The concept of a platform is nothing new, but in the digital era of smart connected products every hardware-centric company needs to urgently work out a platform strategy.
Simply put, while a product is something you sell, a platform is infrastructure that enables nteractions between various actors.Market researcher IDC predicted that more than 50% of large enterprises—and more than 80% of enterprises with advanced digital transformation strategies—would have created or partnered with platforms in some form by the end of 2018.
Several Internet and software companies have already created successful connected product platforms and many traditional hardware makers will need to consider whether to plug into these platforms as partners or compete directly.
It is important for traditional product businesses to treat platforms, especially those provided by the Internet giants, as potential trusted partners, but also pragmatic competitors. In some cases, they will strongly compete or even try to disrupt your business. In others they will act as partners or acilitators.
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