Hi my friend! I’m Shing from Hong Kong and currently studying MSc International Business in University of Exeter. It’s my first time to study in United Kingdom (UK). Without doubt, UK gives me a chill lifestyle as well as in Exeter. On the contrary, Hong Kong is a rush and crowded place as you know. Working takes most of our life as longer as sleeping, even longer probably. However, citizens in UK know how to balance their work and life in my opinion. That’s why I always told my friends and family that I would prefer consume my remaining time here.
To begin my life in UK, I chose UOE not just because of the World University Ranking (but I know you are XD), but also the environment and the facilities which is world-class level. How about you? Have you think about what lead you here? Moreover, the reason why I would like to study postgraduate degree is mostly affected by my mum and sister. They persuaded me to come here to broaden horizon of mine and chance to know more friends from worldwide. And I am so appreciate for their such a great decision after my first day in UK. If you are come from other place, you must know that IELTS is not easy to overcome. And to be honest, I put most of my time on it (nearly a whole month while I was working in a CPA firm) yet failed in the first try. Depressed invaded my mind but what I did is practice more! Hence failed the second time… So, what could I do? In the third time, luckily, examiner acknowledged that many efforts of mine have been put and eventually passed by the skin of my teeth.
Alright, have some decency! Digital business is essential to the economy and human as well. The most significant change was the born of smartphones. I trust this is a necessary item for everyone no matter which industry you are working for. It links internet in a more convenience way and the internet provides communicating, negotiating and transacting between people and business. A new world is being changed to a digital one. This is why I chose this subject since recognize more about the business in digital world must be good more than harm.
The most influential professional development during the time of studying digital business was creating a blog. It is my first time in taking advantaging blog for posting and innovating. However, I noticed a blog can be a useful tool for a business which show and tell what a business can do, as well as being a stimulation to the profit.
Blogging does not only provide a channel to existing customers but also connect with potential customers in a more conversational mean. It is a way to establish trust with the readers as a consequence of information sharing such as interesting events, photos. On the other hand, blogging also allows feedback which means the business can get the responses from the consumers directly. The consumers can share their stories about the products or services. With this communication way, a business can build up trust and strengthen their relationship with the customers. Meanwhile, the business can adjust the strategy based on customers’ preferences and feedback they leave in the blog.
Besides, digital business inspires my creative thinking as well. From the history to the future holding of the digital business model, the content gave me how a digital world can be and how it affects us nowadays. Without a doubt, our life sticks with technology such as mobile payment. But how an organisation attracts more audience is the most challenging problem. No matter which industry you are, from financial to transportation, everything related to our life is linked with the digital world. As a result, innovation is crucial to a business. Blogging is one of creative thinking.
In addition, predicting the future is another major issue enlighten me. Although history can teach us what should not be done, the future prediction is indispensable. By forecasting forwards, we can keep staying up-to-date since the digital world is changing constantly. Especially if there is a huge change, for examples, Apple and Samsung introduce a new smartphone each year and thereby the applications are altered according to their new systems. This demonstrated if we forecast before the changes come, we can own competitive advantage ahead of the competitors.
To sum up, digital business gave me an opportunity of creating a blog which probably benefits my future career or business. On top of this, the different topics make me understand digital business model more and the modern lifestyle we are experiencing.
Word Count: 395 words
About the aspects of the module which will be taking forward into my future learning and professional development, I have made a powerpoint with narration to explain my idea. Hope you enjoy it.
Digital business is the creation of new business designs by blurring the physical and digital worlds. To own competitive advantage, digital transformation is mandatory for each business. For examples, electric and autonomous solution are emphasized by automotive, finance is pushed by manufacturing which is composed of IoT (fintech as well). It seems that digital business means a lot to us.
In this post, I will examine Tencent, a China-listed company which made a massive change in quality of life of its users. Tencent has many services related to digital business such as e-commerce, mobile games, social network, payment systems, etc. It uses technology to enrich the standard of Internet users (including all users in the world). Nevertheless, there are three keystones composed Tencent’s business, which is WeChat (a messaging app), the largest mobile gaming franchises globally, as well as an ecosystem built around over billion users to them. They are indivisible to the success of Tencent and by making use of digital business model. These three factors will be discussed one by one in the following.
WeChat, a messaging app connects the users with each other similar to WhatsApp. Nevertheless, it differs with others by linking with many digital contents and daily life services so as to provide the ecosystem. For instance, order foods, pay utility bills, transfer money and pay in stores through the payment function. In other words, it offers a more convenient life experience with just clicking a button.
On the other hand, as the biggest mobile gaming franchise, Tencent took a decidedly different tactic compared to other competitors by investing in and buying up the major game makers. In 2017, the total amount of games revenue was $19.13 billion which mobile games accounted for over half of the total revenue.
These three factors lead Tencent to success by relying on digital business. Nowadays, the digital business model benefits human a lot. From the accessibility of Tencent’s app, the digital business model gives a hand to Tencent in communicating, entertaining, the living way in order to bring Tencent to the top of the industry. Some analysts believed that there are more than two-thirds of the Chinese population using Tencent digital services. They jointly spend more than a billion hours a day on Tencent’s apps. It demonstrated that digital business model easier human’s life, but the applications of Tencent made people rely on them.
According to McKinsey, the business who transforming business to digital business can be favoured of the following factors. First, design and digitize customer journeys. The businesses can design the journeys more easily by doing research on the internet. Second, increase speed and agility in insights. Since the feedback and feelings will be collected due to the big data. Last but not least, develop agility in delivering journey transformations. Without a doubt, the digital business model improves the ability of processing emergencies of corporate.
