BUSINESS IN DIGITAL ERA

“BUSINESS IN DIGITAL ERA”

Author: SANOBAR JATU (MBA- Marketing)

 

1. “Surviving in the digital era”

Ansong, E., & Boateng, R. (2019). The economic contributions from enterprises in general, especially those situated in developing economies, have been well established. However, these firms tend to face several challenges, which stifle their formation, growth and sustainability. The 2007 Global Entrepreneurship Monitor asserts that most new enterprises do not survive beyond 42 months after their establishment (Allen et al., 2007).  A phenomenon that is also prevalent in most developing economies. Similarly, a follow up report in 2012 further indicated that only 38 per cent of enterprises survive beyond the 42-month survival threshold in Ghana, whereas only 31 per cent survive in Uganda. In general, only 13 per cent of enterprises survive beyond 42 months after inception in Africa. Therefore, the report concludes that Africa has a higher business discontinuation rate of 16 per cent when compared with that of the European Union and the USA who have 4 per cent in total. Digital technologies tend to provide the antidote to this phenomenon by providing an environment for the upsurge of a new group of enterprises who are driven or enabled by these technologies. These are the digital enterprises. Rouse (2011) defines a digital enterprise as “an organization that uses technology as a competitive advantage in its internal and external operations.” Even though managers of digital enterprises such as Google, Facebook and Apple have been successful in using these digital technologies, others are still struggling to understand the innovation logic which fundamentally underpins these firms (Remane et al., 2017). Yet, these new digital enterprises have been able to change the balance of power, especially for sectors such as retail and the media landscape (Veit et al., 2014).

 

2. “Learning and teaching sustainable business in the digital era”

Dziubaniuk, O., et al (2023). Technology has become an inevitable part of the learning process at higher education institutions (HEIs). The recent Covid-19 pandemic especially increased the utilisation of digital technologies by making universities switch to online or hybrid modes of teaching and learning. Simultaneously, pedagogic advancement occurs in international business studies (Aggarwal & Wu, 2020; Kardes, 2020). The learning of sustainability in business is frequently grounded on theories, such as constructivism, social learning theory, transformative learning and other pedagogical frameworks, such as experiential learning, active learning and design thinking (Manna et al., 2022). However, the integration of digital technologies into the learning process may require a revision of the conventional learning theories applied to curriculum design within business studies. The digital age demands new approaches to the facilitation of students’ learning, including new ontological and epistemological approaches to organising the learning environment with the help of information and communication technologies.  The utilisation of digital technologies for organising the learning environment has become ‘a new normal’ in universities and may even be more used in the future to bridge online and offline learning. Connectivism is a theoretical framework for the understanding of learning, where learners “make connections between ideas located throughout their personal learning networks, which are composed of numerous information resources and technologies” (Dunaway, 2011, p.  676). According to connectivism, knowledge is developed when a learner makes mental connections between concepts, ideas and opinions that can be accessed via internet-enabling technologies, which makes information technologies an inevitable part of learning facilitation (Dunaway, 2011).

 

3. “Investigating the Influence of Artificial Intelligence in Business”

Nikolaos-Alexandros Perifanis, & Kitsios, F. (2023). It has become apparent that both socio-technical and political-economic changes, along with demographic changes, have swiftly accelerated during the COVID-19 pandemic. Modern businesses have had to hone their adaptive capabilities to manage changing market dynamics and client behaviour under these challenging circumstances. The phrase “artificial intelligence” refers to a wide range of leading-edge analytics, applications, and logic-based methods that imitate human behaviour, decision-making, and processes including learning and problem-solving. AI has a growing impact on a variety of societal spheres, including marketing, healthcare, and human rights.  However, as part of the digital transformation, AI technologies give businesses several chances to transform their operations across numerous sectors. Senior executives view analytics and AI as crucial game changers enabling businesses to survive the present crisis, according to a recent Gartner report [13]. Despite the excitement surrounding AI’s promise, presently, there is a substantial scholarly discussion about the adoption obstacles and the skills and abilities required for useful AI results from a strategic point of view. AI can benefit businesses significantly, but in order to implement AI and enable a high effect that does not undo all the expenditure and effort, organizations must define a compelling common vision when a substantial shift is necessary. As AI is a novel technology, a greater number of research studies are being undertaken to determine the value that AI or its capabilities can bring to businesses. The main factors that influence the adoption of machine learning and top management support are uncovered by Reis et al. Organizations can incorporate AI-specific resources, such as AI algorithms, training data, etc., thanks to AI capabilities, which enable value generation. Sjödin et al. analyzed case studies to examine how manufacturing companies create AI capabilities and discovered three key sets of capabilities: The data pipeline, algorithm development, and AI democratization. AI has been hailed as a revolutionary technology that has the potential to change the way businesses operate.

