how can the extensibility of a platform benefit a business - (2024)

Introduction:

As businesses grow, they need more advanced and customized solutions to address their specific needs. Platforms that provide extensibility, or the ability to extend their capabilities through the integration of third-party applications or custom development,

how can the extensibility of a platform benefit a business - (1)

can offer a significant advantage to businesses. By leveraging the extensibility of a platform, businesses can integrate and customize solutions to improve their operations, increase productivity, and deliver better customer experiences. In this article, we will explore the benefits of platform extensibility and how it can help businesses succeed.

Benefits of platform extensibility for businesses

Customization:

The extensibility of a platform allows businesses to customize their software solutions to meet their unique needs. For example, businesses can integrate third-party applications that offer specific features or functionalities that are not available within the platform’s native capabilities. This customization can result in significant time and cost savings, as businesses do not need to build custom solutions from scratch.

Scalability:

As businesses grow and evolve, their software needs change. Platform extensibility can provide the flexibility needed to scale software solutions and adapt to new business requirements. By integrating third-party applications or developing custom solutions, businesses can scale their operations without worrying about the limitations of the platform.

Integration:

Platform extensibility allows businesses to integrate their software solutions with other tools or systems. This integration can help streamline business processes and improve operational efficiency. For example, businesses can integrate their CRM system with their email marketing platform, resulting in a more efficient workflow and better customer engagement.

Competitive Advantage:

By leveraging the extensibility of a platform, businesses can gain a competitive advantage. Customized software solutions can provide businesses with unique capabilities that are not available to their competitors. This can result in increased productivity, better customer experiences, and ultimately, a competitive edge.

Innovation:

The ability to integrate new and emerging technologies is critical to staying ahead of the competition. Platform extensibility provides businesses with the flexibility to integrate cutting-edge technologies such as artificial intelligence, machine learning, and blockchain. By embracing innovation, businesses can stay ahead of the curve and meet the changing needs of their customers.

What describes a platform?

A platform is a software or digital infrastructure that enables developers to build applications, products, or services. It provides a set of tools and interfaces that developers can use to create their own solutions on top of the platform.

What is extensibility of a platform?

Extensibility of a platform refers to its ability to support the integration of third-party components or applications. This means that the platform is flexible enough to allow developers to add new features or functionalities without having to build everything from scratch.

What is extensibility in business?

Extensibility in business refers to the ability of a business to adapt and expand its capabilities by integrating with other systems or platforms. By leveraging the extensibility of a platform, a business can quickly add new features or capabilities to their existing infrastructure, which can lead to increased efficiency, productivity, and profitability.

Which statement describes an enterprise platform?

An enterprise platform is a software platform that is designed specifically for businesses or organizations. It provides a set of tools and services that enable businesses to manage their operations, automate processes, and improve communication and collaboration across departments.

How can the extensibility of a platform benefit a business (Accenture)?

The extensibility of a platform can benefit a business in several ways. It allows businesses to easily integrate with third-party applications, data sources, and services, which can lead to increased efficiency and productivity. It also enables businesses to quickly adapt to changing market conditions and customer needs by adding new features and functionalities to their existing infrastructure. Additionally, extensible platforms can help businesses reduce development costs and shorten time-to-market for new products and services.

Which describes a platform?

A platform is a digital infrastructure that provides a set of tools and interfaces that developers can use to build applications or services on top of it. It is designed to be flexible and extensible, allowing developers to add new features and functionalities to their applications without having to build everything from scratch.

How can the extensibility of a platform benefit a business (Brainly)?

The extensibility of a platform can benefit a business by enabling it to integrate with other systems or platforms, add new features and functionalities to existing applications, and improve communication and collaboration across departments. It can also help businesses reduce development costs and shorten time-to-market for new products and services.

What is an example of an experience component within an enterprise platform? An example of an experience component within an enterprise platform could be a user interface or dashboard that enables employees to access data and tools related to their job functions. This could include features such as real-time analytics, reporting, and collaboration tools.

Which describes the network effect?

The network effect is a phenomenon in which the value of a platform or network increases as more users join or participate. This is because more users generate more data, which can be used to improve the platform’s performance, features, and capabilities.

What type of platform is Twitter?

