Digital Economy And New Value Creation

This book provides practical advice to help readers innovate and identify new business models, products and services within the connected digital economy.

This book constitutes a selection of the best papers from the 15th International Conference on Business Excellence, Digital Economy and New Value Creation, ICBE 2021, held in Bucharest, Romania, in March 2021. This book is a collection of research findings and perspectives related to the digital economy and new value creation, led by the set of improvements and changes in the economic, societal and technological structures and processes towards the effort of reaching the sustainability goals.

This book constitutes a selection of the best papers from the 15th International Conference on Business Excellence, Digital Economy and New Value Creation, ICBE 2021, held in Bucharest, Romania, in March 2021. This book is a collection of research findings and perspectives related to the digital economy and new value creation, led by the set of improvements and changes in the economic, societal and technological structures and processes towards the effort of reaching the sustainability goals.

In the context of what is commonly referred to as consumer-centric digital economy, personal data has become the new currency which is utilized by consumers to be granted access to seemingly “free apps” within so-called digital zero-price markets. Simultaneously, there are consumers, known as “content creators”, who can generate million-dollar revenues annually. The current understanding of how consumers create and capture value within this new digital economy is scarce and more research is needed to systematically build a basis for creating an understanding of value creation and capture in the consumer-centric digital economy, based on a consumer perspective. The purpose of this dissertation is consequently to explore how consumers create and capture value within a consumer-centric digital economy. The explorative study also serves to obtain an initial overview of the phenomenon and the widely dispersed literature which spans different research fields. The collected data constitute more than 500 articles in combination with empirical data collected from websites. Based on the current literature, central concepts related to consumer-centric digital economy are explained. These include for instance Web 2.0, user-generated content and the consumerto- business relationship. The different concepts are discussed in relation to each other and a trend analysis shows that these concepts are on the rise and have become increasingly popular. The results show that consumers within the digital economy may take different roles, and some create value as business-oriented consumers (i.e., consumers who have a commercial interest). For instance, they make a business out of their participation in the digital economy. Examples are YouTubers, bloggers or creators in virtual worlds such as Second Life. Another, probably larger category is characterized as traditional consumers, for instance they participate in the digital economy through their use of seemingly “free” apps but do not reap any direct monetary benefits. By sharing their personal data, they take part in value creation in a more passive way. The findings also indicate that the level of control, e.g. determined by whether or not value is created within the digital platform, may characterize the prerequisites for value capture. Based on this, a taxonomy for value creation and value capture by consumers in the digital economy is developed. The study also identifies different business model types for business-oriented consumers. I samband med vad som benämns konsumentcentrisk digital ekonomi har persondata blivit den nya valutan som används av konsumenter för att få tillgång till tillsynes gratis applikationer inom så kallade digitala nollprismarknader. Samtidigt finns det konsumenter, så kallade innehållsskapare (content creators), som kan generera intäkter som uppgår till flera miljoner euro per år. Den nuvarande förståelsen för hur konsumenter skapar och fångar värde inom denna nya digitala ekonomi är begränsad, varför det behövs mer forskning för att systematiskt bygga upp en grund för att skapa förståelse för värdeskapande och värdeåterföring inom den konsumentcentriska digitala ekonomin utifrån ett konsumentperspektiv. Syftet med denna avhandling är följaktligen att undersöka hur konsumenter skapar och fångar värde inom en konsumentcentrisk, digital ekonomi. Den explorativa studien bidrar också till att ge en initial översikt över fenomenet och den spridda litteraturen som sträcker sig över olika forskningsområden. Datainsamlingen utgörs av mer än 500 artiklar i kombination med empiriska data som har insamlas från webbplatser. Baserat på aktuell litteratur förklaras centrala koncept som relaterar till konsumentcentrisk, digital ekonomi. Dessa koncept inkluderar bland annat Web 2.0, ”User-generated content” och ”consumer-to-business”-relationen. De olika koncepten har ställts mot varandra och en trendanalys av dem visar att de blivit allt populärare. Resultaten påvisar att konsumenter inom den digitala ekonomin kan ta på sig olika roller, som exempelvis affärsinriktade konsumenter (d.v.s. konsumenter som har ett kommersiellt intresse). Till exempel skapar de affärer utifrån sin delaktighet i den digitala ekonomin. Det kan handla om YouTubers, bloggare eller skapare inom virtuella världar såsom Second Life. En annan och troligtvis större kategori kan karaktäriseras som passiva konsumenter, utifrån sin delaktighet i den digitala ekonomin genom användandet av till synes ”fria” appar, där de inte skördar några direkta monetära fördelar. Genom att ge tillgång till persondata så bidrar de på ett passivt sätt till värdeskapande. Resultaten påvisar också att möjligheterna att fånga värdet bestäms av om värdeskapandet har skett inom, eller utanför, ramarna för den digitala plattformen. Baserat på detta, har en taxonomi för konsumenters möjlighet att skapa och fånga värden inom den digitala ekonomin utarbetats. Studien identifierar även olika affärsmodeller för affärsinriktade konsumenter.

