A platform is a business model that provides a foundation for others to build on. But how can the extensibility of a platform benefit a business?
This scalability can benefit businesses in several ways, including speeding up the time to market new products and services, gathering customer insights, and achieving efficiency on cost.
This flexibility can be critical for keeping up with the competition and maintaining relevance in today’s fast-paced markets.
In this article, we will explore the benefits that a platform extension can bring.
Benefits of Platform Expansion
In the past, each department of the business used different software to handle its own business, such as accounting software, HR management software, order management software, etc.
Yet, the working apparatus of the enterprise is not independently separated but often needs exchange, collaboration, and data linkage with each other.
The use of many separate platforms and lack of compatibility will cause data fragmentation, hindering interoperability between parts and resulting in many bottlenecks and hidden fees in the entire enterprise system.
Technology developers have devised a solution to this demand problem by bringing these software “together in one package” on a database platform.
1. Increase The Ability To Collect Detailed Customer Information
The primary benefit of platform scalability is providing businesses with valuable and detailed information about each customer.
By using all the data sources and interactions collected on the forum, businesses can understand in detail the needs and preferences of each customer.
The information gathered from these customers will then be used to create new products and services tailored to their needs.
For example, Amazon used customer data from its e-commerce platform to develop new products like Echo, a voice-activated assistant, and Prime, a subscription service that offers to ship free and other benefits.
2. Reaching Many New Customers
Another benefit of the platform is that it is used to reach more new customers to the business. The platform will provide valuable services or unique customer experiences to increase their competitiveness with rival businesses.
It can help companies easily expand their market share and attract and reach many new customers. The platform’s scalability also helps businesses build loyalty to existing customers and create relationships with potential customers.
3. Cost-effective
First, businesses can completely cut off excess costs. Stemming from internal needs, enterprises can actively choose the appropriate software and technology solutions on the Platform.
Enterprises can deploy a set of performance management solutions first. For example, when the scale is 30 people. Continue to deploy management solutions and human resource development when the scale has increased to 60 people.
The second is the cost incurred: Almost nonexistent. Most platform model providers are committed to not incurring additional implementation costs, maintenance fees, staff training fees, etc.
Repairing software bugs and updating new versions is immediately supported and completely free.
Third, every job can be independently implemented without affecting other departments. The average time it takes to deploy a platform model successfully is 2 to 3 weeks.
The time for enterprises to use proficiently and measure and evaluate software efficiency is only about three months.
4. Increase Complex Market Management
A scalable platform allows companies to build and run solutions that meet needs beyond standard products. They bring innovation trends to similar solutions but take no risks in their ongoing operations.
The US unemployment rate soared when the global Coronavirus pandemic hit the US economy in early 2020.
The new law complicates the distribution of benefits as new systems, new business rules, and new processes are announced early in response to the crisis.
Of course, one goal for all business customers is performance – we need to serve hundreds of thousands of people accessing our apps daily.
From an infrastructure perspective, this means more servers, CPUs, and application servers on the board. Most businesses start with a small number of customers and rapidly strengthen their infrastructure as demand grows.
Businesses can leverage their original architecture to scale up to take advantage of everything the infrastructure offers.
5. Save A Lot Of Transaction Time
One of the other benefits of the platform is that it can help businesses speed up the time it takes to market new products and services.
Platform scalability provides a platform that can get faster time to roll out new products and services for consumers and faster transactions.
An ecosystem that develops the right sort of collaboration. It builds the worth per exchange and returns to scale as other gatherings interface and add capacities to the stage.
For example, the iPhone provides a platform for developing thousands of applications that consumers can download and use.
It helped Apple quickly expand its reach and become one of the top global smartphone suppliers with the most transactions.
6. Increased Security
As the big data marketplace – and big data security – continues to grow, marketers must understand how privacy and security play a role in their brand and customer experience.
With the development of databases and the emergence of complex database architectures like big data, the risk of data loss for an organization or an enterprise will increase exponentially.
Big data security continues to evolve as data creation – and our desire for data – continues to grow. Make sure your company is finding a similar benefit.
However, the tools available to monitor and protect big data do not incorporate the best security solutions.
In this case, extending the platform by integrating additional layers of security is a reasonable and secure choice.
Some Note When Extensibility Of A Platform
The journey to find an optimal technology, an expanding platform for businesses, has not stopped because as the times progress, there will be new technologies that can improve the disadvantages of technology of the old days.
Here are two important notes to keep in mind when expanding your platform.
Technology Optimization
This model aims to make a robotized information framework that combines and stumbles into divisions and tasks, for example, buying the executives, creating the board, faculty the executives, charge detailing, and so on., overcoming the disadvantages of specialized software.
Because all workflows are performed on one software, the enterprise has a single centralized database. That is the first premise for “data mining” – analysis of data from many angles to help make business decisions.
Integrated AI
Information mix with AI is steadily mechanizing the application stream across the association and information pipeline creation inside the stage.
With information stockpiling (HDFS/Hive/Cloud Storage), information combination apparatuses are getting too huge volumes of assorted information.
It allows the tool to suggest its embedding to deduce structure data components visually and use this tool to automate repetitive data integration tasks.
AI tools are developing inference analysis logic and tagging, metadata revelation structure, and information base to fulfill the developing need for DI pipes.
Because AI oversees most of the information arrangement errands, business clients influence their area information with ML and factual ideas on big business informational indexes to remove bits of knowledge about the business that assists the association with making progress.
Information Integration (DI) with Artificial Intelligence (AI) abilities is the ideal fit to finish the computerization of information arrangement errands while conveying light-footed and proficient enormous information examination brings about its center skills.
In the system of DI with AI, human mediation is a choice that ought to be applied when possible.
Conclusion
Making quick decisions is necessary for organizations to stay serious on the lookout. The business should get experiences from its informational index and make vital and convenient moves.
Integrating the platform and aggregating data into useful information to develop insights is becoming a great demand.