How Can The Extensibility Of A Platform Benefit A Business? (2024)

In case you are not sure, How Can The Extensibility Of A Platform Benefit A Business? Read this article for more information.

  • It can benefit a business by increasing efficiency, reducing start-up time, and improving the customer experience.
  • Extensibility provides a platform with the ability to grow and adapt to new market changes without having to completely rebuild it.

A platform with extensibility has the ability to provide continuous value across different channels.

Table of Contents

What Does Extensibility Mean Products?

How Can The Extensibility Of A Platform Benefit A Business? (1)

Extensibility is the property that a component or module has to allow it to be extended without changing its basic function.

Extensibility is a term that’s often used in software engineering but is also becoming more popular in other fields such as internet marketing and media.

It can help with flexibility and scalability, which are necessities for any company or project.

If You Do Not Know What Extensible Means – Here is A Definition:

  • Extensible means to make something extendable so people can create things without worrying about where they’re going to put them.
  • This allows developers to basics of platform design applications independently. Therefore, making them flexible and customizable.
  • As you can see, being able to expand your software development platform will allow you to reduce your start-up time, increase its speed of execution, improve the customer experience, and enhance your product.

How Can The Extensibility of A Platform User?

We will discuss how can the extensibility of a platform can be achieved and the key benefits that come as a result of it.

With the growing number of users and software applications, companies have to think about how a platform can be flexible.

A flexible platform allows for easy integration with new services and products in order to keep up with the changing demands across different platforms.

It also allows for easier upgrades and bug fixes, which increases customer satisfaction and retention.

The flexibility of a platform can even help in maintaining security standards and keeping the system secure. This way, you don’t need to worry too much about data loss or privacy breaches.

In addition to all these advantages, a platform with Extensibility is highly scalable, helping businesses scale easily when needed.

  • It’s important to understand the extensibility of a platform because it will help you understand how easy it is for you to extend your project in order to enhance your business.
  • A platform’s extensibility can be categorized into two main types: structural and functional.
  • Structural extensibility refers to how the platform can be configured and extended through its components, such as SDKs, APIs, and connectors.
  • Functional extensibility refers to specific functionality at a particular level of granularity within the system and involves programming language-specific functions, libraries, etc.
  • Platforms with high structural extensibility are easier to expand in terms of changes due to their modularity while those with high functional extensibility are more accessible as they are independent of operating systems and languages.

How Can The Extensibility Of A Platform Benefit A Business?

‣ To understand how a platform is a benefit, we need to consider the extensibility of a platform of How Can The Extensibility Of A Platform Benefit A Business Accenture.
‣ This is because the extensibility of a platform helps companies to grow their business by providing them with an open ecosystem that enables collaboration and innovation.
‣ The ability for businesses to integrate new features in their cloud software developments can be seen as an advantage when compared to other platforms that are closed-source or have limited functionality.
‣ Extension services for software business can aid the company in fostering their average business users through better performance and better customer experience.
‣ Extensibility is the ability of key systems or services to be extended to add new features without modifying the original.
‣ This is important for a business product as it can help them maintain their competitive advantage by constantly updating themselves with a platform that can be enhanced with new features to remain relevant in the market.
‣ An example of extensibility is when an app integrates with Google Voice, you get an extension that enables you to control your phone call using your voice instead of having to use your fingers.
‣ When you need it and want it, this feature takes away some tasks from the user which would otherwise take more effort and time.
‣ This makes your life easier and helps you focus on what matters most – creating great content for your website or social media account.

How Can A Business Benefit From Extensibility in Action?

There are many ways in which the business can benefit from the extensibility. These range from increased productivity, to improved customer satisfaction, and increased efficiency.

See also Why The 3 Ps Of Business Are Still Progressing?

Extensibility can be huge for businesses. It allows them to scale their reach and engage new audiences as well as strengthen customer relationships by offering more services or products.

⦿ Benefits of Extensibility For Businesses include:

Improved Marketing Reach

Increased customer retention and acquisition through digital channels

Cost savings from efficiency and innovation

When a business has an omnichannel presence, it can benefit more and more from extensibility because it is easier to manage a single experience across multiple channels with a diverse set of users.

Extensibility is crucial if a company wants to make sure they are catering to their client’s needs while also keeping up with the pace of change that consumers demand.

⦿ This allows them to be one step ahead of their competition by providing better experiences for their consumers.

