Digital Business: Key Trends, Emerging Models, and Collaborative Relationships

Digital Business

Contents
INTRODUCTION..........................................................................................................................2
MAIN BODY..................................................................................................................................3
Key trends and advantages of digital technology and implications for managing virtual
................................................................................................................................................3
business in the global environment.....................................................................................3
New and emerging digital business models in the context of key business issues such as
................................................................................................................................................6
cyber security and ethics......................................................................................................6
Impact of new collaborative relationships and strategic alliances through digital
technology..............................................................................................................................8
Impact of crypto currency such as Bitcoin on businesses.................................................9
CONCLUSION............................................................................................................................10
REFERENCES.............................................................................................................................12

INTRODUCTION
In the modern business landscape, the need to be hyper competitive is a necessity as there
are many disruptions in the external and internal environment which disturbs the operational
flow of companies in a regular basis. One of the major ways for companies to sustain their
competitive edge in the market is through use of digital technologies as they help increase the
reach and capabilities of business while also enabling transformation in the infrastructure from
physical to digital (Martínez-Caro, Cegarra-Navarro and Alfonso-Ruiz, 2020). Digital
transformation is a necessity in modern business scenario as in the post pandemic world, strict
dependency on physical outlets and traditional business models has been disastrous for firms as
the entire world has mostly embraced e-commerce and internet based utility offerings (Gebauer,
and et.al., 2021). This report will be done in the organizational context of Currys which is a
major and highly established British retailer dealing in all types of electronic products. The
company was established as a bicycle retailer in 1927 and is currently headquartered in Acton,
London. There will be focus on the growing importance and benefits of using digital
technologies along with different emerging trends in the field with the focus on strategic
collaborations and emergence of crypto currencies such as Bitcoin and Ethereum.
MAIN BODY
Key trends and advantages of digital technology and implications for managing virtual
business in the global environment
Digital technologies refers to the combination of electrical systems comprising of various
tools, systems and devices which are integrated in the working capabilities of a business to
generate and analyse data resulting in new operational channels and increased efficiency (Pihir,
Tomičić-Pupek and Furjan, 2018). The need for such advanced solutions for businesses is
extremely high in modern times as social media and the internet has converted the world into one
single large hub and conducting trade with such a large audience size is very lucrative for firms
despite of their size and infrastructure. Some recent trends and new processes related to digital
technologies have been listed herein.
 Robotic process automation – Just like other major digital solutions such as Artificial
Intelligence (AI) and machine learning, Robotic Process Automation or RPA is also

helping automate jobs around the globe. This technology involves the use of smart
software and advanced information systems to perform functions ranging from complex
business calculations and analysis to sending e-mails to staff. The benefits that businesses
can reap from using these technologies are numerous such as increase in efficiency and
boos to revenue and customer service but the price paid in the long run is not enough as
multiple jobs are being threatened and erased due to automation taking over. Currys has
successfully automated a lot of systems involved in its e-commerce business through
RPA such as its production line operations and warehouse functions.
 Block chain – It is a new technology that is paving the way for businesses to keep a
digital record of their transactions that occur at different places and time in one place.
Block chain is basically a shared and immutable ledger and it is primarily used for the
purpose of keeping an electronic record of trading transactions and tracking both tangible
and intangible assets in a massive business network such as cash, land and intellectual
property rights (Vigliotti and Jones, 2020). This technology is currently in massive trend
worldwide due to its design and structure making it immune to hacking and third party
disruptions which makes it a secure system for businesses to manage their daily
operations. Currys also uses this technology as its e-commerce business contains a large
volume of daily transactions of electronics which have to be stored digitally.
 Virtual reality and augmented reality – These technologies are often used and grouped
together but are slightly different as Virtual Reality provides a new environment to get
immersed in while Augmented Reality enhances the natural environment around people.
Both AR and VR solutions have been used in the past mostly in the video gaming
industry but their modern usage is quickly expanding into areas such as designing
training and development curriculums, marketing, smart education and helping
institutions like Museums offer a deeper historical and customer driven experience
(Santos, Murmura and Bravi, 2018). Another reason behind these technologies trending is
that their future growth is projected to be quite robust as the industry will be worth more
than 200 billion dollars by the end of 2022. Currys has recognized this growth and has
begun preparing in advance by making high quality and cheap VR headsets and games
available for purchase on their e-commerce website.