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Questions and Answers
What is the primary goal of 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 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?
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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?
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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?
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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?
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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.