 

4. “Disruptive business value models in the digital era”

Sewpersadh, N. S. (2023). The evolution of technology has disrupted almost every business globally by continuously transforming, enhancing, and streamlining operational processes and procedures. Digitalisation1 is disruptive and brings about discontinuous changes (Paiola & Gebauer, 2020), but it is a key element for new value-creation and revenue-generation opportunities for market competitiveness (Kamalaldin et al., 2020). Climate change, pandemics, environmental devastation and widening social inequalities have created an abrupt realisation that the existing business models are no longer ‘ft for purpose’. “The illiterate of the twenty-first century will not be those that cannot read or write, but those that cannot learn, unlearn and relearn” (Tofer, 1970). A global survey conducted by Deloitte (2020) found that the largest concern for respondents during the pandemic was the viability of their business models. Some businesses led the business model innovation4, while other companies crumbled. As the contingency theory proposes (Lewin & Volberda, 1999), a suitable strategy is required to accomplish a strategic ft with an organization’s market. Therefore, business model innovation is a key ingredient in underpinning a business resilience strategy, particularly with technological innovation rapidly changing the nature of work. These pressures to innovate in the digital era have widened the gap between innovators and stragglers in the business world. It is apparent that there are challenges that organisations face to conform to the normative pressures of digital disruption that depend upon each company’s specific circumstances (contingencies). “A good business model begins with an insight into human motivations and ends in a rich stream of profits” (Magretta, 2002 pg. 3). Each organisation needs to find a strategic fit within the knowledge economy to gain value-driving opportunities while accelerating its customer-centric initiatives. For this reason, the customer relationship management (CRM) literature provides a framework to delve into human motivations concerning their buying incentives, biases and emotional connections. Knowledge gained from data analytics is essential for building close customer relationships for service differentiation, customer loyalty and value creation.

 

5. “Oligopoly Market and Monopolistic Competition in the Digital Era”

Aziz, A. et al (2023). Imperfect competition markets, such as oligopolies and monopolies, are claimed to be unhealthy business activities because they contain elements of injustice, inequality, and imbalance that become irrational. In the current digital era, unhealthy competition is very possible to become big and profitable, although there are great opportunities for other newcomers to enter, due to lack of experience and human resources who are not necessarily competent and innovative, plus minimal capital, it is difficult to become competitors, let alone balance. Talking about the market and the structure of the competitive market is an interesting thing, especially when it is associated with the digital era and the Shariah economic perspective. The digital era is pinned on savings where the internet is a platform for the Industrial 4.0 era (Zafani and Arifqi, 2020), while the oligopoly market (several large suppliers) and monopolistic competition market (one supplier) are conventional (Hiç, 2020) has become an icon in the market structure of unfair competition (Ward, 2018; Valente, 2021). The main characteristic of traditional economics until the 20th century was the existence of markets, both perfectly competitive markets and imperfectly competitive markets such as monopoly, oligopoly, and monopolistic markets (Kumar and Stauvermann 2020; Chohan 2020). However, in the era of Industry 4.0 and Society 5.0 which is marked by digital transactions through internet applications, these market models are more occult with the search engine market (SEM) (Li and Dong, 2020). For example, Facebook is an oligopolistic company in global technology, a monopoly on social media, Google is an oligopolistic company in global technology, a monopoly on search engines (Chohan, 2020). In financial institutions in general, and Islamic financial institutions in particular, including in the banking sector, technological innovation with digital service products in the era of internet technology engineering is a must (Chung and Mohd, 2018). The existence of digital services with products from banking and non-banking financial institutions can save operational costs while avoiding risk and efficiency. On the other hand, the oligopoly market which is part of a monopoly and monopolistic competition which entirely controls the price (Purnomo, 2021) seems to be very effective when developed with a digital platform. Entering the digitalization era, the impact of Industrial 4.0 technology engineering adds a new digital market structure in forming a new oligopoly and monopolistic market model. Financial technology (FinTech) in the financial sector has entered the digital platform market through a process of reintermediation, consolidation, and capitalization capable of changing the market structure significantly (Chiu, 2016). The largest digital platforms that have been in direct contact with consumers, such as Google, Amazon, Facebook, Apple, and Microsoft, could be a small part of a large company which of course can create oligopoly behavior in the virtual market.

