform technology. By embracing digital transformation with digital innovation, existing organisations too can venture into being digital with sustainable ROI:
- In the Private Sector: Organisations are building digital temping agencies and smart digital matching platforms, allowing more emphasis to be placed on personal and social interaction and sustainable relationships with customers and hence their associated clients.
- In the Mobility Sector: Organisations are further extending support in developing digital services, such as organising transport at any time (Mobility as a Service) or orienting on and purchasing, transporting and insuring (electric) means of transport, such as e-cars, e-bicycles and e-motorbikes, via a digital innovative platform.
- In the Public Sector: Organisations (Governments & Corporates apart from Educational Institutions, Healthcare and Retail segments) are also increasingly profiling themselves as a platform to lead digital innovation.
The essence of a digital platform boils down to Value Creation which is based on the interaction between supply and demand:
The match between supply and demand consists of the exchange of products, services, information or any monetary means.
The trick to remaining successful in a platform economy is to make the platform work in such a way the user demand creates a pull effect:
This attracts suppliers who ensure an ever-increasing, competitive and diverse supply, which in turn can lead to more potential users and hence increased sales. An increase in supply and demand reinforcing each other can create exponential value. This network effect is what distinguishes a platform from the traditional value chain. The constituents of the network effect and the associated value creation are often reinforced by the deployment of smart innovative and digital technologies. Smart matching algorithms ensure that demand finds the right supplier quicker, and efficiently and vice versa.
The Value of a Business Model:
In a traditional business, the value of a business model is increasingly being created outside the company itself.
Within the product economy, the value lies within the products being produced by the company and offered as services to its customers.
Within the service economy, this value is shifted to the interaction between the user and the company that creates it, in which the product is vested with a supporting role in order to prosper and achieve success.
The value of a platform is created entirely outside the company itself by the power of the network of producers and consumers that increases consistently as the network grows constantly.
This paves the way for new opportunities to thrive.
Evolving Platforms are contributing to a Sustainable Society:
A platform can achieve sustainability aspect in three different ways:
- the sharing of products (partial economy),
- optimising use,
- the optimisation of reuse.
Maximising the use of a physical product describes various strategies for achieving circularity within an organisation to attain sustainability and hence success.
Platforms as a tool for sustainability are gradually increasing. Within this digital sub-platform, tools can be lent out within the network of users and providers where the product is used optimally, with fewer tools needed to be produced and hence the product life cycle can be extended.
Platforms can also optimise the reuse of products and also extend their lifespan in order to facilitate sustainability.
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.
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 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.
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