Tencent has been benefited by those factors indeed. Take its ecosystem as an example, it designs and digitized a variety of applications close to users’ life. It increases the agility in insights by collecting data which applications are the most favourite of consumers. Collect, monitor and analyse become more effortless for informed decision-making with the available data analytical tools. The process of collecting and analysing data has explored new opportunities for digital businesses. It, fundamentally, enhances the business strategies by examining the online habits of customers.
The most important point is that the new competition, new trends and new technology are always there. Hence, demand will grow up more and more. The users probably want it faster and better than before. Keep an eye on the changes of the environment is essential.
An interesting fact found Tencent is targeting the enormous number of Chinese tourists by implementing the WeChat features like payment available overseas, instead of rivalling with the competitors such as Facebook. So, improving customer experiences and engagement leads to customer loyalty. In turn, the customers stick with your company with more deals.
Regarding the external factors, Tencent provides better customers experience and performance with the digital business model. In addition, leveraging programs that enable and enrich employee collaboration from anywhere in terms of internal factors. It decreases the tiresome tasks that hamper productivity by allowing employees to work anywhere instead of traditional interactions such as face-to-face or email. They will become more productive as well. As they acknowledge new proficiency around the modern application facilities. To maximize the benefits of digital business model, all employees should be trained on new business applications. From this case, it illustrated digital business model is not only advantage the opportunities Tencent created, but also maintain the strength of Tencent.
Conclusion
All in all, Tencent climbs to the top of the industry with catching the benefits from digital business model. Tencent cultivates the external and internal factors as its competitive advantages in the ways of communcating, entertaining and training.
This video goes over the origin story of Tencent as a company, as well as its growth and how it became to be positioned to where it is today,
The job role I have chosen to examine the effects of digital economy is the media and entertainment industry. Everyone has their own ways to get rid of the pressure and stress as well as entertainment. Nowadays, smartphones which are accounted for by digital entertainment such as video platforms, E-books or music apps, make life more convenience and comfort. There are some factors improved the digital entertainment industry in terms of easier to access, more innovation content, affordable rates but all of these are based on the big data. These factors will be gone through in detail in the following. Also, the development of this industry will be talked about in the lower half.
The outlook of Media and Entertainment industry. Although it is a historical record, what’s more important is the expectation of further development.
People were used to going to the cinema for a movie last for one and a half hour or probably longer. However, the media and entertainment industry provides a free or acceptable price for watching films or videos anywhere and anytime.
Besides, music is now available for free downloading with different music websites or apps. People would like to prefer the free one rather than buying a new CD. The internet inevitably provides a quick way to gain those free downloads and the best way to enjoy music everywhere.
In addition, other entertainment which is reading. Of course, there are many people like physical books or newspaper, but there is a faster and frugal way to access is online reading. As we can see, the entertainment are easy to access and available enjoy them at home. Those examples are telling us lifestyles of entertaining is no longer as rigid as the traditional entertainments. But the changes doesn’t mean the digital entertainment will totally replace the activities people were used to do.
As a post-90s, I really felt the change from traditional entertainment to digital one. What I saw is fewer people likely to read books or magazines in the library. Although most of the music I have heard are all online, I witnessed the phase-out of mp3 as well as iPod after the introduction of the first smartphone.
Preview the media and entertainment industry afterwards, there are a few trends directly impact the future. To commence with, the content will be expanded. Since the information is shared within everywhere including the websites, advertisements in the apps or games, this changed the communication between the entertainment industry and consumers into the direct way. The companies can recommend similar types of entertainment to their potential consumers after collecting the data. Meanwhile, the customers expect the entertainment companies can provide more positive and creative services.
Regards the advertisement, furthermore, it will be optimised as the big data share the preference of consumers. Traditionally, the advertisements are provided on the television during the rest of a film or drama or shown on the newspaper or magazines to sell their products and services. Compared to the digital advertisements today, we can see many different styles and categories promotion on Youtube, Facebook, even in the games! I am the one who is often disturbed and confused by the sudden jump out of the advertisements. I know you might be the one as well. In this case, we know how the data shows their effect on us.
On the other hand, this change not only advantages the companies who promote their goods and services but also benefit the consumers. Why does that probably happen? Transparency is one of the targets of public chasing. To gain more trust and loyalty, companies are willing to share their information about the products or services with providing personalized experience and brand loyalty. In a place with free privacy, the engagement can be increased which also longer the viewing time. Consumers will take more time in comparing the different brands because they have to choose the best one.
All in all, the media and entertainment industry is one of the most significant changes within the digital economy. Maybe we can say in other words, many of the physical items have been changed to the internet ones. For examples, a movie was played in cinema but can be watched at home though it is not as shocking as watch in a theatre and music can be enjoyed from a smartphone instead of a CD. Such activities can be done anytime and anywhere. It proves how the technology alter our daily lifestyle, isn’t it? With the introduction of 5G, accessing the internet and gaining information at a lightning speed decrease the time on receiving the messages and knowledge. Although it is not common globally and even not completely cover in United Kingdom, the emerge of 5G gives surprise to all of us. I believe that the future development of media and entertainment industry can provide more tailor-made experience for each person with the improving digital economy.
Word Count: 801 words
Reference
Cortada, J. W. (2005). Digital Applications in Entertainment Industries: Movies and Recorded Music. The Digital Hand: How Computers Changed the Work of American Financial, Telecommunications, Media, and Entertainment Industries, 371–412. doi: 10.1093/acprof:oso/9780195165876.003.0011
Shing's Blog 