Question

What are the characteristics of a digital business (CGI-IU)

Option 1:
Embracing digital transformation for operational efficiency.

Option 2:
Integrating information technology across all business functions.

Option 3:
Leveraging data analytics for informed decision-making.

Option 4:
Adopting a customer-centric approach with digital solutions.

Answer 1

A digital business is characterized by its emphasis on embracing digital transformation for operational efficiency, integrating IT across all functions, leveraging data analytics for decision-making, and adopting a customer-centric approach with digital solutions.

Step-by-step explanation:

The concept of a digital business encompasses a range of strategic approaches that leverage modern technology to enhance business operations and customer engagement. One of the core characteristics is embracing digital transformation for operational efficiency. This means utilizing digital tools and platforms to streamline processes, increase productivity, and reduce costs. Another characteristic is the integration of information technology across all business functions, ensuring a seamless operation and collaboration throughout the organization. Additionally, a digital business leverages data analytics for informed decision-making, using insights from data to guide strategy and operational tactics. Finally, adopting a customer-centric approach with digital solutions ensures that the business is always oriented towards meeting the evolving needs of its customers through innovative digital channels and services.

Answer 2

A digital business focuses on digital transformation, IT integration, data analytics, and customer-centric digital solutions to improve efficiency and competitiveness in a global market.

Step-by-step explanation:

A digital business is characterized by several key aspects, which include embracing digital transformation for operational efficiency, integrating information technology across all business functions, leveraging data analytics for informed decision-making and adopting a customer-centric approach with digital solutions. Digital transformation enables organizations to improve processes and enhance service delivery, often resulting in cost reductions and increased revenue. Integrating IT across all areas ensures seamless operations and better communication within the business. Data analytics play a crucial role in understanding market trends and customer preferences, which assists in strategic decision-making. Finally, a focus on customer needs through digital solutions helps in building strong relationships and improving the overall customer experience.

In the context of the information economy, the impact of new technologies like the Internet, GPS, and GIS is profound. They have revolutionized how businesses operate and compete globally. As businesses increasingly move online, technologies are transforming industries and leading to a proliferation of data, which can be utilized for competitive advantage.