Companies that operate platform business models dominate their market segments and scale with ease in new ones. They generate high revenue. And this model allows business to connect directly with customers.
Regardless of industry or segment, successful platform operators have several factors in common. They create an environment where everyone on the platform — the operator, partners, competitors and even customers — contributes to customer experiences. Operators also capitalize on the massive amounts of data that platforms generate. When shared and used properly, this data leads to continuous reinvention. Finally, they commit to innovation. Platform operators invest significantly in technologies such as IoT, AI and blockchain to consume, share, analyze and generate data for participants.
As business ecosystems evolve and collaborative relationships expand, platforms will proliferate and further disrupt, rewarding entrants with a well-defined platform strategy.