Digital platforms create value by facilitating exchanges between two or more interdependent groups. Typically, such platforms aggregate ecosystems of end-users and producers (demand and supply) to transact with each other through technology. This enables increased information sharing, enhances collaboration, drives innovation in new products and services, and encourages growing network effects as more players join.
Role of Digital Platforms in a Digital Economy
With data flows and digital platforms, the digital economy opens up tremendous opportunities for new growth areas.
Since 2015 – 2016, there has been recognition that digital platforms and the ecosystems surrounding them will become the foundation for the next major stage of technology and economic disruption.
Early platform players include Uber, Airbnb, Alibaba, all of which resulted in market disruption when they launched. They tend to be asset-light, and are often associated with descriptions such as
The world’s largest taxi firm, Uber, owns no cars.
The world’s most popular media company, Facebook, creates no content.
The world’s most valuable retailer, Alibaba, carries no stock.
And the world’s largest accommodation provider, Airbnb, owns no property
However, increasingly, non-start-ups and ‘traditional’ businesses are also evolving towards embracing platform business models. Examples include Under Armour, a sports apparel company. Through a series of acquisitions, the company is transforming into a digital health and fitness company with platforms around fitness and nutrition tracking, social networks and the HOVR shoe platform. Volkswagen is also evolving its traditional business model of automotive manufacturing to bolster its digital ecosystem through its “One Digital Platform”.
Digital Platforms to Enable Artificial Intelligence (AI) and Data Services
Figure – Digital Platforms to Enable AI and Data Services
An Accenture report suggests that AI and data services can enable industries to approach problems differently and find new, innovative approaches or solutions. Data has thus been described as the “quintessential currency” for digital platforms to do so.
Those platforms which have both unique data and the capacity to package innovative new services around this data for third-parties are expected to gain larger market shares more quickly. Particularly, we see platform-driven ecosystems as helping to drive potential revenue streams for adopters of tech such as AI.
IMDA sees there is room to capitalize on utilizing digital platforms to enable AI and data services. Thus, we issued a Call for Submission in July 2017 to identify leading industry partners to catalyse adoption through platform-driven ecosystems. Submissions were required to include making AI and data services available as part of their platform proposal. Following an evaluation, IMDA has awarded the following four companies:
Digital Platforms for Construction - Call for Submission
In support of the Integrated Digital Delivery (IDD) and aligned to BCA’s Industry Transformation Map (ITM), IMDA and BCA are launching a joint Call for Submission (CFS) for digital platforms for the construction sector, to enable construction firms to digitalise and accelerate their efforts towards the IDD vision.
Various industries have been transformed by businesses who leverage platform business models. Such digital platforms can offer the construction sector opportunities to grow, by helping them address gaps and inefficiencies, connect different players in the ecosystem and offer potential for growth of new services and business models.
A technology platform infrastructure can create value by facilitating exchanges between its ecosystem of users in the various stages of the IDD which includes digital design, digital fabrication, digital construction, and maintenance of the built environment. This will help enable firms across the construction project-cycle to communicate and exchange information with various partners and innovate by pioneering new ways to work.
- Fact Sheet for Digital Platform for Construction
- Industry Briefing Slides
Industry partners that are keen to submit proposals to participate in the CFS may click below to fill in the form to secure a copy of the launch call document.
The closing date and time for submissions to be sent to IMDA is 15 Mar 2019 (Friday), 12 noon.
Enquiries on this CFS may be directed to: DEPlatform@imda.gov.sg