 

6. “Digital Entrepreneurship – A New Era from Corporate Perspective in India”

Gupta, S. K., & Bora, J. (2023). In today’s economy of India after the outbreak of novel Coronavirus pandemic, digital innovation has become an indispensable part of business to survive and to compete. The pandemic gave birth too many digital innovations. Companies start turning their traditional business into digital business. Digital entrepreneurship means starting a new venture or transforming the existing business into digital mode from the traditional concept of buying and selling’s goods and delivering services to the peoples. Digitalization has now become a driver, which is transforming the society and the business into digitally, by bringing radical changes in the shape of work and the ideas using digital technologies. The reason to go for digitalization is to create new value-added opportunities which will directly or indirectly generate higher revenue for the entrepreneurs. One of the greatest best gifts to the entrepreneurs is the internet with the help of which they can do their business online from anywhere, at any time. Entrepreneurs can fulfil their dream effectively through digital mode. There are no boundary restrictions for those entrepreneurs who are doing their business virtually. Being a digital entrepreneur, one cannot lose his or her job because he or she is the boss and a boss is a mentor, friend and a good leader. In case of digital entrepreneurs after knowing certain advantages of being a digital entrepreneur, there are some limitations which must be taken into consideration, Digital entrepreneurs can reach the audience at a global level with the help of internet at the same time they enter into a competition with global market. It’s a challenge for them to survive and grab the attention of the customers in the global market. Because greater the size of the business, the competition and risk also increases. Another demerit of digital entrepreneurship is that if any one does not like the products or services, they started criticism of the same which is visible for everyone and it may send a wrong message towards the products or services to the general public. It is vital to carryout effective customer service digitally otherwise it may spoil the brand image of the entity. The main pillar of success for the digital entrepreneurs is the internet. The quality of internet connectivity decides the success of the business in digital mode. In the last few years’ tremendous growth has been seen in digital platform and their influence on personal live. Almost all the large companies are from the digital world such as Google, Microsoft, Amazon, etc.

 

7. “Supply Chain Risk Management in a Digital Era”

