Five business problems platform thinking helps legacy firms solve

Legacy firms struggle to adapt in a business environment increasingly shaped by platform-based models. While research has emphasized how digital-native companies harness network effects and ecosystems, less is known about how incumbents apply platform thinking to address their own challenges. We analyzed 140 platform initiatives launched by S&P 500 companies to understand how legacy firms use platforms in practice. Our findings reveal five recurring business problems that incumbents address through platform thinking: transaction inefficiencies, evolving customer demands, innovation bottlenecks, underutilized data, and lack of data for strategic insights. We identify corresponding “platform thinking hacks” that map these problems to specific platform mechanisms. The study contributes by reframing platform thinking as a problem-driven strategic lens for legacy firms. For managers, it offers a taxonomy and roadmap to selectively embed platform elements without abandoning existing business models.