Platfornovation: Platform-based Innovation — Discussing Competitiveness from the First to the Fourth Industrial Revolution

To fulfil the diversifying needs of customers and to provide customised products and services, suppliers are expected to establish small-batch production systems. However, shorter product life cycles and decrement in economies of scale incur additional costs. With the rising costs, the upcoming challenge for companies is providing customers with customised products and services without additional costs.In this era of dynamic changes in the market, both customers and suppliers are likely to achieve lower costs through the collaborative platforms that are fuelling the Fourth Industrial Revolution. Users and suppliers will be able to overcome time and space constraints through platforms using technologies, such as IoT, Big Data, and Artificial Intelligence (AI).In future, all the platform-based innovation activities, called “Platfornovation”, will create an optimal environment that satisfies the needs of both users and suppliers. Most products and services will be divided into minimally functioning modules, and the market will be divided and integrated across domains. In such an era, it is possible that the competitiveness of a company or an individual will depend on the brand. The platform, company, and its individuals must constantly be attractive to be selected.