Platforms have actively contributed to socioeconomic development in Southeast Asia. 1. Now there is a need to improve taking advantage of employment and business opportunities in . Research shows that emerging digital ecosystems could account for more than $60 trillion in revenue by 2025 (or more than 30% of global corporate revenue), and yet only 3% of established companies have adopted an active platform strategy. Digital platforms: a future of work with opportunities and challenges for Latin America and the Caribbean. In this systematic literature review, we grouped the . Such activity is wider than just commercial transactions, including for example online collaboration on projects such as Wikipedia. The project seeks to calculate the digital economy's contribution to U.S. GDP, improve measures of high-tech goods and services, and offer a more complete picture of international trade. "Both types of platforms are crucial in the digital economy and are transforming financial services," stressed Pablo Urbiola, the Head of Digital Regulation at BBVA. The Platform Economy Digital platforms are best described as a technology based space which facilitates the meeting and matching of individuals or businesses that would not have otherwise met. Tomorrow, the European Union's Digital Markets Act (DMA) comes into force. The biggest digital platforms outperformed the S&P 500 over the last decade. Search button . "Uberization," "digitalization," "platform economy," "gig economy," and "sharing economy" are some of the buzzwords that characterize the current intense discussions about the development of the economy and work around the world, among both experts and laypersons. Platform economy refers to digital innovation causing companies from various industries to shift from a products based model to technology driven platforms with multiple offerings. As from 1 January 2023, DAC 7 will require digital platforms to collect certain information from users offering goods or services on the platform and report this information to the tax authorities. How to build an agile and scalable digital platform by creating and integrating reusable APIs. Digital Work and the Platform Economy book. Develop acceleration to deliver commodities to the targeted markets. Nurture collaboration and innovation with new products and services 4. Knowledge platforms like StackOverflow, Quora, and Yahoo! Now, digital platform economy stands for a new way of handling business transactions and has become increasingly important within the B2B sector. The findings reinforced the notion that digital technology is a critical element of the sharing economy, with 91% of the papers reviewed addressing the role of digital technology as an element of the SE. Around 0.5 per cent to 2 per cent of the workforce from the Organisation for Economic Co-operation and Development (OECD) member countries are involved with these digital platform companies. Cambridge, MA 02142-1347 . "Uberization," "digitalization," "platform economy," "gig economy," and "sharing economy" are some of the buzzwords that characterize the current intense discussions about the development of the economy and work around the world, among both experts and laypersons. However, they are not the only aspect of the quickly . Answers. The Implications and Consequences of Digital Platforms Kauffman Foundation New Entrepreneurial Growth Conference, Discussion Paper Amelia Island Florida - June 18/19, 2015 Martin Kenney . Advantages of a Digital Platform 1. In his opinion, the platforms are changing "the way new financial products are created (and co-created), as well as the way to distribute them and reach customers." Platforms and Ecosystems Enabling the Digital Economy Emerging technologies have powered platforms from the fringes to the mainstream, blurring traditional organizational boundaries and creating operational agility. While digital platforms have come to play a role in many branches of the economy, the present publication is focussed on the socio-politically most contested ones, namely digital labour platforms. Broad scope: the digitalized economy comprising digitalized sectors such as e-Business, e-Commerce, advanced manufacturing, precision agriculture, algorithmic economy, sharing economy, and gig economy. Speaking at The Digital Insurer meeting, Tomasz Kurcyzk, Digital Transformation Director, AXA described the near-three year journey taken by AXA in its move to connect with the eco-system model of distribution and the platform economy. Entrepreneurship and development These new platforms are increasingly beset by criticism. Technology. Edited By Seppo Poutanen, Anne Kovalainen, Petri Rouvinen. Abstract. First Published 2019. eBook Published 19 December 2019. Sign in Sign up for FREE Prices and download plans Digital platforms operating within the platform economy can be categorized by platform type [2] including multi-sided platform, digital marketplace, sharing platform, crowdfunding. The market cumulative valuation of these platforms is about $4.3 trillion, according to Accenture survey. However, there was a strong focus on a few prominent commercial platforms ( Table 3 ). Digital platforms At the heart of the digital transformation rests an increased orientation towards digitally enabled platform-based business models. Many of the "corporate transformations" in the early 