  • If the business in growth does not have an active extensible architecture,
  • then it may find it difficult to compete with competitors who have easy access to the network to all the tools necessary to implement innovative ideas into their solutions.

Another way a company can benefit from the extensible nature of a platform is when they are looking to leverage different third-party solutions such as integrations, APIs, data management, cloud products, platforms integration, etc.

  • They can easily do so when the platform offers a large number of different extensions that enable them to easily extend the functionality of their software application.

How Can The Extensibility Level impact User Adoption?

The user adoption of a business will always depend on several factors as they including:

• User Experience – whether the consumer likes the product or how good the product feels to use. If the user does not like the product, he or she might not use it even though it meets his or her requirements.

• Cost – whether the user finds out about the product before purchasing it or if the cost of the product ends up being too high

• Time – especially if there are certain processes involved in order to start using the product

A platform with lower levels of extensibility will often be associated with slower adoption rates since its users need to go through more steps to begin using it.

Therefore, it’s important to know how much time it takes for a user to adopt technology after learning about it.

  • A platform with higher levels of extensibility, however, can benefit its users in both the short term and long term by making things easier for them.
  • As a result, these platforms tend to see faster adoption rates than ones with lower levels of extensibility since their customers don’t have a lot of trouble adapting to new features once they’ve been introduced.
  • As mentioned earlier, the extensibility of the platform is an important element to consider during the Adaptable software components development process,
  • where the team has to carefully review each part of their product to ensure that it provides the best possible experience to their end-users.
See also Meta Head Of Small Business Growth

For businesses, extensibility is an excellent tool to help them reach their potential since it enables them to quickly adapt to changing market conditions by incorporating new technologies that were never expected to be used beforehand.

What is The Power of Extensibility Business Processes?

The power of extensibility is the ability to use a given piece of technology in multiple ways.

While most companies create a new app or website for every new service, when it comes to having the same experience across multiple devices, they have to fork out a lot of money.

  • Extensions allow one platform to be replicated on different devices while maintaining an identical user experience.
  • They are usually created primarily for mobile apps but can also be used with websites too.
  • Examples of such apps include Snapchat and Pinterest, allowing people to view content only on their smartphones.

These are just some examples showing how extension points can help improve the user experience. It’s definitely something worth keeping in mind when developing your own product.

Which Areas of A Business Would Most Benefit From Using The Workday Platform?

The Workday platform is the approach to platform design decisions to be a customizable and affordable solution for businesses.

  • It helps people in the workforce stay connected with work, personal messages, and one another without having to juggle email, phones, and tablets.
  • The Workday platform has over 50 features including outstanding reporting tools for managers.
  • It also has a unique feature that allows each team member to share their calendars on the same platform as well as update them on events scheduled for the day.
  • The Workday platform is unique in that it can be used by one person or thousands of people.

This means that even small businesses like yours can reap the benefits of this powerful platform!

Why Having A Platform is important?

The importance of having an extensibility platform is in its flexibility. It gives the business flexibility to make it work for their organization and not the other way around.

A well-built extensibility platform allows you to offer a variety of choices to your customers and partners, whether they are internal or external.

◉ There are many benefits of having an extensibility platform that allows you to offer different solutions through different channels.
◉ This can be done through digital channels such as email, phone, or website as well as offline channels like print collateral, leaflets, and more.
◉ The important thing about having an extensibility platform is that it provides repeatable content and offers choices so that people can find what works best for their future growth.
◉ Having an extensibility platform is important because it allows content to be customized according to the user’s needs.
◉ This means that content will be able to grow and scale in accordance with the customer’s needs and occasions.
◉ Customers can also use this platform to share their content with others or make it available on other platforms like social media campaigns.

What Are The Features of Platforms?

With the advent of new technologies and platforms, it has become easier to integrate applications into workflows. Companies can use this technology to build capabilities for their employees.

Extensibility platforms can be used for two purposes: To add functions that are not already built into the application programming interfaces or to remove some existing features which might be causing bottlenecks.

  • The most common ways of extensibility are through APIs and UI programming languages
  • SAP Lumira is an example of how an enterprise solution can benefit from extensibility.
  • It offers a variety of complete business process automation tools for data analysis including a visual data discovery tool called Lumira Flow,
  • Which provides real-time visualization, and the ability to connect visualizations with other applications like SAP BusinessObjects BI 4.0
  • The next time someone asks you why you need to have a platform, tell them that with a simple extension you can create content or a workflow when it would take hours to do manually.

