What is Digital Business Management and Why it is Important

Digital business management is the process of leveraging digital technology to reinvent business models and transform a company’s products to create great customer experiences.

Digital business management is important for several reasons:

• Improved customer experience: Digital business management also plays a key role in helping companies to drive digital transformation by offering their products and services through new channels that are built around user engagement and integrated into the consumer lifestyle, by meeting the user needs, and by delivering great customer experience. To successfully deliver business value to customers and stakeholders, many companies have included a common thread that runs through many of their newer job descriptions in their recruitment drives, which outlines the roles and responsibilities to deliver digital products and services.

• Data-driven decision-making: Digital business management emphasizes the collection and analysis of data from various sources, such as customer behavior, market trends, and operational metrics. This data can be used to make informed business decisions, identify opportunities for product improvement and growth.

• Innovation and competitive advantage: In today’s digital world, many companies are leveraging digital technologies to enhance the value of their products and services. Traditional products are also becoming “digital” products, as smart technologies are embedded into them to create new value. Embracing digital technologies opens up opportunities for innovation in products, services, and business models. By leveraging digital tools, businesses can differentiate themselves from competitors, adapt to changing market trends, and stay ahead in the digital age.

• Agility and adaptability: Digital business management enables organisations to be more agile and adaptable in responding to market changes and customer needs. Digital technologies allow for rapid prototyping, iterative development, and quick adjustments to strategies and processes.

The following key topics will be covered in this programme:

1. Business Ideation: Developing a new product or service that sets it apart from the competition.

2. Design Thinking: Design a product or service with a focus on customer needs and experience through the various touchpoints through which customers interact with the product or service.

3. Business Case: Build a business case to justify the proposal for a new product to launch in a market.

4. Pricing Strategy: Choose a pricing strategy to maximize profits and value for shareholders and customers.

5. Market Strategy: Formulate a go-to-market plan to successfully launch a new product or service in the market.