Reflective Report No. 1

-
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 is of utmost importance. This dataset offers businesses valuable insights into consumer behaviours. Consequently, it facilitates the enhancement and development of novel products and services.

Starbucks Digital Flywheels is one of the compelling examples, as it has revealed its new digital transformation strategy, and successfully integrated Big Data and Artificial Intelligence technology into its mobile application in order to collect consumer data and gain a deeper understanding of consumer purchasing behaviour. This integration customizes product offers and expands rewards programs based on the unique preferences of each user. This not only fosters customer loyalty but also showcases how technology fosters more meaningful customer interactions and tailor experiences according to individual preferences.


In addition, the incorporation of intelligent technologies and the Internet of Things (IoT) is fundamentally transforming conventional products by adding intelligence and connectivity, thereby increasing their value. The interconnectivity of the IoT enables products to collect real-time data, respond to user inputs, and learn from behaviour, for instance, Philips Hue smart lighting ecosystem, which offers a range of smart bulbs, switches, and sensors that can be controlled via an app or voice commands. These systems enhance user comfort and convenience while also contributing to energy savings by optimizing lighting usage based on behaviour patterns.

 

Similarly, the Samsung Family Hub™ smart fridge, featuring a touchscreen television, enables users to enjoy media while cooking or dining.


On the other hand, digital technology has transformed competition by extending market reach, driving innovation, providing data-driven insights, personalizing customer interactions, and forging new business models. Consequently, embracing digital transformation bestows a competitive advantage, whereas reluctance to adapt can render a business obsolete in the contemporary digital landscape. The case of Nokia, once a mobile phone market leader, is a prominent example of a company that failed to keep pace with technological advancements. Nokia's downfall serves as a vivid reminder of the repercussions of resisting technological evolution and consumer-centric approaches. Their inability to adapt to changing consumer preferences and embrace innovation led to a loss of market share and ultimately their downfall in the smartphone industry. 

Click here to read more about Nokia fail case study


This historical example reinforces the significance of remaining adaptable and attuned to the needs and preferences of consumers. The key lesson here is that businesses aiming for competitive advantages and resilience in a competitive environment must not only focus on their offerings and competitors but also prioritize understanding and adapting to evolving consumer needs. Flexibility and agility in adopting emerging technologies are imperative for sustained success.

Comments

Post a Comment

Popular posts from this blog

Reflective Report No. 4

-
Image
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
Read more

Reflective Report No. 5

-
Image
In week 8, we acquired insights that enhanced our preparedness for our group assignment. Among the most pivotal pieces of knowledge gleaned from our classes are the "Business Model Canvas" and "Minimum Viable Product (MVP)" concepts. These new insights will not only improve our group's ability to analyse our digital platform strategy yet will also significantly contribute to our critical thinking and skill development, thereby effectively positioning us for our future careers.  Reflecting on my past professional experience in the E-banking sector, where we extensively engaged with fintech products, I must admit that in the past, we occasionally launched products without the necessary planning. Despite the initial success of many of these platforms, it became evident that some faltered over time due to inadequate planning. A relevant example of such a failure is the introduction of "Check-in One" during the COVID-19 pandemic. This feature was intenti
Read more

Reflective Report No. 2

-
Image
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
Read more