Mark Skilton Building the Digital Enterprise extract
05 October 2015
- WBS Academic Mark Skilton releases new book
- Book is titled Building the Digital Enterprise - A guide to constructing monetization models using digital technologies.
- In it Professor Skilton discusses how to build a successful digital business model
- Read a short extract below
How do you build a successful digital business model using digital technologies like social media, mobile, internet of things, big data, cloud computing, machine learning, and Internet of Things?
That is the topic of the latest book from Mark Skilton, Professor of Practice at Warwick Business School, entitled Building the Digital Enterprise - A guide to constructing monetization models using digital technologies.
Professor Skilton said: “The book establishes practical examples of how companies from many industry sectors have used combinations of digital technologies to change their business.
“It draws from real case study experience in major international companies to demonstrate digital business practices in, among other areas, Digital Retail, Digital Financial Services and Digital advanced manufacturing and Engineering.
“This is combined with the latest research in digital monetization methods to demonstrate how these companies can use digital technologies to builds new digital business model value.”
In the following extract from his new book from the Palgrave Macmillan international series, Professor Skilton, a Digital Business expert, discusses the new connected economy formed by the ever-advancing wave of technologies now part and parcel of most people’s lives:
The pervasive adoption of digital technologies across all industries is a global phenomenon. Materially, the internet economy, which represents online transactional data, may only represent 10% of the gross domestic product (GDP) of countries, but per annum this is growing at between 8% and 10%, far outpacing growth in traditional physical “bricks and mortar” sectors – that is, physical goods and services that are traded off-internet. However, internet transactional data is only part of the wider evolution of how digital technology is being used in all manner of social and business activity today. Technology frequently enables activities in an augmented way, adding more value to, for example, telephone conversations, e-mail, searching for information or completing a document, taking a photograph or listening to music. Between 2015 and 2025 the growth forecast of mobile and data traffic alone, and the rise of the internet of things, is projected to be tenfold.
What is happening ? in one digital second
+ 2500 Gigabytes IP Traffic
1.5 million emails
70,000 Google searches
40,000 Facebook shares
830 apps downloads Apple store
25 Flickr Picture uploads
What is emerging are digital ecosystems that are infusing into the fabric of society and economies that create network effects that are pervasive in the digital economy. Data and online presence through websites – and increasingly mobile devices – has become highly interconnected, forming ecosystems of association and technologies. This interconnected effect has enabled value creation through what some describe as “digital ecosystems” business models. Groups of people, enterprises, and markets are able to meet and trade, share and collaborate through digital technologies that generate new social and business monetization models.
Building the Digital Enterprise - A guide to constructing monetization models using digital technologies is available now.
Mark Skilton teaches Introduction to Consulting and Developing Consulting Expertise on the MSc Business suite of Postgraduate courses. He also teaches Information Systems Consultancy on the MSc Information Systems Management & Innovation.