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Digital Business and Transformation - All exam material summary
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Summary of The Digital Transformation Playbook _Rethink your business for the digital age _ CH1-CH6
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Digital business & transformation book summary
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Week 1Hoorcollege 1 Introduction to Digital Business and Transformation
Introduction
Five Domains of Digital Transformation
De opdracht:
• Comparison of firms in regards to their digitalization efforts due to COVID pandemic
• We provide you with the data for 2019 except for the documents
• You collect data for 2020
• Assignment is done in teams of five
1 student zoekt de data voor 1 firm, dus dan ga je verschillende 5 bedrijven met elkaar
vergelijken. Dus hoe de bedrijven hebben gereageerd op COVID
Het examen:
- 40 multiple choice questions, book, articles, lectures, lecture slides and discussions in
lectures
2 hours, one question at the time, no backtracking, example of exam will be posted on
Nestor
Why do a lot of digitalization projects fail?
Resistance to change from employees, resistance to change is important
Digital transformation is not easy. Many digital transformation initiatives fail or don’t even
meet goals.
• 70% of digital transformations fail, most often due to resistance from employees
• Of the 1.3 trillion dollar spent on digital transformation in 2018, an estimation 900
billion dollar was wasted when initiatives didn’t meet their goals
• More than 50% of digital transformation efforts fizzled completely in 2018
• Only 7% of companies have fully implemented their digital transformations
Culture is the most significant self-reported barrier to digital effectiveness
What is digital transformation?
Digital transformation = a change in how a firm employs digital technologies, to develop a
new digital business model that helps to create and appropriate more value for the firm
,Phases of digital transformation:
• Digitization: encoding of analog into a digital format
• Digitalization: how IT can be used to alter business processes
• Digital transformation: company-wide change and new business models
The business models have changed
The spread of new digital technologies and disruptive threats are transforming business
models
What companies do survive?
What separates businesses that manage to adapt and thrive in a digital world from those
who fail?
The new companies do better than older ones, such as Amazon, Netflix, Google and Airbnb.
Netflix produces owned content. Just very simple ideas (Airbnb) can have a huge impact and
make a lot of revenues. Platforms become such important players.
The 5 domains of strategy are changing
Digital technologies are transforming how business models are designed
• Relationships are much more two-way: dynamic participation as a success driver,
from passive targets to dynamic networks
• Competitive assets are no longer just reside within the company, but in the network of
partners brought together. They lie in partner networks, from products to platforms
• Everyone creates data and storage is easier and cheaper than ever
• Digital technologies enable continuous testing and experimentation
• Constantly searching for the next source of customer value is imperative
Five domains of strategy: CUSTOMERS, COMPETITION, DATA, INNOVATION, VALUE
,The digital transformation playbook: digital forces are shaping the 5 key domains of
strategy
• Harness customer networks
• Build platforms, not just products
• Turn data into assets
• Innovate by rapid experimentation
• Adapt your value proposition
1. Customers
Today, relationships with customers are more two-way. From passive targets to dynamic
networks
, Less like isolated individuals and more like tightly connected individuals. Many companies
are harnessing customer networks to enhance their products
• Learning to engage, empower and co-create with customers (Waze, app om de files
te checken etc)
• Leverage ways that happy customers influence others
• Thinking like a media company
2. Competition
Competitive assets also lie in partner networks. From products to platforms
What is important of platforms, the more people are using the network or platform, the
valuable it gets. The higher the value of the network.
Network effects = product or service become more valuable when more people use it.
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