Paper Title
The Power of Platforms to Change the Business Model (Platform-Based Business Model – An Exploration of Success Factors that Matter Most)

Abstract
This paper reimagines digital transformation as a new opportunity for businesses to reshape their business models and views digital transformation as not just an integration of digital technology into all areas of a business but fundamentally changing how they operate and deliver value.Research conducted by global management consulting McKinsey & Company found that only 11% of 1,140 business executives believe their current business models will be economically viable through 2023, and it is easy to understand why 64% of those executives say their companies must build new digital businesses.By investing in platform-based business models, companies can provide more value to their stakeholders, they can easily connect with partners and customers, share data,and combine services and co-create products.Putting platformization at the center of their agenda opens opportunities for new business and increases customer participation and profits with network effects. Current digital transformation projects provide both the essential proximity to potential clients on the supply side and the access to platform-based business models on the demand side. The interactive ecosystem of digital platforms can create value and economic growth as a result of the network connectivity between individuals, groups, resources, and entire industries. The unique aspect of this business model is that, in contrast to current paradigms, competitive advantages do not depend primarily on physical infrastructure or control over valuable and rare resources. There is a limited systematic understanding of why platform-based business models frequently outperform classic pipeline enterprises in many areas, despite their high practical significance. However, there are notable challenges associated with platformization initiatives.Only a small minority of organizations are likely to thrive in the face of winner-take-all dynamics brought about by digitaldisruptions in an increasing number of industries, and even these businesses still have plenty of potential to improve their technological endowments. This work aims to analyze the evolution of business models brought about by dynamic and innovative companies operating through online platforms. In order to obtain a deeper understanding of platform-based business models, exploratory multiple case studies were designed based on in-depth structured interviews. Face-to-face interviews were carried out with chief executive officers, chief technology officers, and chief marketing managers. The datacollected from the interviews were analyzed to highlight similarities and differences among the samples. This research enables us to outline some of the success factors regarding key resources, key activities,operations,value proposition, customer segmentation, and cost management. The results from the multiple-case study in the service industryprovide meaningful insights into platform-based business models. This research establishes best practices for developingand implementing platform-based business models in order to assist organizations in successfully adopting a platform strategy. Keywords - Business Modeling, Digital Transformation, Platform Economics