Unlike other approaches we’ve seen, ours requires companies to make considered trade-offs between “defensive” and “offensive” uses of data and between control and flexibility in its use, as we describe below. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Platform Strategy. The Matchmaker captures rich data … With the proliferation of cloud technologies and the reduced cost of storage, information is plentiful, readily accessible, and often overwhelming. Drivers Initiatives data platform. The first includes global platforms such as Facebook, which allow a range of digital products to be built on top of them—advertising and media marketplaces in Facebook’s case. Companies that joined broader cooperative arrangements fared slightly better than those operating their own platforms. tab. 5. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Digging deeper, we looked at whether—as well as how—incumbents that deployed platforms ultimately engaged with larger global ones. Business-to-business sectors (with a 65 percent platform presence) also diverge significantly from business-to-consumer ones (85 percent). In traditional competitive strategy, it is generally assumed that customers can determine their willingness to … Ecosystems, by contrast, often start with a consumer need for a service, such as real-time mobility (Lyft, Didi) or lodgings away from home (Airbnb). The National Data Strategy (NDS) is an ambitious, pro-growth strategy that drives the UK in building a world-leading data economy while ensuring public trust in data use. Modern Data Platform Fuels Global Insights, Consistency for Leading Financial Firm. The digital platform strategy will vary from company to company. 4 Following design best practices is fundamental to a successful data platform. Is data strategically positioned to deliver value in yours? See Annabelle Gawer, “Bridging differing perspectives on technological platforms: Toward an integrative framework,”. Data Platform Strategy Canvas DEFINE AND MAINTAIN THE STRATEGY FOR YOUR MODULAR DATA PLATFORM Amist rapidly evolving technology trends, emerging business functions and an explosion of data, it could be challenging to align stakeholders with ongoing projects. Create adaptable technology platforms that move with your business strategy. To better grasp how incumbents and digital-native companies design their strategies to harness the power of platforms, we recently surveyed nearly 1,600 C-suite executives in companies across sectors and key geographies. It's a shared platform. An enterprise data strategy is the comprehensive vision and road map for an organization’s potential to harness data-dependent capabilities. Filtering through it all and getting to the data that really matters is more difficult today than it has ever been. Some companies will develop a platform business model that encompasses providers, consumers and employees to create or exchange goods, services and social interaction. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Whether building a data warehouse for the first time or replacing an aging platform, starting with a data strategy will greatly assist in the process. This cloud-native platform uses a microservice architecture, open APIs, and graph metadata analytics technology to accelerate innovation across a range of use cases. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Strategy Statement: Provide secure, consistent, and flexible interfaces to access useful, timely, and reliable UW data integrated from multiple sources, eliminating the need for our customer to maintain their own solutions. We found that any type of platform play—whether through a company-owned or a third-party platform, and either cooperating or competing with a global platform—can boost earnings above the benchmark level of 3. ... For cloud-native architecture, use a data platform that manages data distribution intelligently and offers true global scale. The authors wish to thank Soyoko Umeno for her contributions to this article. It also represents the umbrella for all derived domain-specific strategies, such as Master Data Management, Business Intelligence, Big Data … The first insight from the survey is the extent to which platforms have become an essential part of the business landscape and no longer the domain solely of digital natives. Very few companies these days are ready to invest a fortune in large and complex on-premise data … Retailers need a customer data layer able to deliver precise personalized engagements that don't break the marketing budget. 2. These principles provide organizations with an approach to implement a top-down, all-inclusive strategy that can deliver tangible business value at pace across an organization. From taking advantage of flexible data storage with Google Cloud Storage, to data modeling and transformation, to performing lightning-fast queries with BigQuery, we help you get the most from a range of GCP data services while optimizing both cost and performance. The Microsoft Data Platform improves performance, increases capabilities and reduces cost. Please try again later. collaboration with select social media and trusted analytics partners Another significant motivation, voiced by more than 20 percent of respondents, is the desire to develop a bigger base of customers across categories at scale, often with an eye to driving down prices and aggregating related data into a shared, cloud-based utility. Guest post. Incumbent companies, including Daimler, Nike, and Unilever, have launched their own platforms as their business models mature, although we found they are only about half as likely as digital natives to go this route (Exhibit 1). Open, scalable platform for a robust data strategy. Platform Strategy (Platformication) Platformication isn’t new. Availability. Most transformations fail. BCG’s rapid assessment of data and digital platform architecture offers a high-impact, two-week exercise to identify technology gaps that must be addressed to achieve data and digital platform excellence. tab, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. data platform. There have been major conferences focusing on Platform Strategy dating back to at least 2013. A data strategy has to account for how an organization plans to mature its data- centric capabilities and enable new data- and analytics-based products and services to mature. Dun & Bradstreet is a data provider, and expose data as a service via API. For more, see Geoffrey G. Parker, Marshall W. Van Alstyne, and Sangeet Paul Choudary, Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You, New York, NY: W.W. Norton, 2016. With domestic and international speakers presenting across three days, roundtable … ADV Slides: The Evolution of the Data Platform and What It Means to Enterprise Analytic Strategy from DATAVERSITY To view just the On Demand recording of this