21st century have been linked to the rise of digital platforms, which have brought innovations and convenience to our lives, but have also raised concerns about their excessive market (and political) power as well as a variety of social issues. The Platform Economy How online marketplaces are changing the face of business. Jan 2021. To put it another way, we may expect significant shifts in the way we work, socialize and compete in the economy. As advances in information and communication technologies make the platform economy increasingly important, digital gig work has gained prominence as a source of employment. MIT Initiative on the Digital Economy. The term "platform" we use today, in a digital sense, became uniform back in the late 1990s - early 2000s. Carillo 1 Ellyne Carillo Composition Research writing assignment March 19, 2021 Digital Platform Regulation Challenges Today, the world faces challenges that it has never experienced in the form of trying to regulate digital platforms. can describe the changes that digitalisation brings at the level of industry structures and power, market dynamics and value chains. Usually with a capital "P." As a recent World Economic Forum report explores, the shift underway from the linear, resource-heavy, producer-driven industrial model to the demand-driven, multi-sided Platform model is both profound and irresistible. The new Regulation will put an end to unfair practices by companies that act as gatekeepers in the online platform economy. 617-452-3216. Adopting a digital platform strategy to drive growth | Deloitte Insights Most enterprises struggle to leverage technology to simultaneously drive growth and operational efficiencies. Platform business models create competitive advantage in a digital, connected and data-rich world and transitioning to a platform business model is an attractive proposition for every firm looking to differentiate itself in the digital economy. Over the . "Big companies are struggling with if and how to leverage digital platform and ecosystem models for their industries," says Cristian Citu, the Forum's Digital Transformation Lead. The Latest Editors' Picks The Unique Value of Crowdfunding Is Not Money It's Community Entrepreneurial financing. is also able to describe the main characteristics of (multisided) platforms and platform economy, why platform economy is different to traditional business and the significance on platforms for the economy at large. It was proposed by the Commission in December 2020 and agreed by the European Parliament and the Council in record-time, in March 2022. Published 29 March 2022 The Digital Platform Information (DPI) XML Schema and User Guide is a standardised IT-format that permits the electronic reporting and exchange of information collected pursuant to the Model Reporting Rules for Digital Platforms (OECD 2020). Platform Economy. Through rigorous research, corporate partnerships, conferences and executive education, we seek to become a nexus where academic research meets the practice of managing platform businesses, such that both inform and build upon each other. View. 2. Examples of successful digital platforms are: Social media platforms like Facebook, Twitter, Instagram, and LinkedIn. We find that about fifty entrepreneurial ecosystems were active players in bringing new firms to market, and the rest of the world is connected to the global digital platform-based ecosystem. Digital economy. The role of digital platforms in the economy is increasing day by day. Platform economy is a term that refers to the current transition that the most valuable companies in the world are making from mainly offering products to mainly . These factors could very well determine the competitiveness of companies in a digital economy. Will the Platform Economy, the reorganization of markets, enterprises, and social organization it portends, catalyze economic growth and a surge in . In the IT world, the term means a set of shared techniques, technologies, and interfaces that are open to a broad set of users who can build what they want on a stable substrate. Search the site. Fundamentals of Choosing an LMS Platform for Distance Learning. [20] Gig economy [ edit] MIT Sloan School of Management. There are . A research report by McKinsey suggests more than 30% of global economic activity-some $60 trillion-could be mediated by digital platforms in six years' time. Generate Revenue 2. An SP-ODE can be thought of as a unified . Jeff Prince. Reduce Expenses 3. Prices and download plans . Technically, digital platforms are matchmakers of various technology and frameworks that facilitate the modern platform economy. 