Most importantly, with the power of the extensibility platform comes customization. You can tailor a solution to your company’s specific needs.

How Does It Improve Employee Productivity interfaces?

In today’s video, I’m going to give you my top tips on how to use extensibility properly. Do you know what extensibility in action is?

See also What Must An Entrepreneur Assume When Starting A Business Entrepreneurship?

Extensibility is the process of extending functionalities within the same application by adding additional functionality at runtime without recompiling the code.

So let’s say we want to extend the WorkDay application and we want to send out 100 invoices per day via PDF. We cannot edit our app directly because there wouldn’t be anything to save.

So instead we’ll go to the web portal, then click on Manage Data Source, (Manage added reports and data sources – Data Studio Help) and select Invoice PDF. This will allow us to get all the information together to create the invoice itself.

⦿ Here Are 3 Things You Should Always keep in Mind:

  1. Always start small.
  2. Make sure the change you make isn’t breaking existing complex processes.
  3. If something goes wrong, don’t panic. Everything is recoverable.

What is The Role of A Platform Extensible Platform?

The role of the platform is to make it easier for users to create and manage their own work.

How Can The Extensibility Of A Platform Benefit A Business? (2)

This is what Etsy does by connecting sellers with buyers. Etsy has a unique marketplace that enables anyone to sell anything they make.

  • In addition, the site is easy to navigate and simple, which makes it easy for people who are just starting out as entrepreneurs to get started selling handmade items.
  • The extensible platform can also benefit businesses by allowing them to establish a presence on new types of platforms and increase their customer base by approaching the customer from multiple websites or social network media channels.
  • The extensible platform allows vendors to be able to carry out their business processes in a way that’s both cost-effective and efficient.

How are this possible: With the extensibility platform businesses, business owners, and developers can create custom apps and modules to enhance the product or service offered by the vendor.

They can also add extra services such as reporting, analytics, and even third-party integrations such as Facebook, Instagram, or Google Analytics.

Through these extensions, companies hope to attract new customers while reducing costs, increasing sales revenue, and driving efficiency.

Who Benefits From Using The Extensibility Platform Businesses?

Companies that rely on the extensibility platform include retail, healthcare, education, insurance, banking, financial services, and many others.

Retail stores, such as Zappos, Nordstrom, and Amazon have used the extensibility platform to gain control over their sales channel so that they may generate greater revenues from increased traffic and higher conversions.

  • Healthcare providers use the extensibility platform for their digital transformation initiatives and applications.
  • Schools use the extensibility engine for their student data collection efforts and management programs.
  • Insurance institutions also leverage the extensibility platform through its powerful integrative capabilities.

Finally, banks continue to adopt the platform into their business solutions and products that bring convenience and ease to everyday tasks.

FAQ {Frequently Asked Question}

  1. How Can The Extensibility Of A Platform Benefit A Business?

    To understand How Can The Extensibility Of A Platform Benefit A Business, we need to consider its extensibility of a platform.
    The extensibility of a platform allows companies to grow their businesses by providing them with an ecosystem that allows collaboration and innovation.

What Does Extensibility Mean Products?

Extensibility is the property that a component or module has to allow it to be extended without changing its basic function.

Extensibility is a term that's often used in software engineering but is also becoming more popular in other fields such as internet marketing and media.

How Can The Extensibility of a platform User?

We will discuss how can the extensibility of a platform can be achieved and the key benefits that come as a result of it.

With the growing number of users and software applications, companies have to think about how a platform can be flexible.

A flexible platform allows for easy integration with new services and products in order to keep up with the changing demands across different platforms. It also allows for easier upgrades and bug fixes, which increases customer satisfaction and retention.

The flexibility of a platform can even help in maintaining security standards and keeping the system secure. This way, you don't need to worry too much about data loss or privacy breaches.

How Can The Extensibility Level impact User Adoption?

The user adoption of a business will always depend on several factors as they include:

User Experience whether the consumer likes the product or how good the product feels to use. If the user does not like the product, he or she might not use it even though it meets his or her requirements.

• Cost – whether the user finds out about the product before purchasing it or if the cost of the product ends up being too high

• Time – especially if there are certain processes involved in order to start using the product

A platform with lower levels of extensibility will often be associated with slower adoption rates since its users need to go through more steps to begin using it.

