Platform economy offers you a place in consumers’ daily life

Platform economy: empty hype or your place in consumers’ daily life?

15.9.2017 -

Recently, I participated in a bank survey. In response to a question about the number of apps I use, I was about to answer, “One”. But after adding up all my online credit cards and bitcoin wallets, I decided on “Six”. I take advantage of mobile and online applications for payments, cash transfers and investments useful to me. Previously I only used online banking.

Observations about my own life quickly convinced me that talk about the platform economy and digital transformation is not all meaningless hype. In a company struggling with day-to-day problems, it might sometimes be difficult to see how the digital transformation will affect its operations. All the same, pressure to change can clearly be seen in entire industrial sectors:

These are just a few examples of what is already happening today. Technology is constantly maturing in the form of artificial intelligence, machine vision, speech recognition, virtual reality and blockchain. New conditions for even more innovative applications are continually being created.

The EU has estimated that by 2020, the value of data-driven business will exceed 500 billion euros, a significant sum for a business sector that did not exist a few years ago. Every company should consider how to address the platform economy – in times of business transformation, there are always winners and losers. Among the international giants, the winners have all shared a common factor: major technology investments. Even at this moment, more than nine million software developers around the world are working on software interfaces required for the platform economy.

Technological development and societal change are the drivers that force companies to develop solutions for regular consumers like you and I.

Underestimating the transformation could be the last mistake you make in your business. Make an inventory of your valued digital assets and begin planning how to get your share of the platform economy. By opening up data to your consumers or partners, you create new business opportunities.

The best applications always find their way into the hands of consumers. In just a couple of years, even I have become used to first-class mobile and web applications, like the six I use that challenge online banking. Next I will seize some other novelty produced by the platform economy.

Jani Kykyri

Jani Kykyri

I am a customer-focused business director responsible for application development at Solteq. I want to create new business for our customers using digitalisation as well as web and mobile apps. More than 15 years’ experience with different applications and solutions and a top-notch team help develop answers to our customers’ biggest challenges.

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