presentation, click HERE>> This webinar is sponsored by: About the Webinar Thirty years is a long time for a technology foundation to be as active as relational databases. We strive to provide individuals with disabilities equal access to our website. Very few companies these days are ready to invest a fortune in large and complex on-premise data … It's a "build once, use many times" strategy. At the outset, platform play… Companies starting off using a narrower industry platform may find that joining with a global player vastly expands their reach to new customers. Never miss an insight. Flip the odds. This is the most obvious method of generating revenue from your API—directly charging for it. Big data is what drives most modern businesses, and big data never sleeps. Experience Design and Product Capability. Create a list of existing and desired reports. The penalty for not playing may be steep. Something went wrong. Digital platforms have become a feature of the corporate landscape. Reinvent your business. The data strategy sets out the FCA's vision for 2024 and how it will make better use of its data and analytics to transform how it regulates and delivers its Mission. A worldwide wealth management leader is gaining faster, deeper operations insights at locations around the globe by harnessing the power of personalized, expert-led Azure data analytics installments. That's understood, but what is data warehousing in this business/financial context? E.g. A next generation data platform … Collaboration can offer greater market strength through the complementary products ecosystems offer. They are: governance; use cases; infrastructure; privacy and security; tooling; and delivery approach. The types of platforms vary: some were built by incumbents, others are industry focused and operated by third parties, and still others are operated by the well-known global players with big, horizonal platforms. Improve your organization's ability to respond to change. Ensure a project sponsor who actively needs the data (and ideally funds the project) is involved in steering project direction. 4. The performance effects are cumulative, with EBIT improvements adding to early-year gains. Although these performance findings should be treated cautiously, since they are based on survey responses (and thus self-reported), they confirm the benefits we found in earlier research. For the community, DPS always has a free registration option too. As we have described elsewhere, two core digital structures (digital platforms and ecosystems) define the new competition. The European data strategy aims to make the EU a leader in a data-driven society.Creating a single market for data will allow it to flow freely within the EU and across sectors for the benefit of businesses, researchers and public administrations. Companies with platforms had an annual boost in earnings before interest and taxes (EBIT) of 1.4 percent, compared with the 0.3 percent gains of nonplayers. SAP's CDP-- which will be generally available next month -- is built on Gigya, an identity management platform SAP acquired in 2017.But SAP also acquired customer experience technology vendor Emarsys, which includes a CDP as part of its platform, earlier this month. That’s adopting a “Platform Strategy”. Big data is what drives most modern businesses, and big data never sleeps. Frictionless Operating Model. Being a data platform company means data management, data analytics, and ultimately, data … Our estimates suggest that over a five-year period, platform players may capture an additional 10 percent in EBIT growth—a company’s 2 percent EBIT growth, for example, would increase to 2.2 percent in year five (Exhibit 2). Platform companies have also been among the first to recognize and harness data-centric strategies, and many have moved to the forefront of a wide range of disruptive technologies, from cloud computing to IoT. For more on the data underlying this piece, see “A winning operating model for digital strategy,” January 2019. Reimagine the realm of possibility. Platform Strategy. Such a strategy can indeed be powerful; for example, ten years after setting up its marketplace, more than 50 percent of total revenue of Amazon’s online retailing arose from its third-party affiliates; see Néstor Duch-Brown, The competitive landscape of online platforms, JRC Digital Economy Working Paper 2017-04, ec.europa.eu. Updated on Nov. 5, 2020. Useful and usable reports. cookies, New evidence for the power of digital platforms, A winning operating model for digital strategy, McKinsey_Website_Accessibility@mckinsey.com. Microsoft data platform solutions release the potential hidden in your data—whether it's on-premises, in the cloud, or at the edge—and reveal insights and opportunities to transform your business. Meanwhile, platforms are less common in markets with lower digital maturity, such as pharmaceuticals and healthcare (55 percent), than in retail banking (95 percent). Major retailers adopting platforms, hoping to emulate the digital marketplaces of an Amazon or eBay, are well represented in this group of platform aspirants. ... For cloud-native architecture, use a data platform that manages data distribution intelligently and offers true global scale. They span data, technology, methods of building and maintenance, and organization of people. The unique conference runs continuously for 3 Days & 3 Nights cover the entire globe. Security for the enterprise, from the ground up. Jacques Bughin and Nicolas Van Zeebroeck, “New evidence for the power of digital platforms,” McKinsey Quarterly, August 2017. 2 Segment is a customer data platform that helps every team access clean and reliable customer data to make real-time decisions, accelerate growth, and personalize experiences. Migration to cloud is a great way to save a data platform from becoming obsolete, exit an on-prem data center, or change a software licensing strategy. Being a data platform company means data management, data analytics, and ultimately, data … The strategy must integrate business and IT needs and establish a collective leadership vision. As a result, many C-level executives sponsor data related projects to create focused dashboards and data warehouses with the information they need to guide strategic business decisions. Why Would Your Data Platform Benefit from Cloud Migration. The following are five best practices that drive success: Involve executives early and often. with global platforms and ecosystems to reap the benefits of scale. Incumbents, possibly aware of the difficulty of owning and operating an industry platform successfully, often choose to cooperate Even when a company owns a platform, it may find the competition stiffer than expected. Our research shows that only 20% of reports in legacy platforms are used. 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