Therefore, it's important to know how much time it takes for a user to adopt technology after learning about it.

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Conclusion of How Can The Extensibility of A Platform Benefit A Business Accenture?

In a World of constantly evolving technologies, it is important to ensure your platform can be easily extended.

This capability will allow you to provide a solution that addresses the need of the changing market while still staying ahead of the competition.

✔ The conclusion offers a few examples of how this extensibility can benefit a platform.

In this article, we learned How Can The Extensibility Of A Platform Benefit A Business Accenture? We hope you enjoyed our article.

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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 meant by 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 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 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.

Do you think the platform is important for the business strategy of the company? ›

An effective platform strategy, undoubtedly, saves time, resources, and effort involved in keeping up with the market's competition. One can risk losing business opportunities if competitors deliver the same level of value to target audiences, faster and seamlessly.

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!

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.

How do you measure extensibility? ›

Extensibility can be determined by use of an ''extension diagram,'' where the drawdown force needed for elongation of an extruded strand is measured as a function of a slowly increasing drawdown speed. For this purpose, a tensile tester, the so-called ''Rheotens,'' was developed by Meissner (1969, 1971).

How did this client benefit from using an enterprise platform? ›

how did this client benefit from using an enterprise platform? With the move to a cloud-based platform, the client gained scalability and flexibility, which allowed them to scale upwards and downwards depending on the amount of traffic, challenges they faced, or seasonal changes in their business.

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 is product extensibility? ›

Product extensibility describes how easy it is to expand a product's feature set. An extensible product has been designed from its earliest stages for customization and enhancement.

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 the benefits of product expansion? ›

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 are the benefits of having an online platform to customers? ›

4 Advantages of using an online platform:
  • Tailored. The creators of these platforms have developed a tailored product by listening to the market. ...
  • Faster. By taking the time to set up the platform according to your own preferences, you can quickly save between 50% and 80% in time. ...
  • Teamwork. ...
  • Overview.
Jan 11, 2022

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 3 main characteristics of a platform business? ›

Platform business models have several key aspects. These include: Homogeneous 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. Advertisements. In personal computing, a platform is the basic hardware (computer) and software (operating system) on which software applications can be run.

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.

How do you create a platform strategy for a business? ›

10 Steps to Building a Digital Business Technology Platform
  1. Multi-year budget. ...
  2. Create organization. ...
  3. Engage service provider. ...
  4. Plan for skills development. ...
  5. Select technologies. ...
  6. API and integration strategy. ...
  7. Develop and deploy the MVP. ...
  8. Scale and expand.

What are the reasons for expansion of business? ›

However, expansion is crucial to increase profits and reach new customers. Expansion could involve increasing physical locations or offering more products or services. For example, you may want to diversify your revenue stream so that you aren't reliant on selling just one core product or service.

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.

Why is expansion strategy important? ›

The main benefit of creating a market expansion strategy is that it helps businesses make informed decisions about which markets to enter, when to enter them, and how to go about doing so. However, there are other benefits too, which span from financial to operational.

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 platforms do business owners use? ›

Social media for small business
  • Facebook.
  • Instagram.
  • Snapchat.
  • LinkedIn.
  • Twitter.
  • Pinterest.
Sep 20, 2022

When evaluating platforms What is the key factor? ›

Answer: When evaluating platforms, mapping the platform against defined business objectives is the key factor in ensuring a platform addresses an organization's needs.

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 4 reasons for business expansion? ›

Top four reasons businesses expand globally and what you need to...
  • To expand into a new market.
  • To provide local support for a large client.
  • To hire or retain a star employee.
  • To open a shared service, operations or development center.
Feb 10, 2016

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 the examples of business expansion? ›

Different forms of business expansion include opening in another location, adding sales employees, increased marketing, adding franchisees, forming an alliance, offering new products or services, entering new markets, merging with or acquiring another business, expanding globally and expanding through the internet.

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.

What are the advantages of platform solutions? ›

Platform Solutions

Pros: Solutions can be tailored to meet different industry requirements, integrations, regulations, or equipment. Platforms scale with your company, filling new needs and solving new problems with adaptable procedures and workflows.

What are the benefits of platform integration? ›

Data Management:

Integration platforms help organizations get a handle on their data by providing visibility into their data landscape and consolidating data from multiple sources. This, in turn, helps companies gain insights into their operations and make informed decisions based on the data.

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