Podcast
Questions and Answers
What is the primary goal of a business model transformation?
What is the primary goal of a business model transformation?
Which of the following is NOT an important consideration for a business model transformation?
Which of the following is NOT an important consideration for a business model transformation?
What is the key difference between Netflix's and Blockbuster's approach to digital transformation?
What is the key difference between Netflix's and Blockbuster's approach to digital transformation?
What is the primary motivation for technology companies to shift from a sales and support model to an XaaS (X-as-a-Service) model?
What is the primary motivation for technology companies to shift from a sales and support model to an XaaS (X-as-a-Service) model?
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What is the primary factor that signals a customer's readiness for a different type of relationship with a technology provider?
What is the primary factor that signals a customer's readiness for a different type of relationship with a technology provider?
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Which of the following statements best describes the relationship between a business model transformation and a process transformation?
Which of the following statements best describes the relationship between a business model transformation and a process transformation?
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What is a potential reason for a company to undergo a domain transformation?
What is a potential reason for a company to undergo a domain transformation?
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What is an example of a domain transformation given in the text?
What is an example of a domain transformation given in the text?
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How do organizations typically adopt new technologies during a domain transformation?
How do organizations typically adopt new technologies during a domain transformation?
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What is an example of a cultural/organizational digital transformation given in the text?
What is an example of a cultural/organizational digital transformation given in the text?
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What is a typical mindset shift that occurs during a cultural/organizational digital transformation?
What is a typical mindset shift that occurs during a cultural/organizational digital transformation?
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What is often required for a successful transition to a digital-first culture?
What is often required for a successful transition to a digital-first culture?
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Study Notes
Business Model Transformation
- A more drastic approach to digital transformation, revamping a part of the business by digitizing a product or service.
- Companies undergo business model transformation to change the way consumers purchase or use a product/service, or to respond to market competitors.
- Key considerations: avoiding being too reactive, hiring new employees with new skill sets or retraining the existing workforce.
- Example: Netflix's switch from mailing DVDs to online streaming, while Blockbuster failed to make the transition.
Domain Transformation
- A company enters a new market, driven by competitors or new technologies making it difficult to continue a current business plan, or leaders looking to diversify the organization's portfolio.
- Organizations adopt new technologies to redefine their products and services, extending current services to a new customer base or developing entirely new technology-enabled offerings.
- Examples: selling software to other companies, offering equipment on a rental basis, and expanding into digital solutions.
Cultural/Organizational Digital Transformation
- A significant and sometimes difficult transformation, requiring major change for employees, often triggered by acquisition, change in leadership, or negative circumstances.
- Embracing a digital-first culture enables organizations to adopt agile workflows, develop a bias toward testing and learning, and support decentralized decision-making.
- A successful transition requires redefining mindsets and processes, incorporating new talents and capabilities, and shifting focus from managing production output to customer service and innovation.
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Description
Test your knowledge on business model transformation, a drastic approach to digital transformation where companies revamp part of their business by digitizing products or services. Learn about the reasons behind undergoing a business model transformation and its impact on consumer interactions.
