{"id":5506,"date":"2023-08-20T17:21:48","date_gmt":"2023-08-20T17:21:48","guid":{"rendered":"https:\/\/www.horsesforsources.com\/?p=5506"},"modified":"2023-08-20T17:25:11","modified_gmt":"2023-08-20T17:25:11","slug":"hegemony-obsessed-platform-economy_082023","status":"publish","type":"post","link":"https:\/\/www.horsesforsources.com\/hegemony-obsessed-platform-economy_082023\/","title":{"rendered":"The hegemony-obsessed platform economy is scouting for credible provider partners"},"content":{"rendered":"

The last decade-plus has seen the ascendancy of platform businesses<\/em> like Uber, Netflix, Amazon, Facebook, Google, and Spotify… and today, six of the top 10 global businesses by market capitalization are platform businesses.<\/span><\/p>\n

These businesses have changed how consumers and producers interact, companies compete (customer acquisition becoming more important than profits), and value is created in the economy. These platform companies with new rules of engagement, reimagined value chains, and non-conventional business models constitute the <\/span>platform economy<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n

These companies rule the roost in market share and technological advancements. For the past few years, many leading platform companies, including Amazon.com and Meta, have been working on and incorporating recently introduced technologies such as LLM and Generative AI.<\/span><\/p>\n

The opportunities for service provider partners continue to proliferate<\/strong><\/p>\n

The platform companies, especially start-ups and next-generation platform businesses, are constantly looking for providers that can respond to their platform\u2019s network effects, understand the multi-sided nature of clients (providers and consumers), play the role of an orchestrator in ecosystem building, show preparedness to handle rapid scaling, and help in geographic expansion. Correspondingly, the platform economy has become an irresistible customer segment for IT and business process services (BPS) providers. However, few providers have been able to crack the code required to work with platform businesses.\u00a0<\/span>\u00a0<\/span><\/p>\n

The <\/span>Services for the Platform Economy, 2023<\/span><\/i> Horizons report covers seven notable providers helping their platform clients efficiently run operations, expand business, and realize value. Horizon 1 constitutes niche and specialized services catering to specific aspects of a platform business, such as digital engineering or digital marketing. Horizon 2 retains the values of Horizon 1 plus\u202flooks at a diverse portfolio of services and core competence in working with platform clients with varying business models. At the pinnacle is Horizon 3, encapsulating all values of the previous Horizons plus a focus on an innovative portfolio of tailored services and instances of co-innovation, driving completely new sources of value with the HFS OneEcosystem\u2122 approach.<\/span>\u00a0<\/span><\/p>\n

Exhibit 1<\/span> summarizes the Horizons philosophy and key underlying dynamics, <\/span>showcasing<\/span> the providers across the three Horizons.<\/span><\/span>\u00a0<\/span><\/p>\n

Exhibit 1: Accenture, Cognizant, and Teleperformance are <\/span>driving value with the HFS <\/span>OneEcosystem<\/span>\u2122 <\/span>approach <\/span><\/span><\/strong>\"\"<\/a><\/p>\n

Note: All the service providers within a Horizon are listed alphabetically.<\/em><\/p>\n

According to the report<\/span>\u2019<\/span>s lead author, Ashish Chaturvedi,\u00a0 <\/span>\u201c<\/span>The ascendancy of the platform economy ushers in a transformative era in the enterprise world\u2014six of the world<\/span>\u2019<\/span>s top 10 companies by market capitalization are now platform businesses. This dynamic shift redefines traditional business boundaries, compelling the market to embrace eco-system-driven opportunities, multi-sided\u00a0<\/span><\/span><\/span>customer lifecycles, and manage hypergrowth phases. Service providers are pivotal in fostering this growth and innovation by sharing and managing <\/span>their platform clients’ <\/span>critical business and IT activities.<\/span>\u201d<\/span><\/span><\/span><\/p>\n

Report highlights include:<\/span><\/p>\n