Article | February 12, 2020

Three Critical Steps To Make A Successful Move From Product To Platform

Source: AppDirect

By Dan Saks, AppDirect

chess pieces moving on road path

As digital transformation has gone from buzzword to mission-critical business strategy, many organizations have tried, with varying degrees of success, to put digital technologies at the core of their operations. Some have succeeded; many others have failed. What sets these companies apart? I believe the answer is simple: platforms and ecosystems.

In fact, the results of our recent survey revealed that 86% of executives believe platforms are the clear differentiators for digital transformation success. Moreover, in a separate report from Accenture, 84% of business leaders believe ecosystems are vital to their disruption strategy and 60% said they would “build ecosystems" to disrupt their industries.

These compelling statistics don't make platforms and ecosystems any easier to launch, however. Some companies don't know where to begin, while others start to build elements of a solution but run into an avalanche of complexity when they try to manage the day-to-day realities of a platform and ecosystem.

Despite the challenges, I believe a platform or ecosystem strategy is a must-have for many companies in today's digital economy. Here are three steps that organizations can take to ease the transition from being a product-centric organization to a platform company powered by a thriving ecosystem.

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