💻Digital Business Model

During weeks 7, delving into the intricacies of business models has guided me to a realm of innovative strategies. This knowledge found practical application in my digital platform assignment, where I conducted an in-depth analysis of "LOCA," an innovative ride-hailing platform in my home country. LOCA was established in 2018 by Souliyo Vongdala, a young entrepreneur holding an Electric Engineering degree from the United States. It distinguishes itself from other mobility services by employing an entirely electric fleet for its ride-hailing service. This strategic choice not only addresses environmental concerns but also optimizes operational costs for both drivers and passengers, showcasing LOCA's commitment to sustainable practices. Source: YouTube Souliyo's inception of LOCA was driven by his keen observation of passenger pain points, particularly among tourists. These travelers frequently encountered exorbitant transportation fares from local taxis, leading t

In the past decade of my journey working at a bank in Laos, my expertise has centered around customer service and implementing pragmatic solutions in the digital banking realm. While I have accumulated experience working with fintech products, my comprehension of the intricate digital platform landscape was somewhat restricted until I embarked on my recent academic journey.  BCELOne  - The mobile banking app from  BCEL bank  that I work for During week 4 of my studies, I explored the concept of “critical Mass” , which signifies the point where a digital platform attains enough users to sustain itself and become highly valuable. I realized that user numbers are not just mere statistics; they function as a dynamic catalyst for substantive advantages. With increasing user engagement, a “ n etwork effect ” is triggered, leading to the generation of invaluable data crucial for enhancing platform services. This newfound insight precisely aligned with a business model I had developed during

During the third week, we delved into the concept of digital platforms, which are internet-based services that facilitate interactions between diverse user groups, including individuals and businesses. These platforms create a virtual space where users can engage in transactions that would be impractical to pursue individually. Our class discussions also provided valuable insights into the economic characteristics of digital platforms. First, the "long-tail effect," which is driven by digital platforms such as online marketplaces, enables businesses to offer niche and less popular products to a larger consumer base. Digital platforms, as opposed to conventional stores with limited space, can attract smaller and more specialised customer bases and enable them to discover and purchase products that align with their unique tastes. For instance, popular music streaming services like Spotify have a huge collection of songs, including ones that aren't as well-known. While the

In the second week, we explore fundamental concepts of digital innovation and the profound impact of modern technology on our daily lives. It's crucial for businesses to recognize that embracing technology is no longer a choice but a strategic necessity to gain a competitive edge and seize new business opportunities. This is primarily because technology has the potential to enhance operational efficiency, productivity, and customer engagement. The article titled "How Smart, Connected Products Are Transforming Companies" by Michael E. Porter and James E. Heppelmann from Harvard Business School (Week 2 reading) highlights the significant influences of digital technology in the contemporary era. It becomes evident that digital technology extends beyond technological advancements; it translates into increased customer value and improved customer services. As discussed in a lecture, the value of customer data, specifically behaviour data obtained from interconnected devices 

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