51视频 Professor鈥檚 Work Praised as a 鈥楳ust Read鈥�
10/25/2019
Contacts for media: Nancy Cicco, 978-934-4944, Nancy_Cicco@uml.edu and Christine Gillette, 978-934-2209, Christine_Gillette@uml.edu
LOWELL, Mass. 鈥� A 51视频 expert in strategic management is winning praise for her research into how companies can transform their ventures to better compete in the digital marketplace.
Elizabeth J. Altman, an assistant professor in 51视频鈥檚 Manning School of Business, is an authority on what鈥檚 known as 鈥渕ulti-sided platforms,鈥� businesses that can be matchmakers, facilitating online transactions, often between buyers and sellers. Airbnb, Uber and Facebook are prime examples. Other companies, such as Amazon, have various elements to their businesses, some of which function as platforms. In Amazon鈥檚 case, their Marketplace is a great example of a multi-sided platform, Altman said.
As these ventures play an increasingly larger role in the global economy, Altman 鈥� who teaches courses in managing in the digital economy, strategic management, organization theory and organizational behavior 鈥� is examining how more traditional businesses can compete 鈥� or whether they should even try.
The article 鈥淔inding the Platform in Your Product,鈥� which shares her work, has been singled out by Harvard Business Review and included in the book 鈥淗BR鈥檚 10 Must Reads on Business Model Innovation鈥� and an edition of 鈥淗BR鈥檚 10 Must Reads of 2019.鈥�
鈥淭he digital economy is enabling more and more companies to operate online and many companies are founded to be multi-sided platforms. But, there are many companies out there that aren鈥檛. This research provides a framework that helps those companies transition to more platform-based business models,鈥� said Altman, who co-wrote the piece with fellow researcher Andrei Hagiu, a Boston University associate professor of information systems.
The LEGO Group and General Electric 鈥� two traditional, longstanding businesses that now invite the public to submit ideas for innovations via online platforms 鈥� are examples of enterprises that are incorporating a digital presence into their identity, according to Altman.
鈥淚t doesn鈥檛 make sense for all companies to transition to platform-based models, but all companies should think about it and know about them because they need to understand their potential competitors,鈥� Altman said. 鈥淚f you are going to operate in a platform-based ecosystem, the more you can understand about the dynamics of that ecosystem, the better off you will be.鈥�
The research and associated article are making an impact by becoming popular reading in business schools and as a foundation for other academic research. The work has also been well-received by professionals in the working world, according to Altman.
鈥淧eople tell us that the ideas in the article are helping them to look at their businesses a little differently and that they would like to hear more. As a business school professor, that鈥檚 as good as it gets,鈥� Altman said.
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