Issue
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Traditional business
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Digital business
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Implications
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Customer interaction and engagement
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Face-to-face product facing selling strategies
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Customer-facing tools and technologies facilitate a seamless customer journey with multiple customer touchpoints and customer-led interaction
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Customers - enhanced visitor experiences through mixed face-to-face and digital interactions
SMEs - reduced transaction costs, real time engagement
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Market analysis and marketing
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Market projections, segmentation
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Data analytics, intelligent decision-making, real-time customer data and data-sharing
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Customers – customised products, experiences; data privacy concerns
SMEs – increase product-customer match; data security and privacy management
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Business management processes
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Management cycle (annual, quarterly, monthly)
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Process automation, increased efficiencies, adaptive management
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Customers – price reductions, product improvements
SMEs – management efficiencies and timeliness, increased cost efficiencies
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Business planning
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Business projections and strategic planning
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Adopt continuous improvement; rapid testing; real time feedback and decision-making
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SMEs - management efficiencies and timeliness, increased cost efficiencies, production innovation
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Product development
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Led by product investment and financial assets
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Customer-led and driven by information assets and co-creation and collaboration
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Customers – greater choice, customisation, satisfaction
SMEs – increase competitiveness, cost efficiencies, reduced risk in new product development
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Business models
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Traditional business-as-usual, supplier and customer roles clearly defined
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Collaborative, networked commerce, open architectures, multi-sided platforms blur roles of consumers-producers (prosumers).
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Customers – greater choice, seamless experiences, increased satisfaction
SMEs - management efficiencies and timeliness, increased cost efficiencies
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