The last four days we held another module of our Leadership Program, Business & Tech. Program itself is intended for middle managers in regional companies that have to manage one of the most complex tasks in business in general, ambidexterity. Managing creativity, innovations and explorations outside the company as well as managing exploitations of current activities and operations that will achieve short-term goals and make strategy happen is what very often causes several types of myopia and leads to long-term dropdowns or even complete failure.
That is why we have developed Leadership Program, to provide middle managers with the opportunity and the mindset to find a way to deal with this kind of problems that are currently bothering every manager in the world, no exceptions! Professors Giulia Miniero from Bocconi University and Goran Vlašić from Faculty of Business and Economics Zagreb held the lecture about the impact of new emerging trends in platform economics on companies and their value-creation processes.
Are we really customer centric?
In order to successfully manage so complex things such as platforms, managers first have to thoroughly and deeply understand their customers and their customer journey. In the first two days Professor Giulia Miniero introduced participants to all the relevant underlying principles that help companies truly understand their customers and their journey. Although it may seem and most companies claim that it is the case, customer centricity is achieved by very few companies in the world! Companies that are customer centric understand their customers deeply and are able to know and manage every step of their journey accordingly. In other words, that culture is present in every part of the company and every interaction with the customer throughout the journey reflects the value-creation process that the company has previously set. Key is to provide the right and proper experience for every single customer during the pre-purchase, purchase, consumption and post-consumption phase in the journey. In every step of the way companies have to know what they need to know, decide what their strategy is, implement it through exact activities and check the execution through their evaluation process. All this is key to becoming customer centric and basis for building and developing strategies that are enabled by the platform economy.
Is our company affected by platforms?
After understanding this matter, we are able to explore platform economics which lie on the previous principles. In principle, every firm and every industry in the global market can compete on a platform or as a platform. We can imagine platforms as markets, that connect both the demand and the supply side, where we don`t compete as individual entities or firms or single consumers, but through multiple roles. The key is to provide significant and relevant value to every role on the platform, whether the number of participants is one or one billion. Digital technologies are only providers and enablers of platforms that also enable us to collect, analyze and interpret huge amounts of data and transfer them into knowledge that will help us in carefully defining our customers and their journey. That is why we are able to define and develop each role separately and through every possible interaction on the platform. In addition, companies and individuals should define their business models very carefully and according through all the previous data and research because platforms are a “one winner takes all” game and a small omission in this process can lead to failure and disappearing from the market.
Platform economy is a trend impacting all companies and industries regardless of the location and it is just a matter of time until it will meet our own. Promptness of our actions will only define are we competing as a platform or on a platform. The decision is ours.