Major Module Digital Transformation I
Value Creation in the Digital World
The examination consists of a written exam of 60 minutes.
Examination Dates: tba.
Please keep in mind that you need to register for the examination within the corresponding registration period. It is NOT possible to register after the registration period. Written exams can be answered either in German or in English. Note that no responsibility is taken for the correctness of the information. Please refer to the Examination Office for all examination-related questions.
Zum Bestehen der Veranstaltung muss eine 60-minütige schriftliche Prüfung abgelegt werden.
Bitte beachten Sie, dass Sie sich nur innerhalb der vorgegebenen Fristen für die Prüfungen anmelden können. Es ist NICHT möglich, sich nach Ablauf der Frist nachträglich anzumelden. Schriftliche Prüfungen können auf Englisch oder auf Deutsch abgelegt werden. Es wird keine Verantwortung für die Richtigkeit der Informationen übernommen. Bitte informieren Sie sich beim Prüfungsamt über alle klausurbedingten Fragen.
This course will cover the most relevant topics of the ongoing digital transformation of business and society, with a particular focus on management and marketing. This course should be of interest to most students as we’ll discuss the impact of digital transformation on a wide range of businesses and industries.
What is “Digital Transformation”?
Since the inception of the Internet and the world-wide-web in the late 1990s, we have witnessed dramatic increase in our ability to communicate in new, richer, and flexible ways. The key technological changes associated to the digital transformation are linked to (1) the emergence of the internet and associated technologies and applications (protocols, infrastructure, media); (2) the development of devices that allow the permanent possibility to communicate with an unprecedented level of richness and mobility; (3) the use of new algorithms that can automatize a wide range of tasks, including those that have been traditionally performed by human beings.
These technologies have had a tremendous effect on the way we learn, shop, communicate, play, and generally live our lives and run businesses. Broadly speaking, the digital transformation has
Radically altered the way people interact with one another. Today most people are permanently connected and accessible via a variety of devices, and social platforms. We can have HD video conferences between multiple people with practically zero marginal cost, something that was unthinkable ten years ago. We learn about family and friends from Facebook, and follow them on twitter, together with our favorite colleagues, celebrities or sportspeople. These technologies are changing the way we relate to each other and create social bonds.
Put a world of information at the fingertips of individuals and companies. There are seven billion phones today, and about half of that are smartphones with access to the internet. That means that half the people on this planet have access to a large part of what was traditionally called “human knowledge”, as well as the latest review for that small pizza restaurant in your town, and the latest score of your favorite team. We can access that information on a train, while we stream to the new single by Adele and watch the latest pictures from mars. Access to information to that degree has completely disrupted industries like publishing, music, and travel. Further, it is dramatically reshaping retailing, b2b communications, healthcare, etc.
Lowered cost of targeting. Before the advent of the internet, communications either often had a broad target. Individually targeted communications were only possible if the company had enough demographic information to select a group of individuals based on, for instance, income or gender. The internet has allowed not only the ability to target customers with specific interests and behaviors, but to tailor the targeted message to their profile.
Enabled the generation and use of large amounts of business and behavioral data. With the rise of Internet technologies, we have seen the generation of massive amounts of data that are big, dynamic and diverse (often called Big Data). This data is being used to make predictions about customer behavior, understand patterns of purchases and customer retention, and manage prices and channels.
The course will cover the following topics.
- • The ongoing technological and market trends that are reshaping our world
• How do new technologies and new business models influence value creation
• How to manage new forms of media, particularly social media
• How to design online markets and platforms
• The emergence of new business models driven by digital technology
• How to manage the multi-channel business
• New pricing strategies in the digital world
• Payment and order fulfilment in the digital world
• Transforming organizations to succeed in the new digital environment
• The challenges and opportunities of online advertising
• Dealing with privacy and legal concerns
• Big data and metrics in the digital environment
The pedagogical approach will be a combination of lectures, case and paper discussions, as well as guest speakers. A reading list will be available in the beginning of the course.
- Students acquire the knowledge to understand the technological trends that are changing the operation of business, restructuring industries and enabling new business models.
- Students understand and critically evaluate the role of new media in business and society, with a focus on marketing and economic decisions.
- Students learn from real stories and case studies the different strategies and tactics to create value with digital technologies.
- Students identify the future development of business and society in the light of technological change.