Business models in digital ecosystem (Chapter 3)

Question 1

disruptive technology

Answer 1

when technology is used to fundamentally change and disrupt the existing business model

Question 2

which two sectors have the largest growth with disruptive tech

Answer 2

-health sector
-financial services

Question 3

what are the 5 emerging trends that are shaping the scope of the digital landscape

Answer 3

-internet of me
-outcome economy
-the platform (r)evolution
-intelligent enterprise
-workforce reimagined

Question 4

what must you focus on regarding the emerging trends

Answer 4

focus on developing in digital strategy

Question 5

internet of me

Answer 5

center of digital experiences through apps and services are being centralized

Question 6

outcome economy

Answer 6

have a higher ability to measure the outcomes of services they deliver

Question 7

what should orgs focus on regarding outcome economy

Answer 7

focus on outcome and what attracts customers

Question 8

the platform (r)evolution

Answer 8

global platforms are easier to establish and cheaper to run because technology is rapidly changing

Question 9

the intelligent enterprise

Answer 9

using data in a smart way lets orgs be more innovative and achieve higher degrees of operating efficiency

Question 10

workforce reimagined

Answer 10

roles of humans are changing

Question 11

how to survive digital disruption

Answer 11

-inspirational leadership
-competitive leadership
-establishing a strategic direction
-influence external parties
-collaboration
-business judgement
-execution
-building talent

Question 12

inspirational leadership

Answer 12

need to energize the workforce and inspire confidence about digitization

Question 13

competitive edge

Answer 13

need to change people’s mindsets and be innovative

Question 14

establishing a strategic direction

Answer 14

might need to be done in a new way

Question 15

collaboration

Answer 15

be part of the wider ecosystem and decide who to collaborate with and how

Question 16

business judgement

Answer 16

like which business model to use

Question 17

execution

Answer 17

how to effectively implement new tech

Question 18

building talent

Answer 18

determine skills staff need and manage training/ recruitment

Question 19

challenges firms face to become digital enterprises

Answer 19

-business model is disrupted
-company needs to disrupt themselves if they want the new business mode to succeed

Question 20

what do firms need to do to build a disruptive business model

Answer 20

-cope with change
-need to change the way they identify, develop and launch new business ventures
-need to adopt one of five approaches

Question 21

what are the five approaches you need to adopt to build a disruptive business model

Answer 21

-build
-buy
-partner
-invest
-incubate/ accelerate

Question 22

build

Answer 22

-build a new business

Question 23

benefits of building

Answer 23

-maximizes control
-minimizes costs in market the company owns

Question 24

when should you buy

Answer 24

buy when you need to own the market or if there’s a significant change market is immenent

Question 25

partner

Answer 25

partner with another company

Question 26

benefits of partnering

Answer 26

-helps you learn more about the market and its partners models -learn about emergent opportunities

Question 27

invest

Answer 27

invest in start ups

Question 28

incubate/ accelerate

Answer 28

-close relationship to funding a company deploying corporate internal capabilities, infrastructure and resources to start ups -need to outline both internal benefits and suitable incentives for start ups -need a clear strategy and vision

Question 29

operating model

Answer 29

a clear description of the key relationship between functions, processes and structures that are needed for an organization to fulfil its mission

Question 30

flexibility

Answer 30

what must you replace rigid approaches to technology data and processes with

Question 31

five successful digital operating models

Answer 31

-customer centric -extra-frugal -data-powered -skynet -open and liquid

Question 32

customer centric

Answer 32

-makes customers lives easier -emphasize front-office processes

Question 33

extra frugal

Answer 33

-less is more -standardized organization structure -optimize manufacturing to give high quality service at a low cost

Question 34

data powered

Answer 34

prowess in analytics and software intelligence

Question 35

skynet

Answer 35

makes intensive use of machines to increase productivity and flexibility in production

Question 36

open and liquid

Answer 36

creating an ecosystem that can enrich customer proposition

Question 37

what two features have become apparent when employing staff

Answer 37

1. greater transparency about employment opportunities for people looking for a challenge 2. higher competition for digital talent

Question 38

why should companies have greater transparency about employment opportunities for people looking for a challenge

Answer 38

because people are more informed because of inside information because of agencies and peer reviewed

Question 39

why have the two features for employing staff become more apparent

Answer 39

because of increased level of digitization

Question 40

how to retain talent

Answer 40

-notice what staff are saying about the organization -introduce a referral program

Question 41

how to become an employer of choice

Answer 41

-formulate a long-term working strategy -work with staff to develop company values together -empower the workforce -build workspaces that attract digital talent -create policies that support collaboration and knowledge sharing tools

Question 42

formulate a long-term working strategy

Answer 42

create opportunity

Question 43

work with staff to develop company values together

Answer 43

look at staff's aspirations

Question 44

empower the workforce

Answer 44

give incentives

Question 45

build workspaces that attract digital talent

Answer 45

physical layout and appearance of the environment

Question 46

how to create a workforce with digital skills

Answer 46

collaborate with educational establishments for skills needed need in-house training

Question 47

develop required competencies within the workforce

Answer 47

consider skills needed and creating training for this

Question 48

bring new skills into the organization

Answer 48

hiring new people or having exchange programmers

Question 49

bringing leadership to the digital age

Answer 49

-must be forward thinking -cannot have an autocratic and hierarchical structure -have a flat organizational structure -must be more risk tolerant

Question 50

6 roles CEOs should fulfil in the digital age

Answer 50

1. creator of vision and mission 2. strategic planner 3. driver of information-based business models 4. enabler of the shift to on-demand operating models 5. innovation promotor 6. operational excellence driver

Question 51

creator of vision and mission

Answer 51

expand mission statement to include a transformation purpose

Question 52

strategic planner

Answer 52

1 year planning cycles driven by data and analytics

Question 53

operational excellence driver

Answer 53

automation introduced in all departments

Question 54

areas to focus on to move to a digital culture

Answer 54

-communication -journey management -make changes visible -continuing change monitoring

Question 55

journey management

Answer 55

forefront of culture change

Question 56

create environment where human and robots can work successfully together

Answer 56

reskill workers

Question 57

Buy

Answer 57

when you buy a new organisation

Question 58

need in-house training like

Answer 58

-develop required competencies within the workforce -mine your organization for hidden talent -bring new skills into the organization