Week 1

What are the 5 business models?

1. Brick and Click 2. Subscription 3. Online Marketplace 4. Franchise 5. Asset-light/Aggregator

What is the scope in digital business transformation?

1. Business, organisation, enterprise 2. Societal 3. Nation

What is the requirements in digital business transformation?

1. Digital leadership 2. People and culture 3. Technology

What are the stages of digital transformation?

1. Digitization 2. Digitalization 3. Digital Transformation

What are the characteristics of digital business?

1. Disrupting existing business operations 2. Blurring the digital and physical world 3. More influence of customers 4. Things will be an agent not human 5. Agility, speed, scale, responsiveness 6. Combining people, business and physical world 7. Digital Leadership

What is a digital culture?

1. Impact (Impact must be towards the people and not just the company) 2. Speed (agility; ability to evolve with what is happening around the world. 3. Openness (Is it the organisation's culture to share knowledge and skillsets within the organisation?) 4. Autonomy (Is autonomy given to employee? Initiatives that are ground up is more successful because employees want to see it happen too)

What are the aspects within a digital transformation?

1. Products and Services 2. Processes 3. People

What is strategy for digital transformation for leadership?

1. Transformation have to cut across the entire organisation 2. make sure that technology is mature enough to solve the problems the company is facing. Cannot just take any technology and apply to the business. 3. The alignment top management and rest of the organisation 4. Productivity from technology 5. Navigation from leader 6. Leader need to set a clear goal.

What is a digital-first strategy?

Applying new technologies to change customer experience and creating new value

How should we begin the digital transformation?

Companies should start from the customer experience and look for customers pain points. They can do so by doing design thinking and empathizing with customers. Technology does not come in at the start, it is an enabler and only comes in after finding out what the company wants to solve and what type of experience they want to create.

Should technology be the focus?

Customer need is the focus, not technology. Companies need to come up with a solution that is practical. If you think about technology first before empathizing with the customer's pain point, the solution will often become too complex and no longer practical to implement.

What is industry 4.0?

Cyber physical systems, internet of things, networks

What is Digital Transformation?

Digital Transformation is the process of rethinking one's business model or business process in light of the availability and affordability of digital technology. It requires coordination across the entire organisation, since it applies new technologies to fundamentally change the way business is done. For many enterprises today, the driving motivation of digital transformation is the chance to gain competitive advantages by improving customer experience.

What is digital business?

Digital businesses use technology to create new value in business models, customer experiences and the internal capabilities that support its core operations. The term includes both digital-only brands and traditional players that are transforming their businesses with digital technologies.

Is technology sufficient to create new values?

No, data needs to come in as well. Data has to be integrated data coming in from various sources. That is when you will be able to find actionable insights.

Is customer everything?

No. The whole ecosystems is involved. From: 1. regulators/government 2. infrastructure 3. supporting industries 4. software giants 5. mindsets

Why is there a need to transform?

With the advancement of technologies, business, society and nation needs to evolve to remain competitive and create opportunity. We need to constantly evolve to stay competitive because everyone else is evolving; this applies to not just organisations, but also nations.

Should adoption of digital transformation be total?

Yes, it should be total and not partial. It is a business evolution and culture of a company plays a big role. As leader, need to have a clear goal and you need to think about cultivating a culture that is willing to learn and share.

What is digitization?

the conversion of analog or physical information into digital format.

What is digitalization?

the use of digital technologies to enable or improve business models and processes. Using digital technology to transform reporting processing, analysing data in real time to get insights for business decisions.