Some pros of digital platforms are creating new products/services, promoting revenue, and enhancing customer experience. The network effect by definition is “a phenomenon whereby a product or service gains additional value as more people use it.” This means the higher the number of people that use a product/service, the higher its value becomes. Digital platforms can reach big audiences and therefore provide the opportunity for the network effect.
Cloud computing is a very useful tool because it allows companies to access and update their data in real time, from any location with an internet connected device. This promotes flexibility, collaboration, availability, and the performance of a company.
API or Application Programming Interface, is a software intermediary that allows two applications to be linked to/work with each other. API’s are useful because it allows programs/servers to utilize the services of another instead of creating the same service from scratch themselves.
Links to images: https://www.credencys.com/blog/what-is-a-digital-platform/
https://www.cleveroad.com/blog/what-is-an-api/
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