Podcast
Questions and Answers
A solution must be technically and operationally viable to be considered feasible.
A solution must be technically and operationally viable to be considered feasible.
True
Desirability refers to the financial sustainability of an innovation.
Desirability refers to the financial sustainability of an innovation.
False
Innovations that are desirable but not feasible can still reach the market.
Innovations that are desirable but not feasible can still reach the market.
False
Aligning IT implementation with the organization's strategic goals is referred to as strategic alignment.
Aligning IT implementation with the organization's strategic goals is referred to as strategic alignment.
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A viable innovation must generate sufficient returns to justify its development.
A viable innovation must generate sufficient returns to justify its development.
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User benefits are irrelevant when focusing on the feasibility of a solution.
User benefits are irrelevant when focusing on the feasibility of a solution.
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Projects that lack strategic alignment may still be successful.
Projects that lack strategic alignment may still be successful.
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Digital technologies have no significant impact on customer experiences.
Digital technologies have no significant impact on customer experiences.
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Bo Edvardsson highlights the importance of digital tools in value creation processes.
Bo Edvardsson highlights the importance of digital tools in value creation processes.
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Addressing desirability, feasibility, and viability is key to maximizing innovation potential.
Addressing desirability, feasibility, and viability is key to maximizing innovation potential.
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Mele et al. focus solely on technological decisions without considering actor interactions.
Mele et al. focus solely on technological decisions without considering actor interactions.
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The integration of digital technologies allows organizations to shift from predictive to reactive strategies.
The integration of digital technologies allows organizations to shift from predictive to reactive strategies.
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Blockchain and cloud computing contribute to transparency and security in value creation networks.
Blockchain and cloud computing contribute to transparency and security in value creation networks.
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Smart processes can only respond to internal company changes, not external factors.
Smart processes can only respond to internal company changes, not external factors.
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Adopting new routines involves integrating digital tools into workflows.
Adopting new routines involves integrating digital tools into workflows.
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The relationship perspective in value creation disregards continuous interactions among actors.
The relationship perspective in value creation disregards continuous interactions among actors.
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Real-time access to accurate data enables inconsistent customer interactions across channels.
Real-time access to accurate data enables inconsistent customer interactions across channels.
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Integration supports scalable operations and adoption of technologies like AI and IoT.
Integration supports scalable operations and adoption of technologies like AI and IoT.
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Managers do not play a significant role in navigating changes introduced by digital transformation.
Managers do not play a significant role in navigating changes introduced by digital transformation.
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Change management expertise involves ignoring employee concerns during digital transformation.
Change management expertise involves ignoring employee concerns during digital transformation.
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Investing in training programs is essential for bridging skill gaps during digital transformation.
Investing in training programs is essential for bridging skill gaps during digital transformation.
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Establishing KPIs tied to digitalization goals allows for better tracking of progress.
Establishing KPIs tied to digitalization goals allows for better tracking of progress.
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Cross-functional collaboration is discouraged in digital initiatives according to modern management strategies.
Cross-functional collaboration is discouraged in digital initiatives according to modern management strategies.
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The importance of technical expertise is negligible in achieving meaningful digital transformation.
The importance of technical expertise is negligible in achieving meaningful digital transformation.
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Effective stakeholder dialogues primarily involve a single stakeholder perspective.
Effective stakeholder dialogues primarily involve a single stakeholder perspective.
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Transparency and trust in stakeholder engagement lead to constructive discussions.
Transparency and trust in stakeholder engagement lead to constructive discussions.
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Incorporating sustainability goals into business operations can include reducing carbon emissions.
Incorporating sustainability goals into business operations can include reducing carbon emissions.
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Digital technologies only pose opportunities for ethical decision-making.
Digital technologies only pose opportunities for ethical decision-making.
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Continuous feedback loops in stakeholder engagement are unnecessary for decision relevancy.
Continuous feedback loops in stakeholder engagement are unnecessary for decision relevancy.
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Aligning business practices with societal values is a significant benefit of stakeholder engagement.
Aligning business practices with societal values is a significant benefit of stakeholder engagement.
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Machine learning systems can eliminate all instances of bias in decision-making.
Machine learning systems can eliminate all instances of bias in decision-making.
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Embedding ethical considerations into technology design can help mitigate ethical challenges.
Embedding ethical considerations into technology design can help mitigate ethical challenges.
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Corporate values have no impact on an organization's strategies and operations.
Corporate values have no impact on an organization's strategies and operations.
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The use of IoT and data analytics contributes to optimizing resource use and reducing waste.
The use of IoT and data analytics contributes to optimizing resource use and reducing waste.
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Ethical values in business assist in navigating issues like environmental impact and human rights.
Ethical values in business assist in navigating issues like environmental impact and human rights.
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Incorporating sustainability goals into business operations is an example of ethical practices.
Incorporating sustainability goals into business operations is an example of ethical practices.
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Balancing profitability with environmental and social responsibilities is a key aspect of business ethics.
Balancing profitability with environmental and social responsibilities is a key aspect of business ethics.
