DTS - Week 6 (MC)

Platforms that facilitate interactions and transactions between two or more distinct user groups, such as buyers and sellers. Examples include Uber, Airbnb, and eBay.

Organizations that connect consumers with external producers, offering services to users without directly participating in production. They act as intermediaries or facilitators.

A business model where a platform relies heavily on external users to provide the core service or product. Instead of building their own workforce, they leverage a network of independent contractors or providers.

Factors that provide platforms with the ability to control prices, set terms, and influence market outcomes. These factors give platforms a significant advantage over competitors.

The difference between the maximum amount a consumer is willing to pay for a good or service and the actual price they pay. It represents the consumer's 'gain' from purchasing the good or service.

An advantage of market power when a platform's dominant position leads to efficient production practices, reducing costs and increasing output. This benefits both the platform and consumers.

A regulatory approach that aims to break up a large platform into smaller, competing entities, typically by separating different aspects of its business. This reduces the platform's overall market power and potential for dominance.

Regulations that aim to promote healthy competition and prevent dominant players from gaining unfair advantages by establishing rules beforehand. This fosters a more level playing field.

The phenomenon where a platform's value increases as more users join. As the number of users grows, the network becomes more valuable and attractive to new users, reinforcing the growth cycle.

The challenge associated with breaking up data-driven monopolies, where dividing the company could lead to the loss of economies of scale, potentially resulting in higher costs and less efficient operations.

The process of using digital technologies like the internet, mobile devices, and data analytics to fundamentally change a business's operations and create new value propositions. This involves embracing digital tools and processes to improve efficiency, reach new markets, and enhance customer experiences.

Technologies that enable digitalization, such as data management and analytics, cloud computing, artificial intelligence, and mobile technologies. They provide the infrastructure and capabilities for businesses to adopt digital strategies.

Obstacles related to a company's culture and mindset that hinder digitalization efforts. These can include resistance to change, a lack of digital skills, and siloed work processes.

Devices that connect to the internet to collect and share data, enabling communication, automation, and remote monitoring. Examples include smart sensors, wearables, and connected appliances.

An overarching framework for integrating IoT systems across different aspects of a business. It ensures seamless data flow, connectivity, and interoperability between IoT devices and systems.

Obstacles related to a company's internal structure and operations that hinder IoT implementation. These can include standardization issues, security concerns, and data management complexities.

A strategic approach that recognizes IoT as a crucial element for achieving overall business objectives. It involves integrating IoT into the company's core strategy and plans.

A common barrier to digitalization, where people resist change and are reluctant to adopt new technologies or ways of working. This can slow down the implementation of digital initiatives and create friction within the organization.

A crucial aspect of fostering a digital culture, where the company attracts and retains talent with skills in digital technologies, data analysis, and software development. This ensures the organization has the expertise needed for digital transformation.

A barrier to IoT implementation arising from perceived risks and uncertainty surrounding the technology's capabilities and reliability. Some stakeholders may lack trust in the security, privacy, or effectiveness of IoT deployments.

A platform developed by GE that aimed to standardize data for industrial activities, facilitating data sharing and analysis across different industrial processes. It was envisioned as a comprehensive solution for industrial IoT applications.

A major challenge encountered during the adoption of Predix, where existing IT systems resisted integration with the new platform due to compatibility issues and resistance from those managing legacy systems.

A go-to-market strategy for Predix that focused on aligning customer outcomes with platform performance. This involved sharing revenue and risks with customers, ensuring that GE's success was tied to the platform's value creation for clients.

A challenge faced by GE in its digital transformation, stemming from customer reluctance to share sensitive data with the Predix platform. This raised concerns about privacy, security, and competitive advantage.

The role of the salesforce in GE's digital strategy, where they moved beyond selling hardware and focused on designing revenue-sharing contracts that aligned customer success with Predix adoption. This involved understanding customer needs and tailoring solutions to deliver value.

An external factor contributing to GE's challenges during its digital transformation, where customers lacked the necessary infrastructure to fully leverage the capabilities of Predix and other digital solutions. This highlighted the need for broader industry adoption and development.

A broader issue that impacted GE during its transformation, involving financial mismanagement and problems with acquisitions, which hampered the company's ability to invest in and execute its digital strategy effectively. These issues weakened its financial position and slowed its digital progress.

A business arrangement where a platform provider shares revenue and implementation risks with its customers. This aligns incentives and ensures both parties benefit from the successful adoption and outcome of the solution.

A key takeaway from GE's digital transformation journey, emphasizing the need for a holistic approach that aligns strategic vision, technological capabilities, and organizational culture for successful digital transformation. This involves integrating digital technologies seamlessly into the company's core operations and adapting the company culture to embrace change and innovation.

A reason for skepticism surrounding GE's Predix platform, where early users encountered integration issues and software glitches, leading to concerns about reliability and performance. This impacted customer adoption and trust.