In recent times, digitally born businesses have been successful in rapid disruption and value creation, through platforms. This is because platform-based business models create/enhance the ecosystem, facilitate value exchanges between different stakeholders in the ecosystem (‘participants’) while supporting massive amounts of data. To summarize, platforms enable data driven decision making.
As a result, enterprises to survive in an unstable economic environment and competitive landscape need to embrace platform-based business models. But to do the same, they need the ability to connect and extract value from the massive amounts of data from various data sources such as internal applications, third party systems and external sources. This is easier said than done, as even as enterprises begin unraveling their data, they need to coexist with disruptive business models, while running the business with existing systems and legacy business models.