Leading Organizations realize the importance and opportunities of the Platform Economy and hence maximize their benefits businesses are moving away from the traditional linear business model to the Platform business model.

Defining Platform Economy:

Platform Economy enables and allows organizations to

• Collaborate with agile methods within and across industries
• Innovate logistic solutions for effective delivery of goods and services and
• access new markets and customers

as it sets the basis for rapid growth and profitability and is supported by the unique level of global internet connectivity.

Core Element of the Platform Economy:

Privacy laws governing the use of data on the platform and the intellectual property from the onset govern the platform and hence are extremely important for the success of a platform, being agile in its nature and existence.

A smart risk management strategy in place within the platform would always improve efficiency to avoid financial and reputational threats and it is crucial to be vigilant from the beginning so as to not fall prey to any pitfalls.

Hence, an astounding legal framework is a must to protect the platform business, which also ensures its legal viability thus leading to profitability.

Successful Journey Steps leading to Success in the Platform Economy:

 A) Explore:

Based on the industry insights, assess to explore the opportunities and leverage to benefit from the platform business.

 B) Design:

Conceptualize the platform business model that best describes the nature of the existing business and best that suits the scale to arrive at the design of the to-be platform business model.

C) Strategy:

Visualizations and blueprint plans are just a means to develop a strategy to arrive at the proposed platform business model.

 D) Infrastructure:

Finding the right solution to set up the necessary infrastructure with expert resources is key to implementing a successful platform business model.

E) Legal Framework:

Ensuring the legal viability of the Platform Business Model by identifying legal risks by seeking to advise on relevant laws to draft SOPs and associated agreements must be addressed from the onset are intellectual property and privacy laws governing the use of data on the platform so that a sound legal framework is in place.

F) Launch:

The launch includes the implementation and execution of the legal framework. So, D & E as specified above must be effective.

G) Monitor:

Making it relevant throughout the life cycle of the platform is a key aspect. Monitoring to protect intellectual property and helping preserve the legal viability of the platform business model is essential at each stage.

Conclusion:

Whether it’s an innovative startup or an established company seeking to reinvent business, team mPowerO can help succeed in the platform economy and harness its huge economic potential as the Platform Model enables organizations to realize the opportunities provided by the platform economy and to reap the benefits to:

• Reinvent or innovate business and challenge Competitors
• Monetise data by data acquisition and sharing, control of data flows and analytics
• Tremendously improve and increase Business scalability with close to zero marginal cost
• Enable Cost cutting by streamlining processes within leading to be effective

A Key Advice from Team mPowerO on the journey to the Platform Economy:

Address intellectual property along with the privacy laws governing the use of data on the platform from the onset. Both lie at the heart of your platform business and are crucial to it.

In the platform economy, data alone will not be the competitive differentiator. What a company does with the data distinguishes it from its competitors.

Some of the key questions are:

Data Protection and Privacy Laws:

• What are the types of personal data you intend to use?
• What are the rights and obligations related to the use of data?
• Are you sure that the data can be processed on a sound legal basis?
• Are all necessary agreements in place (e.g. processing agreements, data sharing and transfer agreements)?
• Who will access your data and define the purpose of the processing?

Intellectual Property:

• Have you assessed the relevant IP assets relevant to the business?
• Define the strategy to protect the relevant IP assets?
• How will you collaborate on the use of IP with your partners?

A sound legal framework mitigates operational and financial risks. Thanks to our strong expertise and industry insights, we are well-placed to support you in achieving your objectives.

The platform business has implications for the traditional notions of IP ownership and governance. Choosing the right IP protection strategy and monitoring regime is very important.

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 the many opportunities it offers for timely communication and exchange.

As a part of digital transformation and being technology innovators making use of 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 in 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.

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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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