Digital Business: Foundations and Strategies

Topics

Tangible Assets: Physical resources that have a monetary value.
Intangible Assets: Non-physical resources such as knowledge, skills, and abilities.

Unique benefits and advantages that a product, service, or company offers to its customers.
Elements:
- Benefits
- Features
- Differentiation
- Target Audience

"There is no room for complacency in the fast-moving digital world." - Neelie Kroes, EU Commissioner for Digital Agenda
"The only wrong move when it comes to Digital Transformation is not to make any move at all." - Didier Bonnet, Senior VP Capgemini

Digital Businesses: Use of technology to create new value in business models, customer experiences, and the internal capabilities that support its core operation.
Accenture: Digital businesses create competitive edges based on unique combinations of digital and physical resources; they do things that others cannot and in ways that build comparative advantage.
Gartner: Digital business is the creation of new value chains and business opportunities that traditional businesses cannot offer.

Existing technologies: To cut costs, gather data, and provide a better customer experience.
Concept of digital transformation and cultural shift: IT is given greater input into strategic decisions.
Business Models: That put customer experience at the center of the digital strategy.

“Pull mechanism”
Consumer -- proactive
Improve customer experience
Builds trust by offering potential customers information they value
Uses content marketing, social media marketing, search engine optimization and branding

The point when the consumer researches a product online prior to making a purchase.

Social networking: Designed for interaction and building relationships.
Social knowledge: Users contribute and share information or expertise to help an audience by solving their problems and showing how products have helped others.
Social sharing: Involves sharing content with others, often through multimedia.
Social news: Users share and discuss news articles, blog posts, and other timely content.
Social streaming: Broadcasting live video content to an audience in real time.
Company user-generated content & community: Leveraging user-generated content, such as reviews, testimonials, and photos, to build community engagement and trust.