Modern Excel refers to more recent versions of Excel (2016 onwards, including Office 365) which come packed with powerful tools and features to enhance data analysis, visualization, and processing. Key features of Modern Excel include:

1. Power Query: This data connection technology enables you to discover, connect, combine, and refine data across a wide variety of sources.
2. Power Pivot: A data modeling technology that lets you create data models, establish relationships, and create calculations. It helps you to perform powerful data analysis and create sophisticated data models.
3. Enhanced visualization tools: Modern Excel includes more advanced chart types, including waterfall, sunburst, and funnel charts, as well as 3D maps.

Microsoft’s Power Platform, on the other hand, is a suite of tools designed to help businesses analyze data, automate workflows, build solutions, and create virtual agents. As of my knowledge cutoff in September 2021, the platform consists of four main components:

1. Power BI: A business analytics tool that turns unrelated sources of data into coherent, visually immersive, and interactive insights.
2. Power Apps: A low-code platform for building and deploying custom applications quickly.
3. Power Automate (formerly known as Microsoft Flow): A service that helps you create automated workflows between your favorite apps and services to synchronize files, get notifications, collect data, and more.
4. Power Virtual Agents: These are intelligent AI-powered virtual agents designed to create rich, conversational experiences.

Both Modern Excel and the Power Platform offer powerful tools to streamline data analysis and business processes, often integrating with one another for a more efficient workflow. For example, data analyzed and structured in Excel can be imported into Power BI for more complex visualizations and report creation.