Digital Business: Trends, Models, Collaborative Relationships, and Cybersecurity

Business

Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
Overview of significant trends of digital technology and their advantages ................................4
1.1 Explanation of virtual business .............................................................................................4
1.2 Benefits of doing virtual business .........................................................................................4
1.3 Key trends in virtual business................................................................................................5
1.4 Application of digital business with its benefits an varied key trends for evaluating in
chosen organisation .....................................................................................................................6
TASK 2............................................................................................................................................6
Emerging and advanced business models....................................................................................6
2.1 Defining emerging and new business models .......................................................................6
2.2 Discussion of digital business in context with cyber security issues ....................................7
2.3 Application on how chosen organisation use the specific business model............................7
TASK 3............................................................................................................................................8
Defining new collaborative relationship along with strategic alliances......................................8
Analysing advantages and disadvantages of new collaborative relationship and strategic
alliances through digital technology............................................................................................8
Application on chosen business on how they use new collaborative relationships and strategic
alliances through digital technology............................................................................................9
TASK 4..........................................................................................................................................10
Defining crypto currency with the help of examples.................................................................10
Discussing the impact of crypto currency on digital businesses................................................10
Critically comment on Bit coin adoption by El Salvador..........................................................11
CONCLUSION..............................................................................................................................11
REFRENCES ................................................................................................................................12

INTRODUCTION
Digital business can be described as a concept whereby organisations use virtual
technology for creating differentiated value in their workings in order to enhance customer
experiences (Batran and Et. Al., 2017). It is beneficial for organisations as collaborative
leadership team can be made by combining business insights along with digital technology.
Through the use of digital technology, businesses can strive their goals, bring innovations and
establish their vision in a significant manner. Aim of this report is to gain valuable insights
regarding digital technologies used in business operations. Digital business is flourishing
tremendously in UK and this technological-driven environment create varied opportunities for
differential sectors. In order to better understand concept of digital business, ASOS Plc has been
taken into consideration. ASOS Plc is an UK based online retailer company majorly deals in
fashion clothing and cosmetics. This organisation was established in 2000 and has its
headquarters at England, United Kingdom.
This project report highlights on the discussion about varied key trends along with thier
advantages in an organisation. It also delves into new and advanced business models which can
be adopted through the use of digital technology. This also reflects on the influence of strategic
alliances which are done through digital technology. This project report also throws light on the
concept of crypto currency along with its benefits.
TASK 1
Overview of significant trends of digital technology and their advantages
1.1 Explanation of virtual business
Digital business can be understood as an exercise of transforming business operations into
virtual means in order to enhance customer experience and securing competitive advantage
(Chaffey, Edmundson-Bird and Hemphill, 2019). It also aid business houses in bringing some
unique or innovative product or service. For getting better experience through digital technology,
machine learning, artificial intelligence and cloud computing is used extensively.

1.2 Benefits of doing virtual business
Digital presence- It is significant for marketing professionals to increase the viability of
their organisation. For gaining digital viability, marketers uses varied tools as well as frame
differential strategies through the use of virtual channels, blogs, social networking sites and
many more. It help organisations in increasing their conversion rate as well as revenue
generation.
Better decision making- Adoption of digitalised practices helps in recording and
assimilating lot of information through cloud computing technique (Kreutzer, Neugebauerand
Pattloch, 2017). This practice further helps in taking critical decisions in an effective manner on
the basis of collected information.
Encourage innovation – Information collected through digital means forces organisational
managers to act upon them and bring innovation. Digitalisation aids in get to know varied
dynamic market trends on a timely basis and to take a proactive approach towards them.
1.3 Key trends in virtual business
Customer data platforms – It is imperative for every business house irrespective of their
size to make updated and agile connections with their customers for addressing their issues and
satisfying their desires. Customer data platforms perform the same in a strategic manner. They
analyse, regulate and store information of their customers while interacting with other devices. It
is used to regulate data of first party when they make a purchase or enter into any transaction.
Connected cloud solutions- This is a one of the flourishing trend in digital business.
Through this adoption in organisation, they can make a connected networks of varied servers or
customers which help them to gather a lot of information in their system. Although with its
varied benefits, it has certain limitations for corporations and customers (Loonam and Et. Al.,
2018). As sometime, it just violate the regulation which supposes to protect personal information
of customers. For this concern, UK government has framed a law named as General Data
Protection Legislation which compels every organisation operating there to not outsource any
personal data of their customers. There are varied cloud management software designed by
differential companies as per their convenience such as AppFormix, Wrike, IBM Orchestrator
and many more.
Machine learning- It is used by numerous companies who wish to transform their business
operations in a virtual means. It is beneficial for organisation to process huge volumes of data in