Platform thinking is a strategic lever for innovation in established companies, allowing them to create value ecosystems and exploit network effects. A recent study analysed the adoption of this approach by Italian companies in the FTSE MIB.
Platform Thinking is emerging as a crucial strategy for established companies aiming to innovate and remain competitive in an increasingly digitalized market. Inspired by the business models of leading platforms such as Uber, Airbnb, and Amazon, this approach enables companies to orchestrate value ecosystems, scale through network effects, and leverage underutilized assets.
A study conducted by the Platform Thinking HUB at the POLIMI School of Management of Politecnico di Milano, led by Professors Daniel Trabucchi and Tommaso Buganza, analyzed the adoption of Platform Thinking among major Italian companies listed in the FTSE MIB index, the index in the Italian Stock Exchnage that list the 40 companies with highest market capitalization. The findings reveal that 88% of companies have initiated platform-related projects, yet only 22% have truly adopted a multi-sided model capable of generating value through network effects and co-creation with users.
The research highlights three key benefits of Platform Thinking for traditional businesses:
- Improving efficiency in existing transactions– As seen in Klöckner’s case, which transformed steel sales with a digital platform open even to competitors.
- Enabling new transactions– Like AXA’s model, which leverages data and external collaboration to enhance corporate risk management.
- Strategic use of data– Demonstrated by John Deere, which developed a platform for agricultural data analysis, creating value for farmers and new business opportunities.
However, the study also identifies three common mistakes that companies should avoid when adopting Platform Thinking: treating customers merely as suppliers, managing the platform with a linear approach without leveraging network effects, and investing in technology without a clear value creation strategy.
The analysis conducted by POLIMI School of Management confirms that Platform Thinking is not just a trend but a genuine strategic opportunity for established businesses seeking innovation. To succeed, companies must adopt a conscious approach, leveraging platform potential not only to enhance efficiency but also to redefine their role in the economic ecosystem.
These findings were recently published in the March edition of Harvard Business Review Italia, highlighting the importance of Platform Thinking for the future of business innovation.
