Digital is probably the most popular business term in 2014. Analysts and business executives often tend to use digital synonymous with mobile apps deployed on smartphones. But that's not all. There is a lot more to this transformation than what meets the eye.
My previous article - Digital Makes the David versus Goliath Story a Reality - discussed the disruption caused in various industries from new digital-enabled competitors. Now, established industry leaders are responding to these disruptive threats by developing effective counter-strategies to level the playing field. They are also exploiting their existing assets to augment the value proposition for their customers and stay ahead in the game.
Management guru CK Prahalad championed two groundbreaking concepts in his 2008 book The New Age of Innovation: Driving Co-Created Value through Global Networks co-authored with M.S. Krishnan. The first concept was a market segment size of One (N=1) where every customer is treated as a unique entity. The second concept was creating a global network of specialised resources (R=G), rather than doing everything in-house.