In simple terms, a digital platform is a software solution that assists organizations to serve their products and services through online businesses to run their business effectively via generating streamlined ROI.

In technical terms, a digital platform is a technology-enabled business model occurring due to technological advancements or digital innovation/acceleration that creates/adds value for an organization by allowing exchanges amongst two or more interdependent groups/ecosystems.

Thus the platform brings different business users together to transact with each other where Companies can quickly share quality and accurate information with the users to innovate new products and services which in turn enhances the collaboration across multiple different users of/within the business ecosystem.

Digital platforms create/constitute of powerful network effects and add/improve further value as more and more members continue to participate.

Unique Features of Digital Platforms:

To allow the participants of the digital platform to share the data to create/add to the new services, the development of the digital platform can be accelerated by integrating third-party application programming interfaces (APIs).

There are many digital platforms available “as a service” basis that uses modern technology stack so as to provide seamless integration & services.

Digital Platforms are built to operate that protect data ownership/integrity, and intellectual property and foster thrust amongst various users/user groups.

Here are the Unique distinct features of digital platforms:

1) Open & Shared Data: The digital platform enables organizations with open and shared data that can be mined intelligently by experts to get better insights about the industry and create new forms of value thus allowing organisations to monitor customer behaviour at scale.

By allowing all the participants with data access, the digital platform drives transparency in business processes and accuracy in data management.

2) Network Effects: By developing and implementing a digital platform, organisations can bring different users of the business ecosystem under a single roof by bringing more market participants together, organisations facilitate partners to attract a great number of customers and vice versa.

This will promote shifting the risk and cost of creating the market from business to network. As the network keeps expanding, the digital platform divides the burden between the participants and its associated merchants than being centralised or localised.

The networking effect applies to those businesses that want to build a platform to connect the users such as organizations, suppliers/vendors, and end customers and all the participants within the ecosystem.

3) Convulging and Concurrence of Technologies: The utilization of advancing technologies not only helps organizations improve the business process but also delivers great customer experiences, which is key for their business to success. The potential of cloud, artificial intelligence, machine learning, automation, industrial internet, analytics, mobility, and many more modern technologies can be harnessed while creating/developing a digital platform.

Conclusion:

Consideration of the “as-a-service” digital platform creates a huge impact on investment levels, cost to serve, and speed to market in its quicker implementation for deployment.

By integrating business processes, infrastructure, and software with the digital platform, not only small to medium enterprises, but large-scale organizations can also take the benefits of modular, scalable, and plug-in services.

The major advantage of the digital platform to enterprises is they have quick and easy access to new emerging markets and distribution channels without investing the full cost of a platform on business upfront, which reduces various risks involved.

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.

Reach out via email at info@mpowero.com or visit us at https://www.mpowero.com/ for more information.

Happy to Help!