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Stakeholder engagement is irrelevant for risk mitigation in businesses.
Stakeholder engagement is irrelevant for risk mitigation in businesses.
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Moral delegation refers to increased individual accountability when using technology in decision-making.
Moral delegation refers to increased individual accountability when using technology in decision-making.
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Ethical labor practices and supply chain transparency are not considered important in corporate ethical practices.
Ethical labor practices and supply chain transparency are not considered important in corporate ethical practices.
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Businesses should ensure that digitalization efforts do not worsen inequalities or exploit vulnerable populations.
Businesses should ensure that digitalization efforts do not worsen inequalities or exploit vulnerable populations.
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Embedding ethics into strategy involves reflecting ethical values and sustainability goals in operational decisions.
Embedding ethics into strategy involves reflecting ethical values and sustainability goals in operational decisions.
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Regular training on sustainability and ethics is unnecessary for employees to align with organizational values.
Regular training on sustainability and ethics is unnecessary for employees to align with organizational values.
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Leaders are encouraged to act unethically to foster a culture of accountability and trust.
Leaders are encouraged to act unethically to foster a culture of accountability and trust.
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Organizations should prioritize stakeholder welfare over short-term gains.
Organizations should prioritize stakeholder welfare over short-term gains.
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Digital technologies eliminate the need for ethical considerations in their application.
Digital technologies eliminate the need for ethical considerations in their application.
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The CEO should establish a clear vision for the D2C initiative that aligns with the firm's goals.
The CEO should establish a clear vision for the D2C initiative that aligns with the firm's goals.
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Key managerial roles have no specific responsibilities in tailoring strategies for the e-Commerce D2C initiative.
Key managerial roles have no specific responsibilities in tailoring strategies for the e-Commerce D2C initiative.
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Study Notes
Digital Technologies in Value Creation
- Digital technologies are pivotal in reshaping business processes and value creation
- Integration of these technologies enables creation of smart, adaptive, and efficient routines
- Digital tools improve customer experiences and drive innovation
- Digital technologies reimagine how organizations create and deliver value
- Automation, optimization of processes, integration of systems, and real-time data analytics are enabled
- AI, machine learning, and IoT allow organizations to transition from reactive to predictive strategies
- Smart processes adapt to environmental changes, customer preference and market demands
- Blockchain and cloud computing support transparency, security, and scalability in value creation networks
Actor-to-Actor Perspective in Value Co-Creation
- Digital technologies are situated within the context of relationships
- Value creation is inherently relational, involving continuous interactions among actors like customers, organizations and stakeholders
- Adoption of digital tools is a strategic and relational, not merely technological decision
- Digital tools affect how actors collaborate and co-create value
Adopting New Routines
- Digital tools are incorporated into workflows and new routines are developed that leverage their capabilities
- Effective adoption necessitates alignment between technology capabilities and actors' goals
- Co-innovation is a key process, where actors collaborate to identify the most effective applications of technology
Adjusting Routines for Co-Creation
- Digital tools necessitate adjustments to existing routines
- Adjustments are relational processes that involve negotiation, feedback and refined workflows
- Usage of customer insights derived from data analytics is an example
- Tailored services for deeper customer engagement and satisfaction are developed
Maintaining Routines Through Continuous Interaction
- Value co-creation routines require ongoing collaboration and adaptation
- Trust, shared knowledge, and mutual commitment among actors are crucial
- Digital technologies facilitate seamless communication and data sharing
- Cloud-based systems ensure all actors have access to updated information, fostering transparency and alignment
Integration of Technology and Relationships
- Digital technologies are not standalone solutions; their effectiveness hinges on their integration with actor networks
- Effectiveness of digital technologies depends on how they are integrated into actor networks
Dynamic Nature of Value Co-Creation
- Value co-creation is an iterative and evolving continuous improvement process
- Technologies enable continuous improvement but success depends on actors' ability to adapt and align interactions with the evolving routines
Empowerment Through Digital Tools
- Digital technologies empower actors by providing access to real-time data, predictive analytics, and interactive platforms
- Tools enhance decision-making, foster innovation, and strengthen relationships
Challenges in Adoption and Adjustment
- The adoption and adjustment of digital tools face obstacles like resistance to change, skill gaps, and misalignment of objectives among actors
- Fostering a culture of collaboration and learning to address these challenges is crucial
Desirability, Feasibility and Viability
- Innovation must address real user needs and provide benefits
- Solution needs to be technically and operationally viable
- Innovation must be financially sustainable and profitable
Key Knowledge Contributions
- Understanding the integration of technology and relationships
- Value co-creation has a dynamic nature
- Digital tools empower actors, and make them more efficient and productive
- Challenges in adoption and adjustment of digital tools must be addressed
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Description
Explore the impact of digital technologies on business processes and value creation. This quiz emphasizes the integration of tools like AI, IoT, and blockchain, and how they transform customer experiences and business innovations. Gain insights into the relational aspect of value creation, emphasizing continuous interactions among various actors.
