Podcast
Questions and Answers
Which of the following are examples of digital trends mentioned in the content? (Select all that apply)
Which of the following are examples of digital trends mentioned in the content? (Select all that apply)
Kodak was successful in keeping up with digital technologies.
Kodak was successful in keeping up with digital technologies.
False
Define 'Prosumer Economy'.
Define 'Prosumer Economy'.
A prosumer economy is where consumers play a leading role and the demand chain is reshaped into the demand chain.
____ emphasizes using new thinking to interpret data with the help of the Internet.
____ emphasizes using new thinking to interpret data with the help of the Internet.
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Match the following digital trends with their main focus:
Match the following digital trends with their main focus:
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What is the cost per pencil for producing Pencil A, if $1000 is needed to produce 10 units?
What is the cost per pencil for producing Pencil A, if $1000 is needed to produce 10 units?
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To produce 50 units of Pencil A, the cost is $___
To produce 50 units of Pencil A, the cost is $___
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Which of the following are included in the Digital Trends mentioned?
Which of the following are included in the Digital Trends mentioned?
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In the area of Digital Finance, which companies are mentioned as third-party payment companies bridging merchants and banks?
In the area of Digital Finance, which companies are mentioned as third-party payment companies bridging merchants and banks?
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Study Notes
Digitization of Businesses
- Social media platforms have connected people worldwide, eliminating time and space barriers to communication
- Examples of social media platforms with massive user bases:
- Telegram: 400 million users
- Sina Weibo: 500 million users
- WeChat: 500 million users
- Facebook: 1.2 billion users
- WhatsApp: 1.6 billion users
Impact of Digitization
- The rapid evolution of digital technologies has led to a flood of information at virtually no cost
- Promotes closer links between humans, things, and humans and things
- Individuals, companies, industries, and countries will be affected by the digital revolution
Kodak's Failure to Adapt
- Kodak was the undisputed king of photographic film with a two-thirds global market share
- Kodak created many "firsts" but failed to keep up with digital technologies
- Examples of Kodaks's achievements:
- It came out on top in the imaging and photographic film market
- It created the world's first digital camera using a Charge Coupled Device (CCD)
The Ever-Changing Digital Business World
- The leaders in the digital age can easily fall behind
- Examples of companies that have fallen:
- Top 4 Tech giants Microsoft, Intel, HP, and Yahoo have been dethroned by Apple, Google, Amazon, and Facebook
- Nokia and Blackberry ended up selling their assets
- Market players are inspired by the Internet
Digital Trends
- Categories of digital trends:
- Big data, cloud computing, mobile internet (focuses on changes in infrastructure)
- Software-defined anything (focuses on changes in productivity)
- Outsourcing and crowdsourcing (focuses on changes in production organization)
- Prosumer economy (focuses on changes in forces of economic growth)
- Long tail (focuses on changes in the competitive landscape)
- Digital finance (focuses on changes in financial entities and technologies)
- Collaboration (focuses on changes in operations models)
Big Data
- Big data emphasizes using new thinking to interpret data with the help of the Internet
- Examples of companies that use big data:
- Spotify uses Big Data Analytics to give informed music recommendations and suggestions
- Amazon Prime uses big data to offer videos, music, and Kindle books
Cloud Computing
- Cloud computing provides resources and services accessed via the Internet
- Characteristics of cloud computing:
- Virtualized Computing Platform
- Scalable use of computing resources
- Pay-per-Use concept
Mobile Internet
- The mobile Internet is reshaping our lifestyle
- Examples of mobile Internet usage:
- Using Waze to navigate
- Browsing news, reading novels, tweeting, playing games, or watching movies on mobile devices
Software-Defined Anything
- Software-defined anything is a growing trend towards disrupting traditional ways of thinking
- Examples of companies that exemplify software-defined anything:
- Amazon (the world's largest bookseller)
- Netflix (largest video service by number of subscribers)
- Apple's iTunes (dominant music company)
Outsourcing and Crowdsourcing
- Outsourcing: focus on what you do best and let others do the rest
- Crowdsourcing: encourages consumers and users to take charge and pursue their goals
- Examples of crowdsourcing:
- DigitalGlobe's Tomnod initiative to locate a missing plane
- Waze's map editing and updating
- Applause's software testing and debugging
- Wikipedia's crowdsourced knowledge base
Prosumer Economy
- The prosumer economy reshapes the supply chain into the demand chain
- Characteristics of the prosumer economy:
- Consumer demand plays a leading role
- Individuals not only consume but also produce
Long Tail
- The long tail refers to the large number of products that sell in small quantities
- Companies achieve economies of scale by increasing production and lowering costs
- Example of economies of scale:
- Reduction in per-unit cost of production when production volume increases
DIGITAL FINANCE
-
•In traditional payment models, customers can’t gain access to the settlement systems of all banks given the cost and efficiency restrictions
•Third-party payment companies integrate the gateway interfaces and build a bridge between numerous merchants and banks
–PayPal
–Alipay
–Google Wallet
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Description
Explore the digitization of businesses and the latest digital trends, including big data, cloud computing, and mobile internet. Learn about software-defined anything, outsourcing, and crowdsourcing, and how they impact the economy.
