An Extensive Overview Of A Digital Platform Strategy

Throw a rock and you’ll hit an organization undergoing their “digital transformation” nine times out of 10 these days. The entire world has been undergoing its own digital transformation over the past few decades as technology has advanced in leaps and bounds. Embracing the digital world is all but mandatory for organizations of all shapes and sizes. The Enterprise Digital Platform must become a solid point of reference for the CIO and the rest of his or her team in developing an enterprise wide approach to digital transformation. September saw a variety of regulatory changes from ASIC, APRA, AUSTRAC and ACCC in the financial services sector. Meanwhile, ASIC conducted a review into claims made by funds in their marketing material, finding that many did not adequately explain the risk profile of the investment.

A Digital Platform

These platforms tend to go beyond conversations and interests and prioritize more on moving people to act together to achieve bigger goals. Since, there has always been a need for collaborative action over time, these platforms along with supply networks and distribution operations look for prioritizing long-term relationships across short-term and isolated transactions. They cover a wide range of industries such as consumer products, automotive and financial services. The moment that matters most will differ according to the type of user, their responsibilities, and the tasks for which they use the platform. For an employee, for instance, the most important moment may be a smooth process surrounding the birth of a child. For a healthcare provider’s digital platform managing a hospital’s revenue cycle billing process, the important moment might be being paid on time.

Int 850 Global Business Strategy

If these resources are common, there is not an advantage, so rarity brings an advantage. The value and rarity of resources and capabilities is only an advantage if it is difficult to imitate by a competitor. The hard to imitate provides a greater opportunity for a sustained competitive advantage. The last question is “How can a firm be organized to develop and leverage the pull-potential of its resources and capabilities?

Reshaping retail banks: Enhancing banking for the next digital age – McKinsey

Reshaping retail banks: Enhancing banking for the next digital age.

Posted: Tue, 18 Oct 2022 22:14:52 GMT [source]

Virtual events and webinars Reach your customers in a direct and effective way – wherever they are. Activation and reach Content Uncover your company’s hidden knowledge with high-quality content. When you’re in a hurry A quick fix to pressing problems around strategy and design. Innovation lives and dies by the capacity to learn swiftly via purposeful, measured experimentation. With the help of canary release processes, toggle architecture, and meaningful instrumentation, your experiment infrastructure enables you to make the correct decisions about your experiments and investments.

In-house competency – Building, managing, and maintaining a digital platform is a task that must be executed around the clock. A dedicated staff with the ability to respond to security incidents and downtime triggers is required. For example, the recommended building and management process involves adopting the CICD tenets of constant development and continuous integration to safeguard and build a functioning platform. Manufacturers who lack the technical personnel to implement these processes will have to build new IT departments to handle the management process. While it can be tempting to go for a best in breed approach when deciding the setup for your digital platform, it usually ends up costing a lot and taking a long time to implement. The primary reasons for this are that the various systems don’t work well together, or the required integration is overly complex.

In order to foster such a complex dialogue, a company must provide its customers with access to each other and to company listeners. In the case of Nike+, access is provided by the iPod Nano/Sport Kit device and by the Nike+ web site. Software Program means the software program used by a Fund for providing Fund and account balance information including net platform as a service asset value per share. In situations where the Lion System or any other Software Program used by a Fund is not available, such information may be provided by telephone. We therefore established a Nordic delivery unit for Digital Platform Services in 2017, to ensure that our service and product development activities are harmonized across the Nordic region.

Who Is Responsible For Complying With Applicable Data Protection Law?

They help in bringing together a wide array of suitable resources and enable users of the platform to connect with the most relevant resources. These platforms are generally transaction or task based and consist of marketplace and broker platforms. Dominant digital platforms should be prohibited from self-preferencing and some types of discrimination. An agency can monitor and enforce this through “black-box testing,” protecting details of proprietary algorithms. Digital platforms cut across traditional organizational structures, silos, policies, and technology investments to enable the new operating model. They force a different organization, a different talent model, a different mindset, and a different set of policies and processes.

A Digital Platform

Other costs involved include housing the infrastructure and paying for the labor incurred when building and configuring a digital platform. Validation and testing – Reducing failure rates when implementing new technologies or strategies within the shop floor is important to reducing implementation costs. A centralized digital platform provides the tools for assessing the effects of implementations using VR headsets or analytics software to analyze related data sets. Build and support industry-specific apps – Manufacturers can leverage digitized frameworks and the tools within them to create unique apps that handle machine data according to defined goals.

Digital Markets Act

These types of objections are likely to be more forceful in relation to the Metaverse, where the amount of data collected and complexity of data sharing networks is significantly greater in scale. However, in all cases, thought needs to be given as to how and when any required consent would be collected and, in particular, whether “real world” consent can be relied on by brands in the Metaverse and vice versa. Contrast this with current technology, where a website or app can generally only ascertain this type of information if the woman actively searched for food outlets or similar on her device.

A Digital Platform

The regulation would prohibit certain AI practices and require providers and users to comply with various obligations in relation to high risk AI systems, and to comply with transparency obligations. If you collaborate with others to generate intellectual property rights, who owns the created rights? Principles of joint authorship and co-ownership are complicated, and their application will become more so in complex virtual world scenarios where a community of stakeholders may have been involved. BigTech, as incumbents, have a particular interest in the evolution of the Metaverse. Some commentators are calling for tougher regulation in order to make BigTech more accountable for content that appears on their platforms.

