Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

E2 > Business models in digital ecosystem (Chapter 3) > Flashcards

Business models in digital ecosystem (Chapter 3) Flashcards

1
Q

disruptive technology

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

which two sectors have the largest growth with disruptive tech

A

-health sector
-financial services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what must you focus on regarding the emerging trends

A

focus on developing in digital strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

internet of me

A

center of digital experiences through apps and services are being centralized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

outcome economy

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what should orgs focus on regarding outcome economy

A

focus on outcome and what attracts customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

the platform (r)evolution

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

the intelligent enterprise

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

workforce reimagined

A

roles of humans are changing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

how to survive digital disruption

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

inspirational leadership

A

need to energize the workforce and inspire confidence about digitization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

competitive edge

A

need to change people’s mindsets and be innovative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

establishing a strategic direction

A

might need to be done in a new way

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

collaboration

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

business judgement

A

like which business model to use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

execution

A

how to effectively implement new tech

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

building talent

A

determine skills staff need and manage training/ recruitment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

challenges firms face to become digital enterprises

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

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

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

build

A

-build a new business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

benefits of building

A

-maximizes control
-minimizes costs in market the company owns

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

when should you buy

A

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

25
Q

partner

A

partner with another company

26
Q

benefits of partnering

A

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

27
Q

invest

A

invest in start ups

28
Q

incubate/ accelerate

A

-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

29
Q

operating model

A

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

30
Q

flexibility

A

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

31
Q

five successful digital operating models

A

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

32
Q

customer centric

A

-makes customers lives easier
-emphasize front-office processes

33
Q

extra frugal

A

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

34
Q

data powered

A

prowess in analytics and software intelligence

35
Q

skynet

A

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

36
Q

open and liquid

A

creating an ecosystem that can enrich customer proposition

37
Q

what two features have become apparent when employing staff

A
  1. greater transparency about employment opportunities for people looking for a challenge
  2. higher competition for digital talent
38
Q

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

A

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

39
Q

why have the two features for employing staff become more apparent

A

because of increased level of digitization

40
Q

how to retain talent

A

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

41
Q

how to become an employer of choice

A

-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

42
Q

formulate a long-term working strategy

A

create opportunity

43
Q

work with staff to develop company values together

A

look at staff’s aspirations

44
Q

empower the workforce

A

give incentives

45
Q

build workspaces that attract digital talent

A

physical layout and appearance of the environment

46
Q

how to create a workforce with digital skills

A

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

47
Q

develop required competencies within the workforce

A

consider skills needed and creating training for this

48
Q

bring new skills into the organization

A

hiring new people or having exchange programmers

49
Q

bringing leadership to the digital age

A

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

50
Q

6 roles CEOs should fulfil in the digital age

A
  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
51
Q

creator of vision and mission

A

expand mission statement to include a transformation purpose

52
Q

strategic planner

A

1 year planning cycles driven by data and analytics

53
Q

operational excellence driver

A

automation introduced in all departments

54
Q

areas to focus on to move to a digital culture

A

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

55
Q

journey management

A

forefront of culture change

56
Q

create environment where human and robots can work successfully together

A

reskill workers

57
Q

Buy

A

when you buy a new organisation

58
Q

need in-house training like

A

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

E2 (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions