Typically, a digital business model can be characterized by one or more of the following elements:
Customers will be incorporated at eyes level in the development and continuous optimization of products and services by social networks, crowd sourcing, in order to improve proximity and dedication to customers as well as achieving maximum internal efficieny.
Data concerning the product use and its current status, concerning product sales, suppliers, stockpiles and warehouses, customers and their preferences related to the products and services, competitors, ... will be available for company decision making as up-to-date data, real time data.. These potentially verge comprehensive, but unstructured data sources, big data, will be suitably accumulated and aggregated within a company cockpit. More and more, the internet of things (IOT) with its IP cross-linked sensors will be an indispensable presupposition for the availability of such data. The data will be provided to authorized parties via apps everywhere on mobile devices and presented in a cognitive efficient way.
The corporate IT will be the strategic tool for implementing the digital business model and delivers competitive advantages. The chief information officer (CIO) of the company primarily has to act as a chief innovation officer and digital leader, he has to be the driving force and mastermind of the new digital business models.