The framework can also integrate apps such as capacity-planning software that utilize shop-floor data for accurate analysis. Using APIs, the software automates the collection of related shop-floor data to execute the requested analyses. Of manufacturing enterprises adopting increasingly advanced digital-transformation solutions, providing answers to the question “Why go the digital route? Today, everyone understands the productivity and operational benefits that come with embracing digital transformation. A digital-platform framework brings all digitalization tools used within a singular virtual environment. Thus, a manufacturer gets a singular environment for managing every digital and physical asset deployed within the shop floor from a single platform.

Does Your Business Really Need A Platform?

Nike is the base case company that will be used through the paper analysis to discuss and understand the methods for designing a digital platform strategy. Nike has and continues to bring digital platform strategies to its business in differing ways. Nike is the largest athletic shoe company in the world with Reebok, Under Armour and New Balance all right behind .

Time to market – The time to build a functional digital platform ready for utilization is an important consideration for manufacturers interested in competing with their global peers. If the build time for an individual manufacturer is extensive, this means the manufacturer ends up playing catch-up with others already utilizing a digital platform. With the below diagram we can see how the companies are benefited by adopting the digital platforms. It was observed that 65% of companies presently today dedicate between 11 percent and 20 percent of their IT budget to digital platforms. Over the next few years, four in 10 companies plan to improve what they already spent on digital platforms by more than 10 percent, while the average investment over all companies is expected to be increased by 3%. The change from the system of record to a system of eventual consistency.

What Are Digital

Customers expect fast answers and personalized service from the businesses they patronize. That has put the burden on companies to develop channels that can deliver new, innovative products and exceptional levels of personalized service and digital experiences. Differentiation in digital platforms is a new dimension of digital brand strategy and there is not yet enough examples and outcomes to understand what and how drive a successful digital platform strategy. The differentiation strategy Porter introduced focuses on how companies differentiate for the purpose of competitive advantage. In the digital platform strategies, it is becoming apparent that there are variants of differentiation.

External-integration support – Generally, digital-platform frameworks function alongside standalone applications or systems such as ERP software. A digital platform must support the integration of external systems that are crucial to industrial operations. It is a holistic approach taken to infrastructure, develop and release support, and observability.

For the last 21 years, Nick has been a professional computer programmer and software architecture. Nick’s technical expertise includes; Net Core, C#, Microsoft Azure, Asp.Net, RESTful web services, eProcurement, Swift, iOS mobile development, Java, Android mobile development, C++, Internet Of Things and more. In addition, Nick is experienced in Agile coaching, training and consultancy, applying modern Agile management techniques to marketing and running McKenna Consultants, as well as the development of software for clients. Nick is a Certified Enterprise Coach , SAFe Program Consultant , Certified LeSS Practitioner and Certified Practitioner.

Similar to other online gaming platforms, participants in the Metaverse could engage in conduct that would contravene antitrust laws in the real world. Where online products and services hold real-world value, real-world antitrust laws will also apply, which could have both civil and criminal consequences for those participating. For example, one requirement under many data protection laws is that the receiving party’s privacy notice must be provided to an individual shortly after it receives the data to explain to the individual how their personal data will be processed. These conditions will become increasingly difficult to meet in the Metaverse, where data exchange is rapid and involves a multitude of participants. This approach reengineers and completely redesigns your business model creating a template with digital transformation priorities specific to your business.

  • It also included a free iPhone app and dashboard at to track the activity recorded from the band.
  • To achieve composability at scale, enterprises need to design, build, and operate their products with an experience-driven approach, which starts with understanding the customer journey and mapping it to the ecosystem of products.
  • Therefore, in the Metaverse, a user will no longer need to proactively provide personal data by opening up their smartphone and accessing their webpage or app of choice.
  • AEC has built up an array of billing, operations, metering, invoicing and other systems, all of which were best of breed when bought.
  • Once a company has secured a platform infrastructure, the company then can develop business strategies to implement via the digital platform.

Digital Platform Strategy framework is a blueprint for platform building which consist of five important pillars. The second observation was that any kind of platform play whether with the help of an organization-owned or a third-party platform, and either collaborating or competing with a global platform is able to improve earnings above the benchmark level of not playing. Organizations with platforms had an annual improvement in earnings before interest and taxes of 1.4 percent, in comparison with the 0.3 percent profits of nonplayers. Also, the organizations which joined much wider cooperative arrangements progressed lightly better than those operating their own platforms.

Achieve True Digital Transformation With Platform

According to the EC, the gatekeeper power is often misused by means of unfair behaviour vis-à-vis economically dependent business users and customers, leading to barriers to entry and weak contestability of the markets for these services. There is no doubt that change is coming in many jurisdictions for BigTech and social media platforms. As the Metaverse emerges, key stakeholders will face the same kind of scrutiny in relation to the same kind of content. It is one thing to process personal data of adults in the Metaverse, but it is quite another where children are concerned.

In performing the modeling and design of digital platform strategies, the base business assessments using SWOT and VRIO are important to complete. The VRIO analysis then reviews the internal resources to determine the implementation plan of the digital platform strategy. As part of the SWOT analysis, it can be determined that the digital platform strategy is a differentiation strategy. Companies that perform the SWOT and VRIO will be able to identify how they can uniquely engage with their captive customers through their ecosystem.

The platform will be fronted by a modern REST API that will allow customers and App developers to harness individual services provided by AEC rather than AEC providing a complete, managed service. For the last 20 years, Acme Energy Company has sold its services to corporate customers as a complete managed service. AEC has built up an array of billing, operations, metering, invoicing and other systems, all of which were best of breed when bought. These systems do not play well together and data is often rekeyed between systems.

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