PLATFORM TRANSFORMATION AND MODERNIZATION
We have all witnessed how platforms are changing our lives. Platforms are spreading onto business landscape, making companies adopt a business model based on enabling exchange between external producers and consumers. Companies like Airbnb, Uber, YouTube, Amazon, and Facebook have set the tone of platform economy, with competing companies catching up.
WHAT IS PLATFORM TRANSFORMATION?
Platform transformation is a full-scale change in ideology, processes and technology. Such transformation is a must for companies focused on reimagining their business to fit in the new digital era. Platform transformation is all about finding new ways to provide service to the customers as well as interacting with them. These powerful steps into the future of economics allow companies to remain flexible, agile, and ready for the next stage of development.
WHAT IS PLATFORM MODERNIZATION?
Platform modernization is often focused on a front-end interface so that customers have a great engaging experience with the company or website. UI and UX are the keystones. REW Technology helps companies shift from their legacy systems to online platforms such as Google Cloud, Microsoft Office 365, etc. Contemporary visualization tools are also great for getting more quality insights from the existing systems and data through platform modernization.
Here, at REW Technology, we recommend platform modernization for businesses seeking fast, efficient, and cost-effective solutions while resting assured that their current processes aren’t disturbed.
TYPES OF PLATFORM MODERNIZATION
Legacy modernization is all about upgrading your legacy systems in order to simplify IT processes, optimize costs, improve data flow, and enable interaction between teams across the platform. If your current system is no longer supporting the needs of the company, it can be called a legacy system. If your current software doesn’t work with new technology or software, it can be called legacy software.
IT modernization means moving away from older tech solutions to innovative and automated ones. Usually, it also means implementing cloud-first software, and data centers as viable solutions. REW Technology will make sure that you have all the resources, people, and technology in place to kick off your company innovation.
We are talking about updating and modernizing your current applications to suit the needs of the company or business. Companies that are heavily dependent on their current applications may choose platform modernization over platform transformation.
DO I NEED PLATFORM TRANSFORMATION?
To understand whether your company is suitable for platform transformation you should answer the following questions.
Does my value come from information, or from physical assets?
Industries based on sharing information, which can be easily digitized and distributed, are a great fit for platform transformation. Which is why they were disrupted earliest, from iTunes to streaming movies and television.
Are my transactions simple and modular, or complex and interdependent?
It is easy to tell when a sale has been completed online, when a hotel stay begins and ends, or when a video has been viewed online. These kinds of simple, well-defined transactions are great for platform consumption because they are easy to track and outsource.
Is my industry heavily regulated or more freewheeling and fault-tolerant?
Let’s take Twitter, Instagram, YouTube, Amazon, and Wikipedia. These platforms are largely self-regulated, with users both creating content and flagging problematic information or, in the case of Wikipedia, serving as editors.
However, there are always opportunities for growth and innovations. Understanding your digital path, calculating your transformation and modernization risks and choosing your platform strategy are the key expertise of companies like REW Technology.