2 The Digital Platform Economy The digital platform economy is beginning to take shape. The Digital Platform for Circular Economy has started working March 25, 2021 The Chamber of Commerce of Serbia (PKS), United Nations Development Program (UNDP) and the German Agency for International Cooperation (GIZ) have founded the Digital Platform for Circular Economy (CE-HUB). Generally, the most common models are transaction platforms that connect . The platform economy. Understanding Tasks, Skills and Capabilities in the New Era. Why B2B Platforms Struggle to Emulate the Success of their B2C Counterparts. Empirical results show that gold-backed stablecoins, being effective . Platforms are underlying computer systems that can host services that allow consumers, entrepreneurs, businesses and the general public to connect, share resources or sell products. In ecosystems, service providers and their partners come together to develop complementary product-service entities and total solutions that generate customer value on selected themes. Usually they . . Third, platforms will directly impact, and even compete with, countries. These platforms can also track and trace inputs across the supply chain and create more responsible and sustainable supply chains. Research report. Show abstract. That information then will be exchanged between the tax administrations of the 27 EU member states. T hink Zomato or Swiggy but for social protection. In fact, the greatest benefits arise when all can participate in one global internet economy rather than in a digital economy splintered into different realms. Business opportunities are also increasing in this digital platform economy, which has come to the forefront during the COVID-19 pandemic. The "Big Tech" companies had caught on to this early and . Tomorrow, the EU Digital Markets Act (DMA) will enter into force. However, building the trust and confidence of users in Bangladesh will be a major task of the digital platform economy in the coming days. Read this whitepaper to learn: Why a future-proof digital platform is critical in today's fluctuating business environment. Edition 1st Edition. Platform strategy must now take these anti-trust considerations very seriously. Just as illustrated earlier in the data value chain, Figure 2, the figure shows you how raw data is then processed in a global value chain until it reaches its monetized state. The digital platform economy has been growing rapidly and has facilitated spending of around USD 126 billion in 2018. Also known as the digital platform or online platform economy, the platform economy is economic (the buying, selling and sharing of goods and services [6]) and social activity facilitated by platforms. A true platform economy is fast and flexible, and is enabled by digitalization technologies and capabilities. 2) To profile crowdworkers on digital labour platforms. PIDS project introductory video. is also able to describe the main characteristics of (multisided) platforms and platform economy, why platform economy is different to traditional business and the significance on platforms for the economy at large. 3) To study policies and programs related to online work. In fact, digital platforms and ecosystems are rapidly evolving as the most thriving business model for the digital economy. Administration and compliance approach The Government of Canada announced in the April 19, 2021 Federal Budget that the Canada Revenue Agency (CRA) will work closely with businesses and platform operators to assist them in meeting their obligations. A digital platform strategy can help. The digital platform economy describes a market in which a business based on digital platforms has achieved a significant or dominant market position. 2. The digital economy has led to significant socio-economic transformations in all aspects of our society and livelihoods. can describe the changes that digitalisation brings at the level of industry structures and power, market dynamics and value chains. Formerly purely physical products are increasingly transforming into hybrid product-service systems. Chapter. DOI link for Digital Work and the Platform Economy. Platforms have invested in and contributed to Southeast Asia's digital economy by developing critical physical and digital infrastructure, and providing access and convenience to consumers and micro, small and medium enterprises (MSMEs). A digital platform is a software-based online infrastructure that facilitates interactions and transactions between users.. Digital platforms can act as data aggregators to help users navigate large amounts of information, as is the case with search engines; as matchmakers to enable transactions between users, as is the case with digital marketplaces; or as collaborative tools to support the . The digital platform economy, on the other hand, describes a market in which business based on digital platforms has achieved a significant or dominant market position. In the last decade, digital work platforms in the region have increased 14 fold, and COVID-19 is accelerating the transformation. China's digital economy grew from 11 trillion yuan ($1.51 trillion) to 45.5 trillion yuan over the past decade, and it now ranks second in the world. News | October 25, 2022. The new digital platform economy transforms this raw material of data into profitable and monetized forms. This study takes a closer look at platform-based digital business models and their implications for the economy and for society. Of all these various types of business, cooperatives are particularly suited to supporting inclusive participation in the governance of digital platforms. Section five examines countries, regions and multinationals in the digital platform economy over the past five decades. S. A. Chevereva. A vast range of human activities may now be carried out on the internet thanks to Amazon, Etsy, Facebook, Google, Salesforce and Uber. 245 First St, Room E94-1521. Most prominent in this group were Uber and Airbnb. . . PDF. BEA is developing tools to better capture the effects of fast-changing