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Digital transformation ( DT) is the process of adoption and implementation of digital technology [ 1][ 2][ 3] by an organization in order to create new or modify existing products, services and operations by the means of translating business processes into a digital format. The goal for its implementation is to increase value through innovation ...
Business model innovation is an iterative and potentially circular process. [ 1] A business model describes how an organization creates, delivers, and captures value, [ 2] in economic, social, cultural or other contexts. For a business, it describes the specific way in which it conducts itself, spends, and earns money in a way that generates ...
A key component of the business model is the revenue model or profit model, which is a framework for generating revenues. It identifies which revenue source to pursue, what value to offer, how to price the value, and who pays for the value. It is a key component of a company's business model.
The Business Model Canvas is a strategic management template used for developing new business models and documenting existing ones. [2] [3] It offers a visual chart with elements describing a firm's or product's value proposition, [4] infrastructure, customers, and finances, [1] assisting businesses to align their activities by illustrating potential trade-offs.
A virtual business model is a way to organize a startup company . In the virtual company, the utilization of the financial resources can be optimized with cost-effective product development as a result. This business model is defined using several criteria; the company has a limited number of employees; the management has competence for product ...
The model predates the internet; for example, a newspapers with a classified ads section effectively uses the platform business model. The emergence of digital technology has turbocharged the model, [27] although it is by no means a sure path to success. While the most successful born-social firms can in just a few years achieve multibillion ...
The digital economy is a portmanteau of digital computing and economy, and is an umbrella term that describes how traditional brick-and-mortar economic activities (production, distribution, trade) are being transformed by the Internet and World Wide Web technologies. [ 1][ 2] The digital economy is backed by the spread of information and ...
The concept of Digital Business Ecosystem was put forward in 2002 by a group of European researchers and practitioners, including Francesco Nachira, Paolo Dini and Andrea Nicolai, who applied the general notion of digital ecosystems to model the process of adoption and development of ICT-based products and services in competitive, highly fragmented markets like the European one [8] [9].