Rise of digital platform-based business models
Today, digital economy is on the rise to an extent where it is overtaking the traditional business models. There is hardly any industry which is left untouched by technology. A new breed of companies, represented as FAANG (Facebook, Airbnb, Apple, Netflix, and Google) are further pushing the boundaries and accelerating the proliferation of technology.
Something which is common in this new breed of companies is they are creating platforms where ecosystems can evolve, collaborate, thrive and benefit from each other. Business in a silo is a doomed proposition.
Something to note though is that the new breed of platforms are all open platforms. Platformification without digitally open platforms will not help. Open platforms help in the evolution of ecosystems, where business models are heading towards.