Twitter is a social media platform that enables users to post and interact with short messages called “tweets.” It also provides a set of tools and interfaces that developers can use to build applications or services that interact with the Twitter platform.

With which of these enterprise platform businesses does Accenture?

It is unclear what is meant by this statement. Accenture is a consulting and professional services company that works with a wide range of businesses and industries. They may work with various enterprise platform businesses to help them improve their operations, technology, and overall performance.

What is a platform?

A platform is a type of software or infrastructure that allows developers to create and run applications, websites, and other digital services. It typically provides a set of tools, services, and frameworks that developers can use to build and deploy their applications.

What is extensibility of a platform?

Extensibility refers to the ability of a platform to be easily extended or customized to meet specific business needs. An extensible platform provides APIs, frameworks, and tools that developers can use to build and integrate custom features and functionalities into the platform.

What is extensibility in business?

Extensibility in business refers to the ability of a platform or system to be adapted to meet specific business requirements. It enables businesses to customize and extend their platforms to support new workflows, business processes, and integrations, without requiring significant changes to the underlying infrastructure.

How can the extensibility of a platform benefit a business?

The extensibility of a platform can benefit a business in several ways, including:

  • Increased flexibility: An extensible platform can be easily adapted to meet changing business needs and requirements, enabling businesses to stay competitive and respond quickly to market trends.
  • Enhanced functionality: By extending the platform with custom features and functionalities, businesses can add new capabilities and services that meet specific business needs and requirements.
  • Improved user experience: An extensible platform can be customized to provide a seamless user experience that meets the needs and preferences of different user groups.
  • Reduced costs: By building on top of an existing platform, businesses can save time and money on development and infrastructure costs, while still delivering a highly customized solution.

Which describes a platform?

A platform is a software or infrastructure that provides a set of tools, services, and frameworks that developers can use to build and deploy applications, websites, and other digital services.

How can the extensibility of a platform benefit a business according to Accenture?

According to Accenture, the extensibility of a platform can benefit a business by enabling it to quickly and easily adapt to changing market conditions, improve operational efficiency, and enhance the customer experience. By extending the platform with custom features and functionalities, businesses can unlock new business opportunities and drive growth.

What is an example of an experience component within an enterprise platform?

An example of an experience component within an enterprise platform is a user interface (UI) or user experience (UX) component that provides a seamless and intuitive user experience across multiple devices and platforms.

Which describes the network effect?

The network effect refers to the idea that the value of a platform or network increases as more users or participants join and use it. This can lead to a virtuous cycle of growth and adoption, where the network becomes more valuable as more people use it.

What type of platform is Twitter?

Twitter is a social media platform that enables users to share and interact with short messages (tweets) in real-time.

With which of these enterprise platform businesses does Accenture work?

Accenture works with a range of enterprise platform businesses, including Salesforce, SAP, Oracle, Microsoft, and IBM, to help businesses transform their operations and drive growth through the adoption of innovative digital technologies.

Conclusion:

In today’s fast-paced business environment, the ability to adapt quickly is critical. Platform extensibility offers businesses the flexibility to customize, scale, and integrate their software solutions, resulting in improved operational efficiency, increased productivity, and better customer experiences. By leveraging the extensibility of a platform, businesses can gain a competitive advantage and stay ahead of the curve. It is essential for businesses to choose platforms that offer extensibility and invest in custom development or integrate third-party applications to meet their unique needs.

how can the extensibility of a platform benefit a business - (2024)

FAQs

How can the extensibility of a platform benefit a business -? ›

Explanation: Having an extensibility platform not only allows companies to build and run solutions that address needs beyond the standard product but also allows them to bring innovation trends to those same solutions without risking their ongoing operations.

How can the extensibility of a platform benefit a businesses? ›

Extensibility on an eCommerce platform refers to the ability of the platform to be easily extended or customized to meet the specific needs of a business. This means that businesses can add new features, functionalities, or customizations to their online store without having to rebuild the entire system from scratch.

How can the extensibility of a platform benefit a business quizlet? ›

Let's remember that a platform with high extensibility can be advantageous for a business in multiple ways, such as the capability to incorporate new features and functionalities with ease and rapidity as the business expands.