Mamun, M. (2023). Small and medium-sized enterprises (SMEs) play an important role in world economies as they comprise about 90% of businesses and offer more than 50% of employment globally (The World Bank 2019), making an enormous contribution to the gross domestic product (GDP), entrepreneurship, and employment. However, SMEs, compared to larger firms, are less structured, have a small management group, are improperly organised, and are informal in risk management in this digital era (Lavastre et al. 2012; Bucher et al. 2016). Supply chain risk is known as the risky event that occurs in the supply chain operation (Chen et al. 2013). Ellis et al. (2010) outlined supply chain risk as an individual’s perception of the total potential loss associated with the disruption of supply of a particular purchased item from a particular supplier. Within the supply chain risk (SCR) literature, supply chain risk management (SCRM) has become a key area of interest. The notion of supply chain risk management is to recognize the likelihood of risks in the supply chain and implement the action plan to reduce the risks and avoid supply chain failures (Juttner et al. 2003; Breuer et al. 2013). Fan and Stevenson (2018, p. 211) have outlined a holistic view of SCRM and stated it as “the identification, assessment, treatment, and monitoring of supply chain risks, with the aid of the internal implementation of tools, techniques and strategies and of external coordination and collaboration with supply chain members so as to reduce vulnerability and ensure continuity coupled with profitability, leading to competitive advantage”. Risk identification is the first step in the SCRM approach, and it is challenging to develop a mitigation plan to reduce the impact of risks without identifying such risks. As Lin and Zhou implies that risk sources can be considered as internal and external risks. Internal risks are linked with decisions made and actions taken within a firm and include production risk, development risk, planning risk, and information risk, while external risks are outside the scope of control of a firm and include supply risk and delivery risk. Authors such as Christopher et al. (2011) and Ballesteros and Domingo (2015) have highlighted that there is a lack of knowledge in the application of SCRM in SMEs. SMEs are usually not well organised to deal with disruption and often characterised by casualness, which limits their capability to adopt risk management tools (Ballesteros and Domingo 2015).  Supply risks comprise suppliers’ performance, markets and shipments that disrupt production, projections and delivery plans, quality failures, and transit time variability. Demand risks, which are caused by unpredictable or misunderstood customer or end-customer demand, have affected 13 of the 20 participants in this study, and the following quote from the sales manager of Firm 16 highlights their risk: “You know, it’s an incredibly volatile retailing business that depends on customers’ purchasing powers and moods, interest rates and their mortgage payments, weather changes, pricing discounts, promotions, which all cause volatility in the demand. So, we can’t make an accurate forecast that we can plug into our planning to procure our sales items”.  

 

8. “Digital Leadership Competencies”

Şişu, J. A. (2023). Digital transformation has brought significant changes to the business environment, requiring leaders to adapt to a new set of challenges and opportunities. This has led to an increasing interest in the development of digital leadership skills and competencies. While communication, vision, and innovation have been identified as important skills for digital leaders, there is a need for a deeper understanding of the unique competencies required for success in the digital era. The interplay between advanced information technology (IT) and leadership has emerged as a topic of great significance and interest in the current rapidly evolving digital landscape. While leadership has traditionally been recognized as a vital element for the success of organizations, the advent of digital transformation has brought forth new challenges and opportunities that leaders must navigate. Advanced IT has the potential to revolutionize the way organizations operate, communicate, and compete in the marketplace, and effective leadership is critical for driving and managing this transformation. The term “e-leadership” was introduced by researchers to define the emerging context for examining leadership. E-leadership is a social influence process mediated by advanced information technology (AIT) that produces changes in attitudes, emotions, thinking, behavior, and/or performance among individuals, groups, and/or organizations. Before delving into digital leadership, it is essential to comprehend the underlying aspects of the contemporary digital era. Nicolescu & Nicolescu (2019) provide a comprehensive framework to elucidate the process of digitalization, which commences with digitization, advances to digitalization, and culminates in digital transformation. As we continue to move into the digital age, leadership has evolved to include a new set of skills and competencies that are necessary for success. Leaders in the digital era need to adapt to new technologies and ways of communication in order to effectively lead their teams. This requires developing new skills and competencies, such as digital literacy, virtual communication, and the ability to lead remote teams. A leader who possesses the skills and competencies necessary to effectively utilize digital technology has the potential to significantly influence the performance and outcomes of their organization. In their recent research, Gilli et al. (2022) argues that the successful navigation of digital transformation within organizations requires leaders who possess the ability to recognize and capitalize on digital opportunities to create new business models. The authors suggest that these leaders must possess a combination of digital and business acumen in order to effectively guide their organizations through the challenges and opportunities presented by the digital landscape. As we continue to progress further into the digital era, the role of leadership within organizations has become increasingly complex and challenging. Leaders now need to be able to navigate and harness the potential of the digital landscape in order to lead their teams towards success. This requires a new set of skills and competencies that are specific to the digital age.  According to a study by Kane (2018) on digital leaders, executives have identified the most important skill that a leader must possess, which is the ability to provide vision and purpose. To stay ahead of the competition, leaders must adapt their leadership styles to incorporate the latest digital tools and techniques.

