Digital transformation
What are the key characteristics of digital transformation?
Change, rapid adoption of technology, marketplace disruption, creating highly responsive strategy, fearless culture of innovation, creating a new competitive advantage, empowering teams with new methods.
Give a definition of digital business
Digital business refers to the use of digital technologies to create new value in business models, customer experiences, and internal operations. It involves leveraging technology to innovate, drive revenue growth, and gain a competitive edge in the market.
Who is a business angel and a venture capitalist?
A business angel is a wealthy individual who invests personal capital in the initial phase of a business, often referred to as an angel investor.
A venture capitalist is a professional investor who invests capital from various sources such as individuals, corporations, pension funds, and foundations into high-potential companies.
Complete the gaps to make collocations with the word digital.
Digital
_r_ _sf_ _m_ti_ _
_e_ _nolo_ _
b_ _ in_ _ _ s
Digital transformation
Digital technology
Digital business
Give some examples of organizations that have successfully undergone digital transformation and become digital innovators?
Examples of organizations that have successfully undergone digital transformation and become digital innovators include companies like Amazon, Uber, Netflix, and Tesla, which have disrupted traditional industries through innovative use of technology.
What distinguishes digital business from e-business?
Digital business integrates connected and intelligent physical objects with people and business processes, going beyond e-business, which typically focuses on online transactions and presence.
What is the difference between a business angel and a venture capitalist?
The main difference between a business angel and a venture capitalist is that business angels are usually private investors who invest their own finances in a business, while venture capitalists are professional investors who invest funds from various sources. Additionally, business angels often invest in early-stage startups and provide mentorship or advisory roles, whereas venture capitalists typically make larger investments and assist in building successful companies by providing strategic guidance and recruiting senior management.
fill in the blanks:
1. Initial
2. Return
Find the wrong statement
1. e-business is the conduct of business processes over the Internet.
2. digital business uses technology to create new value in business models.
3. e-business is a general term that encompasses all forms of using digital information and communication technologies to support and optimise business processes.
4. digital business creates a competitive edge based on unique combinations of digital and physical resources.
5. e-business includes both digital-only brands and traditional players that are transforming their businesses with digital technologies.
5. ̶e̶-̶b̶u̶s̶i̶n̶e̶s̶s̶ digital business includes both digital-only brands and traditional players that are transforming their businesses with digital technologies.
Find the wrong statement
1.Digital has become more of a “thing” and is now thought to be more of a way of doing things.
2. Digital business offers unprecedented integration of people, businesses, and things.
3. What makes digital business different from e-business is the presence and integration of things, connected and intelligent, with people and business.
4. The IoT and digital business can't be used interchangeably.
5. Digital business facilitates existing business models.
5. Digital business ̶̶̶f̶a̶c̶i̶l̶i̶t̶a̶t̶e̶s̶̶̶ disrupts existing business models.
What role do venture capitalists play in helping companies succeed after making investments?
The role of venture capitalists in helping companies succeed after making investments includes:
What role does the Internet of Things (IoT) play in digital business?
The IoT is integral to digital business, as it involves physical objects embedded with technology to communicate and interact with their environment. However, digital business encompasses more than just IoT, as it focuses on leveraging digital technologies to transform business processes and models.
What is the relationship between digital business and digital transformation?
Many characteristics of digital business overlap with the concept of digital transformation, which uses a customer-centric focus to guide the implementation of digital technologies in operational systems and business models.
Digital business is the end goal, and digital transformation is
the process that companies undergo in order to get there
Provide an example of how digital business impacts the retail sector?
In the retail sector, digital business could involve using sensors to track customer activity in dressing rooms and providing personalized recommendations, such as suggesting accompanying items or displaying options based on the customer's price limitations.
How do entrepreneurs usually find business angels, and what are some alternative methods for finding angel investment opportunities?
Entrepreneurs usually find business angels through their own network of personal friends and family. This means that they leverage their existing relationships to identify potential angel investors. Additionally, entrepreneurs can also find angel investment opportunities through formal networking organizations. These organizations are specifically designed to connect entrepreneurs with business angels and provide a platform for seeking investment opportunities outside of personal connections.
True or false
1. According to Forbes, digital business is solely focused on the creation of new business strategies.
2. Digital business and e-business are essentially the same thing.
3. Digital business incorporates the integration of connected and intelligent things with people and businesses.
4. In the retail sector, digital business can enhance the shopping experience by offering personalized recommendations based on customer preferences.
5. Digital technologies have had a limited impact on various aspects of our lives and businesses.
1. False, digital business is not solely focused on the creation of new business strategies. It also involves the integration of individuals, businesses, and things, and it changes the way traditional business models are viewed.
2. False, digital business is different from e-business. Digital business incorporates the presence and integration of connected and intelligent things, whereas e-business refers to conducting business activities online.
3. True
4. True
5. False, digital technologies have profoundly changed the ways we do business, buy, work, and live. It emphasizes that digital technologies have had a wide-ranging impact on various aspects of our lives and businesses.