How can the extensibility of a platform benefit a business by having clear requirements that will not change throughout the platform's lifespan? ›

Answer: Option D by allowing customers to log in to the platform through an internal system is the correct answer. Explanation: The platform will expand if consumers are permitted to know about it, and if those individuals know about it, the platform will grow.

What is extensibility in business? ›

Extensibility allows businesses to respond to emerging challenges by extending existing capabilities. In this way, extensibility is related to other software terms such as adaptability, mutability and agility, as well as concepts like modular software design and interoperability.

What are two benefits of expanding a business? ›

Overall, the benefits of expanding a business include reducing external risks (such as those posed by competition, the market, or technology changes). Expansion can also enhance the impression of greater financial viability: larger businesses often look more appealing to investors and lenders.

What are the advantages of platform businesses? ›

Advantages
  • Scalability: It can be highly scalable, as the platform can accommodate many users and transactions without incurring additional costs.
  • Network Effects: It can benefit from network effects, where the platform's value increases as more users join and participate.

What are some of the benefits customers get out of extensibility? ›

What are some of the benefits customers get out of extensibility? Having an extensibility platform not only allows companies to build and run solutions that address needs beyond the standard product but also allows them to bring innovation trends to those same solutions without risking their ongoing operations.

What is the importance of platform in business? ›

A platform ultimately enables this value creation by facilitating transactions. While a linear business creates value by manufacturing products or services, platforms create value by building connections and “manufacturing” transactions. Getting the core transaction right is the most important part of platform design.

What is the key benefit for a business of expanding through market growth strategies? ›

By expanding to new markets, companies drive their production and thus lower their cost per unit. This occurs because costs—both fixed and variable—are spread out over a wider number of goods and services. With economies of scale, the larger the business, the greater the cost savings.

Which areas of a business would most benefit from using the platform? ›

Human resources, compliance, recruiting, and finance would benefit the most from using the workday platform. Hope it helps u!

How does a client benefit from using an enterprise platform? ›

Answer: Explanation: An enterprise solution should make data available on company's platform using cloud based servers. The benefit of this system is that it can be accessed from anywhere and also the need of keeping and maintaining hardware would come down to minimum.

What is extensibility of a platform? ›

Platform extensibility means that a user can extend a software platform without having to modify the original codebase. So, users add to the base functionality, thereby offering new capabilities and outputs. Traditional software architecture was developed for linear, single-use production.

What do you mean by extensibility? ›

So, what is extensibility? In software engineering, extensibility is defined as “the quality of being designed to allow the addition of new capabilities or functionality.” It is a measure of the ability to extend a system and the level of effort required to implement the extensions.

How can the extensibility of a platform benefit a business by allowing customers to log in to the platform through an internal system? ›

Explanation: Having an extensibility platform not only allows companies to build and run solutions that address needs beyond the standard product but also allows them to bring innovation trends to those same solutions without risking their ongoing operations.

What are 4 reasons for business expansion? ›

Reasons for business growth

greater sustainability or resilience in the market. lower costs - due to economies of scale. greater market dominance. greater buying and bargaining power.

What are the 3 things you will do to expand your business? ›

Strategies to expand your business
  • Optimize your existing market. Growing your business doesn't always mean getting new customers — it can also mean selling more to your existing customers. ...
  • Claim a niche market. ...
  • Move into new markets. ...
  • Seek referrals. ...
  • Partner with other businesses. ...
  • Franchising.
Feb 23, 2023

What are 3 benefits of platform technology? ›

Here are some of the common benefits of a modern technology platform:
  • Supports scaling with business growth.
  • Provides data management.
  • Supports workload management.
  • Connects and accelerates development through internal and third-party integration.
  • Provides a modern user interface (UI) and user experience (UX)

What is an advantage of a platform? ›

Platforms that follow the platform business model can grow or scale rapidly because they don't own the resources that create the value, i.e. the applications, content, service providers, or products. Their growth isn't contingent upon resources or capital.

What are the benefits of platform strategy? ›

Purpose The benefits of a platform strategy in volume product businesses are well established. Such a strategy can also pay dividends in a low‐volume systems or projects business. The benefits include increased engineering efficiency, higher solution reliability and reduced direct costs.

