All six lectures of the course "Digital Business and Transformation" from the year are covered in this document. It contains text from the slides, pictures and some additional notes taken during the lectures.
,LECTURE 1
Chapter 1 & article 1 – Introduction to the course & Five domains of digital transformation
What 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 (p. 1, Verhoef et al., 2019).
- External drivers of digital transformation
o Digital technology
o Digital competition
o Digital customer behavior
- Phases of digital transformation
o Digitization (encoding of analog into a digital format)
o Digitalization (how IT can be used to alter business processes)
o Digital transformation (company-wide change and new business models)
- Strategic imperatives of digital transformation
o Digital resources
o Organizational structure
o Growth strategy
o Metrics and goals
The business model rules have changed
The spread of new digital technologies and disruptive threads are transforming business
models
Who survives?
What separates businesses that manage to adapt and thrive in a digital world from those who
fail?
Industry boundaries are becoming vaguer because of digital business.
What are challenges of digital transformation?
- Privacy
- Automation (replacement of workers) if decisions are made by algorithms, it
becomes difficult for who’s to blame/accountable
- Security of data collection
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
customers, competition, data, innovation, value
The digital transformation playbook
Digital forces are shaping 5 key domains of strategy
, Relationships with customers are more two-way
From passive targets to dynamic networks
From To
Customers as mass market Customers as dynamic networks
Communications are broadcast to customers Communications are two-way
Firm is key influencer Customers are the key influencer
Marketing to persuade Marketing to inspire purchase, loyalty,
advocacy
One-way value Reciprocal value flows
Economies of scale Economies of (customer) value
This results in:
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
- Leverage ways that happy customers influence others
- Thinking like a media company
Competitive assets also lie in partner networks
From products to platforms
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