In many ways the technological achievements over the past century have been a marvel of human ingenuity. Our ability to create something out of mere ideas and have it come to fruition has forever changed the trajectory of how we interact with the world. The intricacies of all the technological advancements however have many of us stumped. As much as we would like to employ the use of all that is available, sometimes setting up the necessary systems in order to achieve the desired outcome can be tedious and strenuous. An example of this could be that of developing a digital platform.
So, what exactly is a digital platform? How does it work and what are the benefits of using it in your business? A digital platform (DP) is a software solution that helps organisations to serve their products and services through online commerce to run their business effectively. Digital platform connects businesses with its partners and customers. Also, companies can use digital platforms to optimise their internal operations.
The advantages of Digital Platforms
The development of DPs has been documented to have several advantages such as:
DPs manage product data in a centralised repository and distribute it across many channels and devices to improve time-to-market of the products. Its advanced capabilities help create engaging customer journeys and deliver compelling experiences to customers. This is all achieved through the seamless integration that allows businesses to incorporate existing enterprise systems, 3rd party applications, internal or external portals, and more.
Due to the proliferation of the internet and widespread use of smart devices, DPs have revolutionised how we communicate; make purchases and payments; access transportation and health care; and especially, how we discover our world. Furthermore, it provides users with a unique experience each time it is used to its self-learning capabilities. Traversing all sectors of industry, DPs are indiscriminate of geographical location and economies; thus, positively changing and transforming the lives of its users.
Important components of digital platforms
There are six essential components of a digital platform including Product Information Management, Digital Asset Management, Digital Experience Management, Master Data management, Digital Commerce Management, and Customer Data Platform (CDP). The latter for example provides a more comprehensive function compared to customer relationship management (CRM) tools commonly used in many businesses. This is achieved as CDP is capable of autonomously creating unified customer profiles with data gathered across a variety of online and offline channels. In comparison, CRM only tracks a customer’s intentional interactions with a company via manual entry.
The process of implementing a digital platform strategy is multi-faceted and requires collaboration between the business and the platform developer. An experienced developer will appreciate the need to understand your business and comprehend the requirements of the platform during the process of drafting a proposal. At this point the more technical work commences in terms of the planning the screenflow strategy, creating wireframes and designing the user interface (UI). These steps will provide you an initial blueprint of visualising the look of your soon-to-be platform. The third step of the process includes deciding on the respective project phases and begin the arduous task of coding.
By now you and the developer will have an idea of what works and what could be improved. At this point it would be pertinent to conduct the associated quality assurances such as testing your digital platform prototype and subsequently, compiling a test report for review and critique. If all is in order, then it’s finally the time to launch the completed digital platform. Install the platform on the server of the business and see your creation come alive. To truly embrace the digital world in which we live it might be worthwhile launching the platform via mobile application as well. Despite your initial excitement and success it is vital to remember that your relationship with your platform developer should continue. They will be able to provide you with post-launch support services needed to keep your platform as current and optimal as possible.
The DP of any business must be securely underpinned with an appropriate digital platform strategy in order for it to succeed. The aim of the strategy should be to penetrate the online market by focusing on allowing one segment of participants to benefit from the presence or interaction of others. Conversely, traditional competitive strategy generally assumes that customers can determine their willingness to pay for the product or service independently. DPs has achieved dominant market position and has proven itself to be lucrative due to the economies of scale, associated network effects and data collection capabilities. For this and many other reasons it may be the right time to gain your share of the market by partnering JB Strategy Maker.
At JB Strategy Maker you can expect to receive the relevant guidance and expertise when it comes to assisting you in developing your very own and bespoke digital platform. Visit our website https://strategymaker.co.za/ or request a consultation via phone (Tel:+27 83 274 5464) or email at email@example.com. Otherwise, follow us on YouTube, Pinterest, LinkedIn, Instagram and Facebook.