 

9. “Using social media marketing in the digital era: A necessity or a choice”

Khanom, M. T. (2023). Today is the era of digitalization. Nowadays, people prefer to attach their lives to social media presence on Facebook, Instagram, Twitter, YouTube, and LinkedIn. Hence, manufacturers and producers use social media tremendously in this digital era to reach customers with their products and services. Thus, social media marketing has become famous for businesses to promote their products or services, engage with their customers, and build brand awareness. According to Faruk, M. et al. (2021), many customers spend their time on social and digital media for various purposes ranging from information searching to purchasing goods and services. The rise of social media platforms has changed the way businesses operate. Sabahat, W. et al. (2022) show that marketing campaigns for luxury brands consist of crucial factors like customization, reputation, trendiness, interaction, and entertainment, affecting customers’ purchase intentions and brand equity significantly. According to Parsons and Lepkowska-White, 2018, community marketing activities accrue from interactions between events and the mental states of individuals, while products are external factors for users. It is also mentioned that in future marketing, the rivalry will focus more on brand marketing activities; hence, the marketing activities should offer sensory stimulation and themes that give customers a wonderful experience. According to Interobserver (2022), traditional marketing is a promotion strategy that reaches a local audience offline. The form of marketing based on billboards, commercials, print ads, and other forms of advertising to promote a product or service is traditional marketing. It is often expensive and can be challenging to track the effectiveness of the campaigns, and digital marketing has replaced it. The latter uses online channels like social media, email, and search engines to reach customers. Compared to traditional marketing, digital marketing is more effective and less expensive, and one can track performance or effectiveness more easily. Social media comprises blogs, internet forums, consumer review sites, social networking sites (Twitter, Blogger, LinkedIn, and Facebook), and Wikis (Arrigo, 2018). Cheung et al., 2021 state that social networkers, government organizations, and business firms are using social media to communicate, and its use is increasing tremendously. It is described by Nugroho, S. D. P. et al. (2022) in a study, promotional activities, as part of a marketing strategy, especially through social media require influencers as endorsers. In today’s internet world, digital marketing has become an inseparable part of everybody’s life. Social media marketing provides a platform for people to keep their lives updated and provides a network of potential clients which helps the business to grow. As per statistics, India is the second largest country in the world, with approximately 462 million internet users (Bhagowati, A. and Datta, D. M., 2018). The Internet and social media have become the backbone of every firm growth, and this technology has changed the way of doing business. Being on social media means exposing the business publicly to people who may or may not intend to come across or see the brand. With the Internet being more easily accessible than ever, some people always aim to damage one’s reputation. If a business is unknown or just starting to gain momentum, the chances of getting an attack are more likely. Therefore, a company needs to investigate whether social media marketing is helping them gain customer attention or defaming their business by misusing it and creating miscommunication with the ultimate buyers. Today, business owners have more marketing options than ever, so relying on just one or two is incredibly foolish. Plus, using multiple channels will increase brand awareness and name recognition.

 

10. “Leveraging Internet Banking for Customer Retention Strategies in Today’s Digital Era”

