Platforms have become crucial in modern business for several reasons:
Network Effects: As more users join a platform, the value of the platform increases for all participants. This creates a self-reinforcing cycle of growth. Scalability: Platforms can scale rapidly because they leverage technology to automate processes and reduce marginal costs. Innovation: Platforms foster innovation by enabling new forms of collaboration and by providing a marketplace for ideas and products. Disruption: Platforms often disrupt traditional industries by offering more efficient, user-friendly alternatives.