Social networks, search engines, cloud software providers and ride-sharing companies form an influential and fast-growing group of Platform companies which are reaping huge rewards by disrupting existing industries. Despite varied offerings and widely differing sector focus, these companies have much in common.
They need to grow fast or risk being left behind, and the pace of technological change offers little time for reflection, analysis and decision making. If they are to join the “Platform Titans” that dominate the sector they will face similar challenges as they scale their businesses and expand globally.
Accenture’s new POV series, Treading the Path from Early Disruptor to Platform Titan, explores the massive opportunities for growth within this fast-paced industry.
Overcoming the Obstacles to Growth
Platform companies share similar characteristics in terms of products, reach, user growth, pivotability, operations, resources and M&A strategies at different stages of evolution. While operating in diverse sectors, Platform companies also face similar obstacles along their path to maturity.
In our concluding installment, we define common challenges and seven key areas companies need to address to grow and expand successfully.