P2P

42 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 1 Consequently, platformization ensures innovation, reliability, performance, up-time, and defensibility of security. This translates to commonality of experience for all users across applications, which typically leads to much higher adoption rates. Single source of truth: Speaking of buzzwords (or phrases in this case), what does it really mean to have a single source of truth? And why can it only be achieved via platformization? Take a mission-critical technology such as document or enterprise content management, the hub for all content, documents, emails ... everything that is managed by the firm, internally and externally with extranet collaboration. This should be the only place, the only authoritative repository of what the truth is pertaining to all documents, folders, emails etc. Platformization ensures that all solutions –– such as document and email management; collaboration, task and discussion management, and set builders –– share common storage with a common search engine. How can a service become the single source of truth if there are multiple storage silos for digital files, with multiple search engines, under different security models? Instantaneous inheritance: Platformization brings with it a key cloud advantage called "inheritance." Users across all firms and geographies automatically inherit innovations, certifications, bug fixes, security certifications, and new product solutions. This is a sure way to "future proof " a technolog y platform. If there was no single global multitenant service, how long would it take for all users, all firms, and all documents to inherit new enhancements? It's through this inheritance model that platformization is the present and the future of not only client acquisition but also existing client retention based on the frictionless nature of inherited innovation. Platformization Untruths The current M&A trend in legal and other industries cannot be ignored. Typically, larger vendors powered by private equity, as well as favorable market valuations, acquire smaller technologies and look to aggregate them under a single vendor umbrella. Some consider this platformization. However, simply aggregating under a single vendor does not constitute platformization because core technologies across all solutions are not normalized. Also, cloud platformization is very different from integration across multiple applications, which creates only a surface-level connection across separate solutions. The result is UI/UX consolidation, not platformization. Platformization Fueled by the Cloud While benefits of the cloud like elasticity, total cost of ownership, time to market, avoidance of complex upgrades, and ironclad security are now established, the market often does not recognize that the cloud has been equally heralded as a catalyst for innovation and digital transformation. This is thanks to the ability to increase development speed, provide near-limitless scale, and invest the vast majority of technology R&D back into the cloud. This should be music to the ears of all who are investing in cloud technologies. Since we established that only true SaaS companies can pursue platformization, we can also calculate the pay- off for cloud maturity. Experience matters. According to recent McKinsey Global Institute research, companies with higher cloud maturity share a number of traits: • They are early adopters of cutting-edge technology; • They aggressively innovate; and • They view technology as a competitive differentiator and key enabler for launching and building new businesses. F E A T U R E S

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