Companies that invest in technology that enable interactivity between customers and partners have greater opportunity to become a platform business.
Vivaldi’s Platformization Potential Study is a forward-looking, comprehensive report that introduces the top S&P 500 companies such as Netflix, Pfizer, MGM Resorts, Nike, etc. with the most potential to capture exponential growth. We divided our analysis into two lenses: (1) the brand relationship between a company and its stakeholders and (2) how the company performs across the following five factors: The “Customer Centricity PLUS” Mindset, Value through Data and Analytics, Social Currency, Industry Position and Ecosystem Potential, and Agile Experimentation with New Technologies. Below we highlight the fifth factor.
FACTOR 05: Agile Experimentation with New Technologies
The final factor measures a company’s willingness to invest in and experiment with new or emerging technology.
Some companies invest a disproportional amount into experimentation, while other companies are fast to follow and adopt technology once proven successful. Snapchat used the former method and led the industry with their video stories. However, Instagram used the latter and has since surpassed Snapchat’s success.
Other companies dip their feet into trying out new technologies, they explore new ways to personalize services, they create new ways of capturing data from consumers, and they continuously explore the technology frontier. Domino’s Pizza is a traditional company but has pursued a path of digitalization and innovation through technology, since around 2010, making it enormously successful. In 2018, Domino’s became the No.1 pizza chain in the U.S., surpassing Pizza Hut for the first time.
Companies that are willing to continuously experiment and invest in value-creation through technology have higher platformization potential.
Explore the full study here for action-oriented strategies that can help businesses build better and stronger brands for today’s consumers.