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Business model innovation is one of business leaders' top concerns. Driven by price erosion and competitive pressure, organizations are responding with platform thinking in evolving their business models. Platform thinking is a fundamental shift in business strategy, moving beyond product differentiation and pricing, toward ecosystem-based value creation. It also represents the long-term, sustainable response to new realities in the DX economy. However, the evolution of one's business model must be supported by an underlying digital platform. This IDC Perspective looks at how leading organizations are evolving their business models through digital platforms and technologies by addressing the following questions:

  • What is platform thinking and how does it differ from product-based business strategies?
  • What is the digital platform's unique characteristics that support platform-based business models?
  • How do digital platforms enable an organization to innovate its product, service, and business model?

The confluence of global connectivity, vast data-generating online communities, and 3rd Platform technologies are fueling new business models. An organization's ability to quickly adapt its business model hinges on the capabilities that its digital platforms afford it.

Platform-based business models are no longer confined to the domain of digital natives and start-ups. The long-term sustainable response to the DX economy involves a fundamental transformation of an organization's business and operating model. Platform thinking, an ecosystem-based strategy, is one way an organization can evolve its business model. However, it must be supported by an underlying digital platform that supports unique characteristics of platform-based business models.



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