Platformization can be an extremely complex and tall order for any organization. It’s difficult to determine when it makes sense to invest in a platform strategy. So, what is the right way to build a product strategy? In this webinar, Expedia Group Platform SVP Archana Arunkumar speaks on what to consider when executing a platform strategy.
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- Historical evolution of industries from the industrial revolution to the digital era and the rise of platforms.
- When it makes sense to build a platform: considerations for early-stage startups and core value proposition.
- Understanding platform strategy: addressing challenges of value creation and capture, attracting customers, and becoming the core of an ecosystem.
- Measuring platform success: value to all parties, ease of onboarding, network effect, and adherence to standards.
- Platform gravity: offering additional value beyond core offerings to make the platform stickier.
- Low cost, high value: focusing on target audience and business model economics for high ROI.
- Encouraging innovation: allowing dissonance in usage to recognize new markets and use cases.
- Becoming a purpose-led brand: shifting focus to empower the larger ecosystem and defining platform vision.
- Prioritizing features and functionality based on intent and market demands.
- Measuring and monitoring platform performance with quantifiable metrics.
- Planning for updates and changes in the market, competition, and customer needs.
- Communicating effectively with partners, customers, and stakeholders for engagement and adoption.
- Focusing on developer experience and building long-term APIs to avoid abandonment.
- Generalizing the interface for innovation and simplifying complexity behind the covers.
- Following the “rule of one” tenet for streamlined communication within the platform.
- Documenting the platform and having a well-defined support strategy, including API versioning and deprecation.
- Lifecycle and versioning strategy: backward compatibility and retiring deprecated APIs.
- Leveraging core strengths and crown jewels in the platform strategy.
- Aligning the platform strategy with company objectives and long-term vision.
- Building a large user base and creating stickiness for eventual monetization and success.
About the speaker
Archana Arunkumar is a global technology and product strategy executive, who delivers multi-billion dollars in revenue by identifying and building new markets while strengthening the platform foundation and gravitas of organizations. She brings value to Boards, the C-Suite, and Shareholders through her 20 years in B2B, B2C, and B2B2C markets, by strategically transforming business models, being an industry thought leader, acting as a change agent, creating new product offerings, and building enterprise platforms that both scale up and scale out. She is recognized for her strong ability to strategize, conceive, develop, promote, and deliver her product vision to drive business in high-growth phases of Fortune 500 companies. She is also passionate about education and believes in empowering today’s youth. To that effect, she leads non-profit organizations in the education sector and is also an active Scout Leader with Boy Scouts of America. Archana holds dual Bachelor of Science degrees in Computer Science and Biological Sciences from California State University, East Bay; a Master of Science in Computer Science, also from California State University, East Bay; and an MBA from the University of California, Davis.
About the host
As Chief Product Officer at Checkr, Denise is responsible for leading the product vision, teams, and roadmap to deliver customer delight and innovation while advancing our mission of building a fairer future. Denise brings a relentless focus on customer success, adoption, and innovation to meet our customers’ needs. Prior to joining Checkr, she held a number of leadership positions, most recently as the GM for Analytics at Workday. At Workday, she was responsible for the entitled reporting used by all Workday customers. She also led the revenue-producing side of the Analytics business launching 3 new products and growing the business from $0 to over $200M in ARR and over one thousand enterprise customers. She’s been building enterprise products for the last 21 years in a variety of companies such as Platfora, Salesforce, HSBC & AT&T.