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Digital Business and Transformation Lectures + Book Summary
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(2023) Summary Book Digital Business Transformation + Selfmade exam + RUG mock exam
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Lecture 1What is 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
The business model rules have changed The spread of new digital technologies and disruptive
threats are transforming business models
Who survives? What separates businesses that manage to adapt and thrive in a digital world
from those who fail?
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
• Competitive assets no longer just reside within the company,
but in the network of partners brought together
• 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
,Relationships with customers are more two-way
From passive targets to dynamic networks
Competitive assets also lie in partner networks
From products to platforms
The more people are part to a network, the higher the value of the network becomes
Comparison of direct and indirect network effects
Network effects: Product or service becomes more valuable when more people use it
, Data is everywhere and up for grabs
From a lack to an abundance of data
Data no longer just supports an organization; it is an asset itself
Imperative for businesses to turn data into truly strategic assets
• Assembling the right data and applying it effectively to generate long-term business value
• E.g. effectively collaborating with data partners
• Understanding sources and analytical capabilities of big data
• Risks of data security and privacy
Innovation cycles can be much shorter
From top down planning to experimentation
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