The rate of technological development shows no signs of decreasing, getting ahead of the change or at least keeping pace with it, requires business today to be transforming digitally. organisations must undergo a digital transformation to achieve the required speed and agility to compete in today’s competitive business environment.
Organisations have come a long way, which is impressive. Ten years ago, when asked to list their top objectives, only 2% of them mentioned “digital” at least once. This number has already increased to over 25% and is expected to double in the following two years as businesses find their way toward sustained business growth.
However, the reality is that digital transformation might work differently for every organisation, depending on their unique needs. Though it can be challenging to describe the procedures required to implement one accurately, it is possible to characterise digital transformations more precisely by referring to their ultimate objective – implementing a digital platform.
This blog will take you through why it is critical to have digital platforms, creating a digital platform strategy framework, and real-life examples of B2B companies that have benefited from Digital platforms.
Let’s get started.
What are Digital Platforms, and why are they important?
Digital platforms are a network of systems, technologies and interfaces that enable business-to-business (B2B), business-to-consumer (B2C), or even customer-to-customer (C2C) interactions. Instead of a world driven by processes, digital platforms enable a data-driven world. The end-to-end business process is managed digitally to provide partners, customers, and workers with an enhanced experience.
While it generates revenue for the organisation that builds and maintains the platform through various business models, digital platforms add value to everyone who is a part of the ecosystem.
Depending on the type of business model they use and the particular functions they aim to fulfill, digital platforms take on many shapes. Here are some of the most popular digital platforms:
- Service-oriented platforms: Airbnb, Uber, and GrubHub
- Social media platforms: Twitter, LinkedIn, Facebook, and Instagram
- Media sharing platforms: YouTube, Vimeo, Spotify, etc.
- Knowledge platforms: Quora, StackOverflow, and Yahoo! Answers, Reddit
The world is becoming tech-driven, and the trend shows no signs of slowing down. Matt Brittin, President of EMEA Business & Operations at Google, said that 90% of all professions within the next 10 to 15 years would require some level of digital capabilities. In his view, technology will lead to the creation of new employment, but it is also predicted that automation will replace 14% of current positions and that 32% of positions will undergo significant scope and focus changes.
Digital platforms have moved from ‘good-to-have’ to ‘must-have’. Hence, it is, without a shadow of doubt, an important driving factor for modern businesses to survive in this digital world. By creating a digital platform, you can gain a competitive edge and serve your niche audience with the enormous value proposition of not only the services but also the platform’s community.
Creating a Digital Platform Strategy Framework in 3 steps
Before you even consider implementing a digital platform, you need to have a strategy in place. Though there are several approaches to strategising a digital platform framework, the following are broad and widely considered strategies that can help you get started.
Step 1: Build a strong value proposition
It is tempting to believe that creating a platform will lead to success. Launching a digital platform just for the sake of doing it rarely succeeds. Instead, consider how your platform will create new relationships.
To achieve this, concentrate on developing a solid value proposition for your platform to resolve actual client issues. Although it may seem difficult, the initial step is to decide how users will receive your platform offering. Ensure that it would be appealing to a variety of consumers.
Microsoft, for example, using this strategy, matched the features of its Office 365 platform against particular corporate departments, like sales and marketing, finance and accounting, HR and communications, and others. This way, they were able to cater to a range of customers.
Step 2: Leverage the right technologies
The convergence of technologies such as automation, cloud, AI, machine learning, analytics, and mobility have created a new “as-a-service” economy. In this field, services are dynamic, on-demand, and targeted. It significantly affects service costs, investment levels, and market speed.
By combining business technologies, software, and infrastructure, both large and small enterprises can make them available “on-demand” and turn them into scalable services. Even without paying the entire cost of a platform up front, enterprises can benefit from this situation since they have access to new markets and distribution channels.
Step 3: Mining of open and shared data
With the help of experts and surrounding sectors, open and shareable data can be mined intelligently to develop new forms of the present values. Large-scale customer activity monitoring is possible, and field-based software or equipment can provide insights. In fact, a lot of data is being produced right now, and through 2022, it’s expected to quadruple every two years. The creation of a Platform Strategy for business is being thrown off balance by the agile and collaborative working style that is affecting many firms.
B2B Companies that are Leveraging Digital Platforms
The businesses in the following list distinguish themselves from their rivals by utilizing digital platforms and strategies, comprehending fully what their target audiences want and need from content, coming up with inventive and distinctive ways to reach more people, and cultivating communities around their brands.
Did you know that Shopify, a well-known e-commerce company, amassed a sizable following on YouTube and enjoys great success with its video marketing approach? Why? Because they are aware of what their intended audience wants.
They provide popular How To videos and tutorials for prospective business owners and operators of online platforms. They are aware of the people who would benefit most from their solutions, and they create films with checklists and templates for developing skills for them.
IBM effectively highlights its heritage and reputation in the technology sector through social media. Instagram posts that feature old products from the last 100 years help businesses establish credibility and trust with both present and potential customers.
Additionally, IBM posts films of its workers discussing their working lives, delving into difficult subjects like quantum computing, and discussing the cutting-edge technologies they are investigating. This type of storytelling reinforces the brand’s corporate principles of innovation, trust, and personal accountability.
Hubspot regularly publishes training, tools, and research, and as a result, they have established themselves as a significant resource for thought leadership and trend insights. The strategy places more emphasis on knowledge sharing to aid marketing and sales professionals in their work than it does on promoting their own goods.
Business executives may better align with the organisation’s digital platform strategy and goals by establishing the method of platform realization and outlining the development and execution roadmap by outlining the key releases, team, and launch plans. Businesses can implement this strategy by using a tried-and-true industry framework.
Blue Helion, a new age consulting and advisory firm equips its clients with the right digital platform solution for enterprise transformation and strategic acquisition and help them in growing their digital presence Leverage on expert opinions and grow manifold times in this cutting-edge, technological-advanced competitive world.