What are some examples of extensibility? ›

An example of an extensible but not evolvable data model is the model of ignoring everything you don't know. Some application born with a fixed set of features, for example at Ts, will never change and will at some point die out. Other applications may be able to learn about new features over time.

Why is customer expansion important? ›

Customer expansion creates more value for existing customers and brings in more revenue as a result. Customer expansion strategies can include elements of upselling, promoting add-ons, or advertising rarely-used features.

What are the benefits for expanding locations? ›

What are the benefits of international expansion?
  • Reduce costs. Global expansion is often more cost-efficient than local/national expansion: In some countries, the costs of labor and materials are much lower. ...
  • Become more resilient. ...
  • Expand globally for growth opportunities.

What are the 3 main characteristics of a platform business? ›

Platform business models have several key aspects. These include: hom*ogeneous supply, Collaboration, Scalability, and Asymmetric Growth. Each of these elements is critical for a platform to thrive. These characteristics are discussed in this article.

What is a platform and its purpose? ›

A platform is a group of technologies that are used as a base upon which other applications, processes or technologies are developed. Advertisem*nts. In personal computing, a platform is the basic hardware (computer) and software (operating system) on which software applications can be run.

Which strategy helps businesses achieve growth and success? ›

Companies can use an acquisition strategy to promote growth. By acquiring other businesses, companies expand their operations through creating new products or expanding into a new industry. One of the more obvious ideas for growth, this strategy offers significant benefits to companies.

What is one benefit to a business of expanding their product range? ›

Expanding your product line means you can widen your target audience and open up your customer base. This is where you might want to consider selling multiple variants of a particular product with varied price ranges. This eliminates the risk of losing customers through pricing decisions.

What is a platform business strategy? ›

A platform strategy is an approach to entering a market which revolves around the task of allowing platform participants to benefit from the presence of others. In traditional competitive strategy, it is generally assumed that customers can determine their willingness to pay for the product or service independently.

What is an example of a business to business platform? ›

Amazon, the online marketplace for commercial goods, and Upwork, the job search platform for freelancers, are two examples of B2B ecommerce.

What are at least three benefits of using enterprise systems? ›

Using an enterprise resource planning system simplifies business activities such as accounting, customer relationship management, and supply chain operations, among others. ERP software allows you to plan and manage your business operations accurately.

What are the advantages of client-server platform? ›

The advantages of a client-server network are greater security of the network, more control e.g. network traffic passing through the network, being able to see what each computer is doing and limiting certain actions and preventing things such as viruses spreading, also the amount of data storage available to each ...

What is the function of extensibility? ›

Extensibility is the ability of a muscle to be stretched. For instance, let's reconsider our elbow flexing motion we discussed earlier. In order to be able to flex the elbow, the elbow extensor muscles must extend in order to allow flexion to occur. Lack of extensibility is known as spasticity.

What is an example of extensibility in Java? ›

One example of an extensible application is a word processor that allows the end user to add a new dictionary or spelling checker. In this example, the word processor provides a dictionary or spelling feature that other developers, or even customers, can extend by providing their own implementation of the feature.

What are the advantages of platform? ›

1. Platform business models grow faster and scale better. Platforms that follow the platform business model can grow or scale rapidly because they don't own the resources that create the value, i.e. the applications, content, service providers, or products. Their growth isn't contingent upon resources or capital.

What are the benefits of platform economy? ›

Increase in revenue: IT and cloud platforms enable high scalability and thus an increase in revenue. Market access: via digital platforms, companies gain access to previously unreached markets or customer (groups). The platform-dependent network effects further enlarge potential customer groups.

What are the benefits of customer service platform? ›

Benefits of customer support software
  • Easier communication with colleagues and customers. ...
  • Increase sales and conversions. ...
  • Provide support 24/7. ...
  • Automatically route inquiries to the right specialist. ...
  • Easily track and view support tickets. ...
  • Support your customers in any channel. ...
  • Lower operational costs.
Sep 7, 2022

What are the main advantages and disadvantages of platform as a service? ›

Time Savings: No need to spend time setting up/maintaining the core stack. Speed to Market: Speed up the creation of apps. Future-Proof: Access to state-of-the-art data center, hardware and operating systems. Increase Security: PaaS providers invest heavily in security technology and expertise.

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