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Digital transformation and the emergence of dynamic business models
Published on June 29, 2022 16 min
Other Talks in the Series: Digital Transformation
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- Prof. Anne-Laure Mention
- RMIT University, Australia
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- Prof. Dimitrios Buhalis
- Bournemouth University, UK
Technology, augmentation, and predicting the future of work
- Prof. Steven Dhondt
- KU Leuven, Belgium
Data ownership for a distributed and decentralized data economy
EcoSteer 17 min
- Ms. Elena Pasquali
- Co-founder and CEO of Ecosteer, Italy
Hello, and welcome to this talk on digital transformation and the emergence of new business models futures. We explore this important area within the context of service value proposition. I am Professor Jorn Buhring, the Ignite Innovation Futures, and industry collaboration leader at The Hong Kong Polytechnic University School of Design.
Building on design foresight in service space sectors of the global economy. Applied research over the past six years has illuminated the forward looking perspectives of the interplay between digital transformation and life centric business model futures. This is of interest to both academia and the practice of strategic innovation management, as the focus is centered on the beneficiaries of value and how digital and integrated ecosystems will impact users in daily life.
To demonstrate the criticality of this topic, I will make reference to the financial services industry as a key pillar of economic activity. Here the strategic imperative of digital transformations and the emergence of new business models are driven by forces such as mobility, cloud computing, big data, social connectivity, and advanced technologies such as AI, the Internet of Things, blockchain, and quantum computing. Rising competition from non-traditional players of FinTech. The rapid changes in consumer demands and the post-COVID world are all contributing factors to uncover the potential towards the benefits this technology enables have on different actors involved. In fact, research has established that business models must be adapted, refined or envisaged on a systematic basis if companies aim to weather the tsunami of uncertainty and stay relevant over time. In other words, design foresight is needed to inspire new economic models, and long term solutions won't be at risk of losing sight of the unanticipated, unintended consequences resulting from the design of digital technology solutions.