In the conditions of the modern market economy, in which globalization and competition are rife, quality is of great importance for determining a company's position in the market. The changing and complex economic reality is shaping new market patterns while modern technologies influence purchasing decisions. This book presents an effective and novel framework for creating value in Industry 4.0 conditions by building a smart enterprise model using quality management theories. The book explores tools and platforms that can be utilized to contribute to the creation of the ideal quality for demanding customers, using case studies from international contributors. It proposes novel architectures that drive economically viable production and services businesses, addressing unique Industry 4.0 and 5.0 solutions in Internet of Things (IoT) that involve the entire spectrum of analysis, with a special focus on lean methodologies and cybersecurity. This original book will be valuable reading for researchers and scholars in the areas of quality management, manufacturing, production, and operations management.

The Digital Economy Report 2019 on "Value creation and capture: Implications for developing countries" takes stock of recent trends in the global digital landscape and discusses the development and policy implications of data and digital platforms. A key feature of the evolving digital economy is the increasing role of digital data as an economic resource, together with digital platforms as new influential actors, with capacity to collect, process, analyze and monetize data. The report considers policy options for countries to help ensure that they capture a fair part of the value created in the digital economy for inclusive development. Key issues include the market impact of emerging technologies and digital platforms, the impact on smaller businesses in developing countries and the implications for infrastructure, entrepreneurship, skills, competition, data flows, data protection, taxation and other relevant policies.

Two world-renowned strategists detail the seven leadership imperatives for transforming companies in the new digital era. Digital transformation is critical. But winning in today's world requires more than digitization. It requires understanding that the nature of competitive advantage has shifted—and that being digital is not enough. In Beyond Digital, Paul Leinwand and Matt Mani from Strategy&, PwC's global strategy consulting business, take readers inside twelve companies and how they have navigated through this monumental shift: from Philips's reinvention from a broad conglomerate to a focused health technology player, to Cleveland Clinic's engagement with its broader ecosystem to improve and expand its leading patient care to more locations around the world, to Microsoft's overhaul of its global commercial business to drive customer outcomes. Other case studies include Adobe, Citigroup, Eli Lilly, Hitachi, Honeywell, Inditex, Komatsu, STC Pay, and Titan. Building on a major new body of research, the authors identify the seven imperatives that leaders must follow as the digital age continues to evolve: Reimagine your company's place in the world Embrace and create value via ecosystems Build a system of privileged insights with your customers Make your organization outcome-oriented Invert the focus of your leadership team Reinvent the social contract with your people Disrupt your own leadership approach Together, these seven imperatives comprise a playbook for how leaders can define a bolder purpose and transform their organizations.

A business model basically describes the way a company makes money. Yet, often we use digital services for free (e.g. Facebook, Google or WhatsApp) or for what seems to be a relatively minor price (e.g. Blablacar, Airbnb, and Amazon). Digital business models are different to traditional business models. Digital Business Models explains the key challenges and characteristics of the various business models that are used by digital businesses. These companies can be a source of inspiration for traditional bricks-and-mortar companies that aim to go digital and/or revamp their traditional business model. Most businesses rely on some form of digital technology for their marketing communication, customer relationship management, supply chain or distribution, yet digital transformation entails a complete reassessment of the way value is created and captured. Digital Business Models details the successful customer acquisition tactics and the development of business ecosystems by digital players. Using the relevant academic and managerial body of knowledge, the authors define the concepts, describe the various ways digital businesses create and capture value and propose some useful tools for managers to analyse a situation, formulate or implement a strategy. Different digital business types are evaluated, such as multisided platforms, digital merchants, subscription-based model, freemium, social media and sharing economy. Each chapter is illustrated with several examples and the appendix comprises four full-length case studies.