Business in the Digital Age

Business in the Digital Age How technology is changing business models and operations The Digital Revolution “"The Internet is becoming the town square for the global village of tomorrow."” - BILL GATES Digital Business Models Ecommerce Subscription services Digital advertising Freemium model Selling products and services through a website or mobile app Providing access to products/services for recurring fees Displaying ads on websites, apps and social media to generate revenue Offering basic services for free while charging for premium features Digital business models leverage the internet and technology to provide innovative ways to generate revenue. Digital Marketing Search Engine Optimization Social Media Marketing Email Marketing Optimizing website content and technical elements to improve rankings on search engines like Google. Promoting products/services and engaging with target audiences on social platforms like Facebook, Instagram, Twitter, etc. Sending promotional and transactional emails to subscribers/customers to nurture relationships and drive conversions. Content Marketing Paid Search/PPC Affiliate Marketing Creating and distributing valuable, relevant and consistent content to attract and retain a clearly defined audience. Advertising products/services on search engines like Google and Bing through pay-per-click campaigns. Partnering with relevant websites and content creators to promote products/services and generate commissions on sales. Leveraging Data & Analytics Customer analytics dashboard Supply chain optimization Sales performance metrics A dashboard with charts showing customer demographics, behavior, and preferences. A map with arrows showing how data is used to optimize logistics and inventory. A bar graph comparing sales by product line and region over time. Digital Customer Experiences Amazon One-Click Ordering Starbucks Mobile Ordering Sephora Virtual Artist Amazon patented its one-click ordering that allows customers to purchase with a single click, improving convenience. Starbucks mobile app allows customers to order and pay ahead then pick up in store, avoiding lines. Sephora's app allows customers to virtually try on makeup products using AR technology. Digital Transformation Leaders Organizational Challenges Resistance to change Skills gap Siloed teams Data security Employees accustomed to legacy systems may resist adopting new digital tools and workflows. Lack of digital skills and technical expertise to implement and manage new technologies. Departments working in isolation rather than collaborating across the organization. New digital systems may introduce cybersecurity and data privacy risks. To overcome these challenges, focus on training, change management, and cross-functional collaboration. Digital Transformation Framework Customer Experience Operational Efficiency New Business Models Leverage digital technologies like AI, mobile apps, IoT, etc. to enhance customer experience and engagement. Automate processes and leverage data analytics to drive efficiency, reduce costs and enable innovation. Develop new digital revenue streams, transition f rom products to services, and tap into platform business models. Organizational Agility Data & Analytics Build a responsive, agile organization through updated policies, digital skills development, and cross-functional collaboration. Implement capabilities to leverage data f rom multiple sources to generate actionable insights and guide decision-making. Digital Skills Gap Demand for web development skills Demand for AI/ML skills Demand for data analytics skills Current supply of skilled professionals