Assessment of Digital Business (Research Paper Sample)

DIGITAL BUSINESS
Executive Summary
The research focuses on and assesses digital business. The digital business creates new business strategies by blending the digital and physical spheres. In addition, the pros and downsides of digital business have been analyzed. Netflix, along with Uber and Disney, is one of the most successful internet corporations. In this research, the business model of Netflix is examined, as well as the implementation of strategic alliances via digital Technology and eCommerce. The research also identifies and describes several company models. Last but not least, eCommerce and its fundamentals have been discussed.

Table of Contents

Executive Summary 1

Table of Contents 2

Introduction PAGEREF _Toc120737457 \h 3

1.Overview of digital business along with its advantages and disadvantages  3

1.1Definition of Digital Business 3

1.2.Advantages of Digital Business 4

1.3.Disadvantages of Digital Business 5

1.4.Application to using digital business applied to Netflix  6

2.New and emerging digital business models  7

2.1Defining new, emerging digital business models 7

2.2Discussion on new, emerging digital business models 8

2.3How Netflix is using or could use any of the new emerging business models 9

3.The impact of new collaborative relationships and strategic alliances through Digital Technology 10

3.2Advantages and disadvantages of new collaborative relationships and strategic alliances through Digital Technology 10

3.3Application to your chosen organization on how they use or could use new collaborative relationships and strategic alliances through Digital Technology 12

4.E-commerce principles 12

4.1Define e-commerce 12

4.2Discuss what are e-commerce principles 13

4.3Applying e-commerce to Netflix 14

Conclusion 14

References 15

Introduction
What does it mean to change, given that corporations are always evolving? The rising technology environment is undergoing digital transitions to increase its effectiveness and market competitiveness. Digital transformation is using new cloud-based technologies to alter a company's operations and IT ecosystems to enhance the business. Moreover, contrary to popular belief, these changes do not render current Technology obsolete. Rather, they provide businesses with constant opportunities to collaborate, work more closely, and thrive. In this research, digital business is emphasized, and its pros and cons are outlined. Netflix has been chosen as the digital firm to be evaluated. The research determines that the digital business is mostly employed in the context of comprehensive business optimization, digital transformation, disruption, integration, and convergence. Nonetheless, the digital business is far more than that. Additionally, the research assesses the various digital businesses.
1 Overview of digital business along with its advantages and disadvantages
1 Definition of Digital Business
The term "digital business" is often used in the context of enterprise-wide optimization, digital transformation, disruption, integration, and convergence. Nonetheless, the digital business is far more than that. It also relates to digital marketing changes, social enterprises, and humanization, as the human aspect, which threatens to be lost in the deluge of new technologies and digital fixation, must never be forgotten. Information, which necessitates a comprehensive approach to information management, and the relationship between value, which produces higher value throughout the whole ecosystem, are important to this CITATION Sen19 \l 1033 (Senyo, Liu, & Effah, 2019).
Digital organizations develop new value in their business models, customer interactions, and internal capacity supporting their core operations using Technology. The notion encompasses digital-only companies and traditional players that alter their operations using digital technologies.
Regarding the specific definition of digital business, there are several professional viewpoints. According to Gartner, a digital business introduces new value chains and market prospects that traditional businesses cannot provide. According to McKinsey, "digital is not so much a product as it is a manner of doing things".
1 Advantages of Digital Business
What does it mean to change, given that businesses are always transforming? Within a developing technological environment, businesses are undergoing digital transformations to increase their efficiency and competitiveness in the market. The following are the benefits:
1 Enhanced data collection: It offers a method for transforming raw data into insights through many touchpoints for various corporate operations. This provides a comprehensive perspective of the customer journey, industry, manufacturing, finance, and business prospects CITATION Zhu19 \l 1033 (Zhu, Mou, & Benyoucef, 2019).
2 Improved resource administration: No department or functional body is responsible for digital transformation. It encompasses every aspect of a business and can foster process innovation and productivity across departments.
3 Customer insights derived from data: The data enables plans to incorporate more relevant, tailored, and adaptable information.
4 An improved customer experience overall Customers have high expectations when it comes to their experiences. Customers are used to unlimited selections, reasonable pricing, and quick delivery. Customer experience is the new battleground (CX) CITATION Sou19 \l 1033 (Sousa & Rocha, 2019).
5 Increased profits: Digital business increases the productivity and profitability of businesses.
6 Increased agility: firms are leveraging digital transformation. Taking cues from the world of software development, firms could employ Continuous Improvement (CI) strategies and make their digital transformations more agile to increase their market velocity. This facilitates speedier innovation and adaptability and provides a path for development. CITATION Rem17 \l 1033 (Remane, Hanelt, Nickerson, & Kolbe, 2017).
2 Disadvantages of Digital Business
In the latter half of the 20th century, the digital revolution characteristics of superior information technology and digital computing have caused changes. Despite everything being somehow classified, this digital globe's development is also up against it CITATION Par20 \l 1033 (Park & Mithas, 2020). For instance, the digital revolution increases digital electronic business and mobile commerce. It has also contributed to an increase in Internet fraud. The downsides of digital business are as follows:
* Employee concerns: Even though revolutionary Technology can eliminate employees' reliance, the downside is that employees may lose their jobs. It implies that a small business purchaser must choose between increasing profit and letting a long-term employee go.
* Prices: While new technologies result in personal savings, they frequently incur substantial costs shortly. A small business owner lacks the funds necessary to purchase the most recent computer system or new equipment.
* Data Security: Digital business enables the collection and storage of vast data. It may be confidential information about individuals or organizations. The protection of such data might be quite challenging. A single breach can result in massive amounts of private information falling into the hands of criminals, terrorists, business rivals, international foes, and other malignant institutions CITATION Ism17 \l 1033 (Ismagilova, Gileva, Galimova, & Glukhov, 2017).
3 Application to using digital business applied to Netflix
Netflix is a fantastic example of an e-business firm being turned into a digital business. Netflix initially employed Technology to handle an inventory system and distribute DVDs to consumers, giving a more convenient experience, but ultimately comparable to film rental firms. However, it disrupted itself and revolutionized the way people saw film and television media as it provided users with the chance to watch videos on demand. Without the wide-ranging internet connectivity that most consumers have now, it is impossible to enjoy films and TV programs at any time or place CITATION Ukk19 \l 1033 (Ukko, Nasiri, Saunila, & Rantala, 2019).
Two lenses may be employed for Netflix's digital business transformation data & analytics and Technology. With the technical eye, everyone can see how Netflix has constructed a world-class back-end infrastructure with Amazon. Netflix could install hundreds of computers and gigabytes of storage in a short period utilizing Amazon Web Services. The recommendations system of Netflix has also improved owing to the digital business transformation CITATION Kah17 \l 1033 (Kahre, Hoffmann, & Ahlemann, 2017).
2 New and emerging digital business models
2 Defining new, emerging digital business models
Businesses are investigating new digital business models that could place the customer experience at the forefront of digital strategy. Occasionally, people spend more on an exceptional customer experience and use it as a major point of differentiation in the digital economy. Digital services will soon be the focus of business strategies aligned with this hyper-focus on client satisfaction, as the interface that customers prefer is becoming digitalized CITATION Luz18 \l 1033 (Luz Martín-Peña, Díaz-Garrido, & Sánchez-López, 2018). Companies also are questioned as to whether they possess a viable business mod...