A tremendous societal change over the last decade has shaken up the way that we communicate with one another, not only in our personal lives, but in business as well. The sharing and collaboration practices of network-based platforms is present in our everyday lives.
Alex Moody, Product Owner at Command Alkon, highlights the benefits of a Platform; eliminating silos, enabling fritctionless communication, fostering mutually beneficial relationships, and optimizing decision-making (just to name a few).
"Collaborative networks through cloud-based solutions are making an impact in construction’s heavy work space by allowing companies to leverage network-based intelligence and analytics to optimize processes and gain efficiencies. Trading partners can connect and exchange information from one single source, providing a deeper understanding of what is happening within the supply chain. When more members are added to the network, the value of the network increases. This is a phenomenon known as a “network effect.”
A product displays positive network effects when more usage of the product by any user increases the product's value for other users (and sometimes all users).
When more people connect to the platform, the more valuable the platform network becomes. However, adding more warm bodies to the network isn’t enough when interaction is stagnant or non-existing. Engaging is essential to keep participants coming back to the platform; without engagement, the system is not sufficient to achieve network effects."