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2022 MIT Platform Report: Embracing data, preparing for Web3
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Over the last 10 years, platforms have become a ubiquitous part of the economy.
In that time, some industries pioneered or rapidly embraced platform strategy, while other industries, like health care, are just starting to get on board.
Experts explored what’s on the horizon for the next 10 years of platforms at the 2022 MIT Platform Strategy Summit, hosted by the MIT Initiative on the Digital Economy.
Here are some key takeaways, as outlined in the 2022 MIT Platform Summit Report:
The power of sharing data
Companies are often reluctant to share their data. But this is changing, as organizations use open APIs and other applications to share data in internal and external ecosystems. Sharing data allows organizations to benefit from network effects — where a product or service becomes more valuable as it’s used by more people. This is revolutionizing markets including social media, electric vehicles, and health care.
“In this environment, which is changing at unprecedented and unexpected levels, agility and the productive use of data is more important than ever,” said Svenja Falk, managing director of Accenture Research.
Different industries are gathering and using data in different ways.
Schneider Electric is experimenting with “power couples,” a program in which data projects are co-owned by business-process and IT leaders.
Retail companies are creating experiential platforms, which allow companies not only to create communities of loyal customers, but also provide the companies with data about customers.
Fidelity Investments uses data to personalize customer experiences. “Data is everything for us,” said Joanna Rotenberg, Fidelity’s president of personal investing.
The rise of health care platforms
The health care industry has lagged in platform adoption, hindered in part by old habits and tight regulation. But the tide is beginning to change, according to experts who spoke at the Platform Revolution Comes to Health Care summit, a spin-off event before the platform summit.
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The health care industry is “beginning to understand the economic power and value of exchanging data,” said Randall Williams, managing director of the consulting firm Digital Care Advisors. Digital health investment increased by 25% in 2021, and the U.S. government will require health care providers to make their electronic health record APIs available to others by the end of the year. The resulting health care platforms are transforming everything from staffing and scheduling to managing care.
The future of platforms with Web3 and the metaverse
Web3 and the metaverse are on the horizon, and it’s still unclear how they will unfold. Web3 already plays a role in platforms such as crypto exchanges, NFT marketplaces, and metaverse worlds.
It could also reshape how brands connect with customers. Nike’s Nikeland store in the Roblox metaverse had 6.7 million visitors in the first four months and inspired an augmented reality experience at Nike’s store in New York.
“There’s been $120 billion invested this year in the metaverse and Web3,” said Lauren Lubetsky, strategy manager at Monitor Deloitte. “That’s more than double what we saw invested last year.”
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