The Digital Platforms provide value to everyone within the ecosystem of the platform while turning the profit of the organization. Digital platforms are by no means a new approach nor they narrow used in terms of their particular cases.
In fact, the platform of business models represents a fast increasing proportion of the growth of the digital economy. With the top 15 public platform companies. Already representing $2.5trillion in the market. Indeed, network markets are underpinned by digital platforms. Digital platforms are changing all the way we live, work, and play. As a result, virtually every industry has been or will be affected by the platform.
A Digital Platform can be thought of as the total of a place for the exchange of information, goods, and services. To occur between the producers and the consumers as well as the community. It is imperative to understand that the community itself also an essential piece of the digital platform.
New business models and strategies, can be made possible by the increasingly powerful digital platform. They are driving the most profound global change since the industrial revolution. In fact, the platform is fast becoming competitive necessarily. The foundation of new value creation and the companies that fail to emphasize them and could find themselves on the outside looking in.
Digital platforms take a lot of different forms depending on the business model of the employee because of the specific purposes they seek to serve. We also interact with digital platforms constantly.
Successful digital platform are:-
- Social media platforms – Facebook, Twitter, LinkedIn, Instagram.
- Service-oriented platforms – freelancing, Fiverr
- Media sharing platforms – YouTube, Spotify
- Knowledge platforms – Quora, Yahoo, Wikipedia
Creating a digital platform
Many digital platforms compete for similar audiences but leverage their competitive advantages and unique aspects to reach their particular audiences as they seek to grow. some digital platforms like Facebook and youtube have larger portions of the marketing shares. But they are not fixed on their seats of power as new competitors for domination.
Create a unique digital platform for your organization will provide you with a competitive advantage by ensuring you service your niche with the massive proposition not only the services but also your community platform.
Important keys of digital platform
- Provide information, good, and services
- The community provide value to each and everyone within the ecosystem
Creating a powerful digital platform that provides ease of protection of users, trustworthy Transactions on the platform is to indicate a balancing act. That has the ability to provide incredible levels of success for those who really manage it. Without fear of failure is essential for innovation that will allow you to intersect your own niche.
Components of Digital Platform
The way to describe a digital platform is by talking about the essential piece necessary to create a successful and unique digital platform.
- The ability scale without causing performance degradation
- Providing value to each community and as a function of the size of the community.
- Facilitate the exchange between users.
- Security and trustworthiness for intellectual property and data ownership
- Try to immediate appeal to users
- Connectivity the use of APIs that allow the third parties to extend the ecosystem of the platform and its capabilities.
The digital transformation looks different for every company. Because every organization has different goals in mind. While there is no shortage of digital platforms because there still plenty of room for innovation and niche services. But the tangible goal to seek through digital transformation is the creation of a digital platform.
The most important thing about digital transformation isn’t really the technology itself. But the transformation of practices and culture of the organization itself. The undergoing digital transformation requires your organization because they change its approach to virtually everything to do. Digital transformation requires that the organization and its members challenge the status and learn to experiment and implement because they change frequently.
The reality of digital transformation looks different for every organization, and this reality makes describing the steps necessary for a digital transformation at best. But digital transformation can be better defined by the term of what the end goal of a digital transformation is the creation of a digital platform.