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Infrastructure Stratergy > Lecture Five - Digitalization > Flashcards

Lecture Five - Digitalization Flashcards

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1
Q

Business Competitive Advantage - Definition

A

The ability of a company to offer goods or services at a better quality or lower cost than competitors.

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2
Q

Business Competitive Advantage - Components

A

Company’s resources
Structure
Supply chain network

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3
Q

Business Competitive Advantage - Strategic Agility

A

Ability to adapt to market changes and maintain competitiveness.

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4
Q

Business Competitive Advantage - Strategic Agility Taxonomy

A

Strategic Sensitivity: Ability to understand the environment tactically.
Strategic Response: Ability to react or proactively adapt to environmental changes.
Collective Capabilities: Skills and resources that enhance strategic agility, derived from human infrastructure and information resources.

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5
Q

Strategic Agility - Concept

A

Concept: The capacity of an organization to remain flexible and responsive to changing business environments.

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6
Q

Strategic Agility - Components

A

Strategic Sensitivity: Tactical awareness of market dynamics.
Strategic Response: Proactive and reactive strategies to leverage changes.
Collective Capabilities: Leveraging organizational human capital and information resources for strategic agility.

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7
Q

Strategic Agility - Importance

A

Enables organizations to survive and thrive amidst dynamic market conditions.

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8
Q

Types of Business Models

A

Freemium: Offers basic services for free while charging for premium features (e.g., LinkedIn).
Service Sales: Direct sale of services to customers (e.g., Microsoft Teams).
Subscriptions: Recurring revenue from ongoing service access (e.g., Spotify).
Retail: Selling goods to consumers online or in physical stores (e.g., Amazon).
Commissions: Revenue from facilitating transactions (e.g., eBay).
Advertising: Generating income through ad placements (e.g., Google).
Licensing: Selling rights to use proprietary content (e.g., Apple).

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9
Q

Freemium Model - Definition

A

Combines free and premium services, monetizing a small percentage of users who pay for enhanced features.
Term coined by entrepreneur Jarid Lukin.

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10
Q

Freemium Model - Strategy

A

Offer a basic service for free to attract users.
Convert a percentage to paying customers for additional features or content.

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11
Q

Freemium Model - Anderson’s 5%/95% Rule

A

Companies give away 95% of products/services for free, profiting from the 5% that pay.

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12
Q

Freemium Model - Critical Decision

A

Determining what to offer for free and what to charge for is crucial to the model’s success.

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13
Q

Advertising Model - Concept

A

Revenue generation through selling ad space within apps or platforms.

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14
Q

Advertising Model - Example

A

Google: Earns revenue from search and display advertising.
Social Media Platforms: Twitter and Instagram monetize user engagement through targeted ads.

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15
Q

Advertising Model - Benefits

A

Strengthens mobile revenue streams.
Provides free access to users while monetizing through advertisers.

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16
Q

Commission Model - Definition

A

Generates revenue by taking a commission from transactions facilitated through the platform.

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17
Q

Commission Model - Examples

A

eBay: Charges fees for listing and selling items.
Real Estate Brokers: Earn commissions on property sales.

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18
Q

Commission Model - Advantages

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A

Aligns business success with transaction volume.
Encourages a large user base to drive transactions.

19
Q

Fee-for-Service Model - Concept

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A

Customers pay based on the amount of service or product usage.

20
Q

Fee-for-Service Model - Examples

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A

Telecommunications: Pay-as-you-go phone services charge only for minutes used.
Consulting Services: Clients pay for the hours or services rendered.

21
Q

Fee-for-Service Model - Advantages

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A

Flexible pricing aligned with customer needs.
Encourages efficient service use by customers.

22
Q

Licensing Model - Definition

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A

Selling rights to use proprietary content or technology to third parties.

23
Q

Licensing Model - Common Use

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A

Software Publishers: License software products to users or businesses.
Media Companies: License content for distribution or broadcast.

24
Q

Licensing Model - Example

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A

Apple licenses its operating systems to device manufacturers.

25
Licensing Model - Advantages
Provides a recurring revenue stream. Expands market reach without direct sales efforts.
26
Subscription Model - Definition
Recurring revenue model where customers pay a regular fee for continued access to products or services.
27
Subscription Model - Example
Streaming Services: Spotify charges a monthly fee for ad-free music streaming. Software as a Service (SaaS): Platforms like Adobe Creative Cloud offer subscription-based access to software.
28
Subscription Model - Benefits
Predictable revenue stream. Builds long-term customer relationships. Encourages continuous product/service improvement.
29
Retail Model - Definition
Selling goods directly to consumers through physical or online stores.
30
Retail Model - Evolution
Shift towards e-tailing with digital payment and delivery methods.
31
Retail Model - Example
Amazon dominates the e-commerce space with a vast product selection and efficient logistics.
32
Retail Model - Advantages
Direct consumer interaction and feedback. Flexibility in product offerings and pricing strategies.
33
Business Environment Understand - Purpose
Staying informed and agile in a dynamic business landscape.
34
Business Environment Understand - Methods
Why: To learn, seek employment, and stay informed. What: Engaging with tech and business news to grasp current trends. How: Regularly visiting informative websites and resources.
35
Value of Technology in Business - Debate
Technology’s impact on business varies among researchers.
36
Value of Technology in Business - Views
Direct Impact: Technology drives business improvements and efficiencies. Indirect Impact: Supports strategic alignment and business processes (Mavengere, 2013). Skeptical View: Nicholas Carr argues technology alone doesn’t provide competitive advantages.
37
Value of Technology in Business - Nicholas Carr’s Thesis
ICT is an infrastructure available to all. Advantage lies in aligning ICT with business strategies rather than in ICT itself.
38
Learning Activity - Leavitt's Model (1965)
Framework for assessing organizational change impacts. Components: People, Technology, Structure, and Tasks.
39
Digitalization and Business Strategy - Emerging Technologies
Blockchain & Smart Contracts: Enhancing transparency and efficiency in transactions. Robotics & 3D Printing: Automating production and enabling customization. Artificial Intelligence (AI): Driving data analytics and decision-making. Cognitive & Quantum Computing: Solving complex problems beyond traditional computing capabilities.
40
Digitalization and Business Strategy - Digitalization Impact
Changes in business operations, roles, and offerings. Influence on processes, KPIs, leadership, and organizational structure (Parviainen et al.).
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Digitalization Wide and Deep Opportunities
Process Level: Streamlining workflows and reducing manual steps through digital tools. Organization Level: Innovating services and eliminating outdated practices. Business Domain Level: Shifting roles and value chains within ecosystems. Society Level: Transforming societal structures and decision-making processes.
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Goals of Digitalization
Internal Efficiency: Optimizing internal processes via digital means. External Opportunities: Capitalizing on new business prospects. Disruptive Change: Altering traditional business roles and creating new paradigms.
43
Industry Revolution and Future View - Industry 4.0 and Beyond
Permanent Adaptability: Businesses dynamically respond to market demands. Personalized Offerings: Customizing products/services to meet individual client needs. Efficient Post-Sales Service: Enhancing customer experience with timely support. Rapid Development Cycles: Shortening time-to-market for products and services. Data-Driven Insights: Leveraging analytics from diverse sources for real-time decision-making.
44
Pre-Digitalization Challenges:
Data-Intensive Processes: Time-consuming and complex workflows. Information Overload: Difficulty managing vast data pools. Data Quality Issues: Ensuring accuracy and integrity. Unmanageable Content: Difficulty organizing and retrieving documents. Missed Insights: Overlooking relevant information and business opportunities. Customer Perception: Influence on brand reputation and product perception.

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