technologies on the U.S. economy and on global supply chains. With the regulation of the industry becoming . The era of explosive platform growth is ebbing, and many of the low-hanging opportunities are gone. Digital Platforms in a Digital Economy 03. It is no surprise, then, that the platform economy will be on the agenda at the World Economic Forum's annual meeting in Davos, Switzerland January 22-25. ABSTRACT. Their experts also estimate that only 3% of established companies have adopted an effective platform strategy. Digital Platforms in Modern Enterprise . Insurance-as-a-Service intersects the platform economy and the traditional insurance product. We include applications to internet search, online advertising, media, data, and privacy. Social Protection Open Digital Ecosystems (SP-ODEs) can provide beneficiaries, government and service providers a unified, digital platform to better access welfare schemes. Viewing offline content Limited functionality available Dismiss Services What's New The Ripple Effect New rules for digital economy businesses are in effect as of July 1, 2021. Platform Economy: The 4 Key Business Models Reviewing the most common revenue generation and monetization strategies of digital platforms The Uber business model, originally sketched on a. 4) To determine how women in rural spaces can benefit from the platform economy. While there is a growing literature on the effect of digital platforms on development, none consolidates the available evidence from a development perspective. Tatyana Germanovna Sakova. It aims to put an end to unfair practices by " gatekeepers in the online platform economy .". The project has four main objectives: 1) To map a landscape of Information and Communications Technology (ICT) usage. In this module, we cover how firms compete with platforms and how platforms change the dynamics of affected industries. Data, products and services are offered via a variety of digital platforms now a days. From Value Chains to Platforms In the platform economy, value creation shifts from the traditional optimization and management of value chains to the creation of cross-platform . Case studies of how organizations built digital platforms and the successful outcomes they continue to experience. Income tax information for individuals participating in platform economy activities. Platforms are certainly efficient in their flexibility, transactional speed and ability to scale up. Issues rising from outlawed groups organizing their activities on these platforms to those of people streaming murder live on Facebook are reasons behind the . This chapter examines the economics of digital platforms and two-sided markets and discusses the economic conditions that underlie policy assertions by advocates of both interventionist and laissez-faire policies. The goal of the Digital Business Institute is to become the premier research and education center on platform strategy. Platform economy is the tendency for commerce to increasingly move towards and favor digital platform business models. To further understanding of the Digital Platform Economy, this paper provides a conceptual framework consisting of three interrelated concepts: digital technology infrastructure, multisided digital platforms, and platform-based ecosystems (users and entrepreneurs). Two examples have been featured in this course. This is the idea behind Social Protection-Open Digital Ecosystem, or SP-ODEs. COVID-19. Digital Economy. Although these obligations will apply as from 1 . The current article summarizes the main properties of stablecoins and explores their potential use in digital platforms to solve problems of supporting foreign trade and investment processes in countries subjected to restrictions on a wide range of its interactions with foreign countries, companies and international markets. Platform economy is a term that refers to the current transition that the most valuable companies in the world are making from mainly offering products to mainly offering platforms. Immense changes in the ways goods are manufactured, business is done, work tasks . Executive summary: Food in the digital platform economy (386.15 KB) PDF. Digital platforms are promoting the development of new types of businesses which provide a greater range of options for many people to participate in the new digital markets. Growth Pressures. The time to act globally is now: to develop a governance framework, globally, and to ensure that these technologies are used for the greater good, globally. Other . Digital platforms take a lot of different forms depending on the business model they employ and the specific purposes they seek to serve. The platform economy includes economic and social activities facilitated by the use of technologies such as internet and mobile applications. Key Insights. It is recommended to adopt a systems approach to regulation, integrating conceptual input from the field of network science to capture the realities of an increasingly dynamic, interactive, and networked food system. COVID-19 Research Hub. These digitalized sectors phenomenologically give rise to the Fourth Industrial Revolution. The term "platform" simply points to a set of online digital arrangements whose algorithms serve to organize and structure economic and social activity. 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