Digital Platforms: A Brief Introduction â BMC Software Blogs
In business enterprise terms, a digital platform can be thought of as the sum total of a place for exchanges of information, goods, or services to occur between producers and consumers as well as the community that interacts with said platform. Itâs imperative to understand that the community itself is an essential piece of the digital platformâwithout that community, the digital platform has very little inherent value.
We interact with digital platforms on a constant basis thanks to the success of the digital platform approach. Digital platforms take a lot of different forms depending on the business model they employ and the specific purposes they seek to serve. Examples of successful digital platforms are:
- Social media platforms like Facebook, Twitter, Instagram, and LinkedIn
- Knowledge platforms like StackOverflow, Quora, and Yahoo! Answers
- Media sharing platforms like YouTube, Spotify, and Vimeo
- Service-oriented platforms like Uber, Airbnb, and GrubHub
As you can see, digital platforms are by no means a new approach nor are they narrowly used in terms of their particular use cases. Digital platforms provide value to everyone within the ecosystem of the platform while turning a profit for the organization that created and maintains it through various business models, such as:
- Advertising
- Subscriptions
- Pay as you go
- Any combination of these and other profit-turning methods
Components of digital platforms
Another way to describe digital platforms is by talking about the essential pieces necessary to create a successful digital platform. The key aspects of a digital platform are:
- Ease of use and immediate appeal for users
- Trustworthiness and security (clear terms and conditions are necessary as well as privacy protection and assurances for intellectual property and data ownership)
- Connectivity through the use of APIs that allow 3rd parties to extend the ecosystem of the platform and its capabilities
- Facilitation of exchanges between users (producers and consumers)
- Providing value to the community and as a function of the size of the community (the bigger the community, the more value the platform can provide to all parties involved)
- Ability to scale without causing performance degradation
Digital transformations look different for each company because every organization has different goals in mind, but a tangible goal to seek through digital transformation is the creation of a digital platform. While there is no shortage of digital platforms, there is still plenty of room for innovation and niche services that have audiences waiting for the day when their needs are finally met.
Creating a digital platform
Many digital platforms compete for similar audiences but leverage their competitive advantages and unique aspects to reach their particular audience as they seek to grow. Certainly some digital platforms like Facebook and YouTube have a chokehold on the largest portions of market share. But these are by no means fixed on their seats of power as new competitors vie for domination.
Importantly, unseating the giants at the table isnât a necessary step for finding your own success.
Creating a digital platform for your organization will provide you with a competitive advantage over your rivals by ensuring you service your niche with the massive value proposition of not only the services, but also your platformâs community. A successful digital platform performs two key functions:
- Facilitates exchanges of goods, services, or information
- Leverages the community to provide enhanced value to everyone within the ecosystem
Embracing digital transformation by empowering your organization to challenge the status quo and experiment without fear of failure is essential for innovation that will allow you to carve out your own niche. Creating a powerful digital platform that provides ease of use, trustworthy transactions, and protections for users from bad actors on the platform is a delicate balancing act that has the ability to provide incredible levels of success for those who can manage it.
Related reading
- BMC Business of IT Blog
- BMC Service Management Blog
- Digital Transformation Metrics & KPIs for Measuring Success
- Digital Transformation Trends for 2021
- What Is Digital Service Management? A Must for ITSM
- What Is the Platform Economy?
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BMC works with 86% of the Forbes Global 50 and customers and partners around the world to create their future. With our history of innovation, industry-leading automation, operations, and service management solutions, combined with unmatched flexibility, we help organizations free up time and space to become an Autonomous Digital Enterprise that conquers the opportunities ahead.Learn more about BMC âş
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