Seminar 1 Summary PDF

Seminar 1 **Article 1:** - Transformation in companies and not only develop things - IoT + Big Data are important (two sides of the same coin, integrated in the same strategie) - Main concepts: IoT & Big Data: revolute business process and create new opportunities - Big Data is...

Seminar 1 **Article 1:** - Transformation in companies and not only develop things - IoT + Big Data are important (two sides of the same coin, integrated in the same strategie) - Main concepts: IoT & Big Data: revolute business process and create new opportunities - Big Data is also unstructured data - Role of digitalization: Competitiveness, transform old knowledge to digital one, get more digitalization (some things are hard to digitalize) - Didn´t discuss the challenges - Companies can get a deeper understanding of customer needs & stuff like this - More challenges than mentioned -- not so many attention on concerns - Collect a lot of personal information - A lot of threads for private persons - Helps businesses to reshape - More reshaping than adapting creates new business models - Costs / Return on Investments - Choose which data Is interesting/important - Disorganized knowledge **Article 2:** - How idea develop over time in b2b markets / more development - Digitalization is no new phenomenon - Digitation & digitalization; transform information you already have instead of creation new ones - Digital capability: 3 skills (data, permission, analytics) - Business model elements - Just need to adapt it in the business - Not enough to just implement technologies - Constantly changing and evolving - Still research needs to be done - Every company has different approaches - Transformation of already of already established business models 1\. What were the articles about and in what context where the studies conducted? 2\. What were the main concepts addresses in the articles and what do the studies find? 3\. How is digitalization impacting the practices in the field? 4\. How are the two articles similar or different? 5\. What were the most surprising, interesting, or contradictory findings or conclusions in the articles? +-----------------------------------+-----------------------------------+ | Article 1 | Article 2 | +===================================+===================================+ | What were the articles about and | | | in what context where the studies | | | conducted (durchführen)? | | +-----------------------------------+-----------------------------------+ | - IoT & Big Data as main | - Development of Digitization & | | concepts and how they impact | Digitalization in b2b markets | | different areas in businesses | | | regarding digitalization | - Role Digitization capability | | strategies/how they | in business models | | influenced the digital | | | transformation of businesses | - Not a new thing, existing for | | | a long time | | - Context: General business | | | environments with a focus on | - Context: How b2b markets | | technology-driven digital | adapt to digitalization | | transformation | trends | +-----------------------------------+-----------------------------------+ | What were the main concepts | | | addresses in the articles and | | | what do the studies find? | | +-----------------------------------+-----------------------------------+ | - Main concepts: IoT, Big Data, | - Concepts: Digitization | | digital transformation | capability, digitalization | | | and B2b value creation | | - IoT as faces of the same coin | | | | - Important to improve | | - Improve business activities & | digitization capability and | | processes, real-time analysis | align it with the others | | possible, reshape management | business models to get | | and marketing strategies | competitive advantages | | competitiveness and 4.0 | | | Industrial Revolution | | +-----------------------------------+-----------------------------------+ | How is digitalization impacting | | | the practices in the field? | | +-----------------------------------+-----------------------------------+ | - Businesses must integrate 4.0 | - Digitalization impacts all | | strategies to survive & | business models | | compete need for | | | "reengineering" | - Encourages B2B firms to | | | integrate advanced digital | | - Firms collect and analyze the | tools and analytics into | | data to improve their | their core processes. | | efficiency, competitiveness | | | and knowledge about the | - Promotes agility and | | consumers behaviour | innovation in business model | | | design to meet the demands of | | | digital markets. | +-----------------------------------+-----------------------------------+ | How are the two articles similar | | | or different? | | +-----------------------------------+-----------------------------------+ | Similarities: | Differences: | | | | | - adopting digital technologies | - Sestino at al: Focus on IoT | | for competitive advantage. | and Big Data | | | | | - transformative power of | - Ritter & Pedersen: Focus on | | digitalization on business | digitization capability in | | strategies and operations | B2B businesses and impact on | | | business models | +-----------------------------------+-----------------------------------+ | What were the most surprising, | | | interesting, or contradictory | | | findings or conclusions in the | | | | | | articles? | | +-----------------------------------+-----------------------------------+ | - Big Data & IoT are | - | | fundamental tools in todays | | | business and should be | | | included in all sectors | | +-----------------------------------+-----------------------------------+ The main concepts of Sestino et al. (2020) are IoT, Big Data and digital trans- formation \[5, para. 2\]. IoT and Big Data are viewed as faces of the same coin \[5, para. Abstract\]. They are very strong connected due to IoT collecting a lot of data which provides a large volume of data for Big Data \[1\]. A learning of the article is how to improve business activities and processes. It´s also shown how real-time analysis is possible by using Big Data and IoT. IoT devices are collecting real-time data that can be added to Big Data \[1\]. Another point is the reshaping of management and marketing strategies to enhance competitive- ness, which is known as 4.0 Industrial revolution \[5, para. 2.3\]. Digitization capability, digitalization and B2B value creation are the main concepts used in Ritter & Pedersen (2020) \[4, para. 3, 4\]. The conclusion of the studies is the importance of improving digitization capabilities and aligning it with the other business models to receive competitive advantages\[4, para. 5\]. Studies show that digitalization in B2B markets plays a big role. In 2025 80% B2B interactions will take place digitally \[3\] **\ ** **Sestino et al. (2020): \"Internet of Things and Big Data as enablers for business digitalization strategies\"** - **Objective**: Examines how the Internet of Things (IoT) and Big Data facilitate digitalization strategies in businesses. - **Key Findings**: - IoT and Big Data drive digital transformation by enabling real-time data collection, analysis, and decision-making. - These technologies improve operational efficiency, customer insights, and overall competitiveness. - **Implications**: Highlights the need for companies to integrate IoT and Big Data strategically to support business growth and adapt to digital markets. - **Conclusion**: IoT and Big Data are essential for firms aiming to pursue digitalization and stay competitive in dynamic markets. **Ritter & Pedersen (2020): \"Digitization capability and the digitalization of business models in business-to-business firms\"** - **Objective**: Analyzes how digitization capabilities influence the digitalization of business models, particularly in B2B firms. - **Key Findings**: - Strong digitization capability is crucial for adapting business models and generating value in B2B settings. - Identifies critical capabilities (e.g., technological readiness, data analytics) required for effective digitalization. - **Implications**: Encourages B2B firms to develop digitization capabilities to innovate and sustain their business models in the face of digital advancements. - **Conclusion**: As digitalization reshapes B2B markets, firms must evolve their digital capabilities to remain relevant and competitive.