Organizations that manage digital networks are entirely different from traditional product and service suppliers. They start with entirely different values, invest in several assets, and select various leaders. These variations mean that it is very tough for a long time, legacy organization to build a digital platform. Difficult, but not impossible. Here are three ways it can be done:
1. Use existing tools: think about this option as digital platform “lite.” companies that go this route use pre-existing digital platform tools to interact their networks. Facebook, Twitter, and Instagram are prime samples of these tools, and all offer opportunities for two-way, cooperative communication.
While the use of these free platforms is widespread among companies nowadays, these organizations went beyond the traditional marketing messaging, collaborating with their networks of users and adding new price. This kind of digital platform has limitations and isn’t reaching to remodel your organization, but it’s an excellent way to dip your toes in the digital platform waters.
2. Find a partner or investor: At the next level, we’ve got partnering with or taking a stake in a digital platform. This can be for organizations that wish to diversify to include digital platforms but don’t currently have the skill sets or time to do it themselves. For many organizations, this can be the small amount of risk option, and a straight middle road, even though a lot of traditional organizations often see digital network operators as threats instead of allies.
3. Build it yourself: The final option is the toughest and requires a great deal of organizational adaptation: building the digital platform yourself. For many established players, the technology and skill gaps are discouraging, and it takes years of effort to close them. New talent is one of the first requirements, but firms that want to adapt their business model to digital platforms would like the willingness to create and manage an entirely different kind of asset. This selection is generally for firms with deep enough pockets to weather some ups and downs and a clear plan of what style of the digital platform are valuable to their market.
All three options require capital. Even if you use a ready-made system, you would like to possess the internal talent to use it wisely.
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