New Business Book Summary for Disrupting Digital Business

Nov. 13, 2015 - PRLog -- Digital disruption has been shaking up the business world since the Internet first provided a way for online companies to compete with brick-and-mortar ones. The disruption is only going to get more intense, causing some jobs to disappear, some jobs to require new skill sets, and some companies to die. To survive, companies need to become disruptive before they are disrupted. In Disrupting Digital Business, R “Ray” Wang outlines what it will take for an organization to develop a disruptive model and stay relevant in a business environment where failure to embrace digital advances can lead to the death of an enterprise.

Digital technology has changed the business landscape, disrupting traditional business models. To survive, organizations need to transform themselves by developing disruptive business models of their own. To do so, organizations must:

*Focus on large-scale, companywide transformation. Incremental improvements are not enough for survival in the disrupted economy. The entire business model must shift, because in the digital world, rather than simply selling a product or service, a company must instead sell its brand promise and find ways to stay true to that promise.

*Stay relevant to their customers in all aspects of their relationships. As organizations become better able to analyze past interactions with customers and determine context, they will be better able to provide relevant and timely information to customers.

*Earn the trust of their customers through transparent interactions. Every interaction with a customer must be designed to establish and maintain the trust of customers. Trust is the currency of the digital world; it is hard to earn and easy to lose.

*Build an intention-driven mind-set. Gaining insight into what a customer will want to do in the future is the holy grail of the digital world. Organizations can use a variety of data and probabilistic models to make predictions that are based on past behaviors and current conditions. Ultimately, the goal is to have computers help the organization make better decisions.

*Take part in a networked economy that enables co-creation and co-innovation. People form networks out of self-interest. These people-to-people, or P2P, networks allow for the removal of the middleman, taking away barriers that create friction in an interaction. Networks are powerful and allow people or organizations to form alliances where they can create and innovate with others.

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