Jadah, F. (2023). Internet banking has become an essential part of our everyday lives in today’s fast-paced and technologically driven world. The Internet has increased customers’ access to financial services and improved their convenience and effectiveness. As a result, the banking business has undergone substantial change, with an increasing number of customers opting for internet banking services. The relationship between internet banking and customer retention strategies in the banking business will be the subject of this article. Customer retention strategies are the tactics and actions used by banks to keep their customers happy with the services they provide. Online banking has made it possible for banks to offer a seamless and customised customer experience. From the comfort of their homes or while traveling, customers can use their mobile phones to access their accounts, view their transaction history, move money, and pay their bills. Customers now spend less time and effort physically visiting the bank as a result of this. Additionally, online banking offers a 24-hour service, allowing users to access their accounts from any location and at any time, boosting user happiness and loyalty. Second, internet banking has made it possible for banks to provide a broader variety of services to their clients. Banks can now provide online credit facilities, insurance goods, and other possibilities. By becoming a one-stop shop for all of their financial requirements, banks can now provide a wider range of services to their clients. Because they are less likely to switch to a bank that doesn’t provide the same variety of services, this has improved customer retention rates. Thirdly, banks are now able to gather client information through internet banking and use it to tailor their services to the needs of each individual customer. Customers’ data can be used by banks to better comprehend their needs, preferences, and behaviour patterns. The use of this information to target offers and promotions to consumers can increase their loyalty and retention rates. An individual who frequently uses their credit card for internet purchases, for instance, might receive a personalized credit card offer from a bank. By doing this, there is a greater chance that the customer will take the offer and stick with the bank. Fourth, internet banking has allowed banks to improve customer service. Customers can reach out to the bank via email, chat, or phone and have their questions answered promptly. This has enhanced the customer experience and decreased the need for customers to visit the bank in person. Chabot’s can also help banks respond quickly to customer inquiries, reducing the time and effort needed to resolve customer issues. Online banking has made it possible for banks to provide a more secure banking environment. Banks can use two-factor authentication, encryption, and other security steps to guarantee the safety and security of their customers’ data and transactions. Customers’ trust in banks has increased, and the probability of switching to another bank due to security concerns has decreased. Finally, internet banking has transformed the banking business, allowing banks to better their customer retention strategies. Banks can increase customer loyalty and retention rates by providing a seamless and personalized customer experience, a broader variety of services, targeted promotions, better customer support, and a secure banking environment. Banks that invest in online banking and customer retention strategies are more likely to be competitive in the banking market.

 

CONCLUSION

In the midst of the digital era’s transformative wave, businesses and educational institutions face a dynamic landscape. To thrive and survive in the digital era, businesses and individuals must continuously adapt and embrace technological advancements to remain competitive and relevant. Therefore, learning and teaching sustainable business practices in digital era are crucial, and digital tools offer innovative ways to educate future leaders about responsible, environmentally conscious strategies. Also at the same time, the influence of artificial intelligence in business is growing rapidly. AI is transforming industries, increasing efficiency and influencing decision-making, highlighting its vital role in the future of business. On the other hand, disruptive models challenge traditional business strategies, emphasizing the need for agility and the ability to adapt to changing market dynamics. Digital era also leads to Oligopoly market and Monopolistic competition, it has digital platforms which redefines market structures, impacting competition dynamics and necessitating new regulatory approaches. When we talk about digital era, it has mainly given a boost to digital entrepreneurship. Digital era has clearly lowered barriers to entry, creating opportunities for entrepreneurs to innovate and create business that cater to evolving consumer needs. In the era of digitalization, the globalized supply chains in supply chain risk management requires robust risk management strategies and leveraging digital technologies for real time monitoring and adaptation. Undoubtedly, the effective digital leadership demands a blend of technical and soft skills, as leaders must guide organizations through digital transformation while inspiring and empowering teams. Social media is a powerful tool for connecting with today’s audience, and its effective use can significantly impact brand visibility and engagement. The most popular social media platforms to grow your business are- Instagram, Facebook, WhatsApp, etc. This is a great marketing strategy to reach out to a big audience. In today’s competitive digital economy, it is very important to retain customers and form strategies for the same. Leveraging internet banking can be a major strategy in this digital field. Internet banking has become an integral part of customer service, and its optimization is crucial for satisfying customers in a digital-first world. In conclusion, the digital era is reshaping every facet of business, education and daily life. Success and resilience depend on embracing these digital changes and harnessing their potential to drive innovation, efficiency, and value in our evolving world.

 

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