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Questions and Answers
Which of the following best describes digital business?
What has driven companies to seek new competitive advantages in the digital space?
According to Accenture, how do digital businesses create competitive edges?
What does the term 'digital business' include?
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What has shifted business emphasis to digital sources of revenue and digital channels?
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Study Notes
Digital Business Overview
- Digital business encompasses the integration of digital technologies into all areas of an organization, leading to changes in how businesses operate and deliver value to customers.
- This term includes e-commerce, online customer engagement, digital marketing, and use of data analytics for decision-making.
Drivers of Competitive Advantage
- Companies are motivated to explore new competitive advantages due to rapidly changing consumer behaviors, technological advancements, and evolving market dynamics.
- The pursuit of personalization, efficiency, and customer-centric services drives organizations to innovate in the digital space.
Competitive Edges in Digital Businesses
- According to Accenture, digital businesses create competitive advantages through enhanced customer experiences, leveraging data for insights, and utilizing automation to increase operational efficiency.
- These businesses emphasize agility, allowing them to respond swiftly to market changes and consumer demands.
Shift to Digital Revenue Models
- The transformation in business focus towards digital sources of revenue and channels is influenced by factors such as increased internet usage, the proliferation of smartphones, and the shift towards remote work and online interactions.
- Businesses are now prioritizing digital platforms for sales and customer interactions, reflecting a fundamental change in operational strategies.
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Description
Test your knowledge on digital business and the growth of the digital economy with this quiz. Explore the concept of digital business and how technology is reshaping traditional business models. Learn about the impact of the digital economy on consumer behavior and spending habits.
