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3 Steps to Market-Driven Digital Transformation Premium

Stairway to Digitalization

Villanueva, Julián; Ferrándiz, Luis

The authors interviewed C-suite executives from 22 companies to discover best practices, and missteps, on the path to getting a business ready for a digitally transformed world. Their model, called the Stairway to Digitalization, starts with the ability to interpret market forces. This demands a marketing-driven fixation on customers, but since customers' evolving needs do not happen in a vacuum, managers also need to analyze competitors, collaborators and context. The next step is for the executive committee and board to express a wholehearted digital commitment. Finally, the authors explain the chief levers of execution, so that the strategic goal of digital transformation might be achieved, resulting in a new business proposition for the firm. This article contains useful tips applicable to incumbent firms and digital pure players alike.

Selling Experiences to Connect With Consumers Premium

Experiential Advertising

Gallo, Iñigo; Townsend, Claudia

The Experience Economy is pervasive. Consumers are diverting more of their disposable income to engaging in experiences. And even material purchases are increasingly being positioned as experiential. This article presents the findings of the authors' research into the marketing of experiences. Selling products through the allure of experiences can yield enormous benefits, such as increasing the "talkability" of the product -- highly relevant in today's social media age. Yet there are limits to doing so. Marketers aiming to position their material brands as experiences need to understand the dynamics at play in order to be successful.

Using Big Search Data to Map Your Market Premium

Marketing in a Digital Age

Skiera, Bernd; Ringel, Daniel M.

Markets today are flooded with an increasing number of products and brands, making it difficult for companies to track how their products compete in the market. Big search data allow companies to obtain valuable insights on market share as well as on key competitors. But collecting and analyzing vast amounts of data pose huge challenges. In this article, the authors describe how they used clickstream data to visualize competition in product categories containing more than 1,000 products. Both manufacturers and retailers can profit from their approach, which yields more meaningful information on customer behavior than traditional market research methods.

Future-proofing Your Job From Robots Premium

Technology & Employment

Pastor, Alfredo; Mercadal Dupree, Bartolomé

Will a robot take your job? Although workers have worried about being replaced by a machine since the Industrial Revolution, the changes brought by computerization, digitization and robotization are being felt more profoundly. One study predicts that 47 percent of 400 million U.S. jobs are considered at high risk. This article summarizes the latest research, which includes interviews with executives from Spanish corporations, to help separate science fiction from business reality. Armed with this deeper understanding, executives may start to view technological change not with fear but with flexibility, and identify some practical actions they can take to ready themselves for whatever lies ahead.

Five Keys to Manage Millennial Talent Premium

Make Way for a New Generation

Stein, Guido; Martín, Miguel

By 2025, millennials will represent an estimated 75 percent of the world's working population. With a view to meeting the needs and demands of this generation, many companies are rethinking their people management policies and leadership styles. The authors surveyed 22,000 international executives, hundreds of participants of IESE Executive MBA programs and their managers, as well as a group of final-year students from the University of Navarre's School of Economics and Business Administration. Their responses confirm that a shift is indeed taking place in professional aspirations, the priorities people weigh when choosing a job, and the type of leadership expected from managers. This article suggests the keys for attracting, developing and retaining millennial workers.

Staying Ahead in the New Employment Context Premium

The Rise of Alternative Work

Cappelli, Peter

The rise of alternative work arrangements in the United States is consistent with a growing phenomenon happening in Europe and elsewhere: the conventional full-time employment model is giving way to emerging forms of temporary, nonstandard or contingent work. How can companies make sense of it all? The author proposes a new taxonomy for understanding employment in the new economy. His classification is predicated on who maintains directive control, which is conditioned by the presence or absence of a third party as well as the nature of the contractual relationship itself. Executives may find this framework useful for managing employment relationships in an evolving context.

The Keys of the Collaborative Business Model Premium

The Mechanisms That Matter

Lago, Alejandro; Sieber, Sandra

Call it the sharing, collaborative or peer-to-peer (P2P) economy, a new business paradigm is gradually taking shape. And as with any disruptive business paradigm, this one comes with controversy and debate. This article examines the key levers of several well-known business models, in particular, the market-access mechanisms, the resource-allocation models, and the approach to governance, monitoring and control. Highlighting the differences may help academics, practitioners and policymakers better understand the potential advantages and shortcomings of the collaborative economy.

How Digital Trust Powers the Sharing Economy Premium

The Digitization of Trust

Mazzella, Frédéric; Sundararajan, Arun; Butt d'Espous, Verena; Möhlmann, Mareike

Over the centuries, each significant economic expansion has been enabled by the accompanying creation of new trust systems -- from village-based trade and informal trader networks, through contracts, government standards and financial institutions, to today's corporate brands. Emerging digital platforms are catalyzing a new expansion that will reintegrate into our economic interactions the social aspects of commerce that were marginalized by 20th century capitalism, creating a new form of crowd-based capitalism powered by the digital trust grid. This article shares the findings of an ongoing research collaboration between New York University and BlaBlaCar. The authors identify the mechanics of online trust and the resulting level of trust created. They show that, with the right digital tools, many of which are encapsulated in their D.R.E.A.M.S. framework, individuals can achieve high levels of trust without ever having met in person. This signals a radical move toward a friendlier, more personal, more connected, more empowered world of trust.

Sharing Economy: New Rules for New Times Premium

Business & Society in the Balance

Ranchordás, Sofia

In many cities around the world, policymakers are struggling to deal with the disruptive challenges posed by the sharing economy. The current rules were devised for an entirely different reality, and crackdowns could lead to a stifling of innovation. The author draws upon her work on innovation law and experimental rulemaking, in both the European and U.S. contexts, to suggest various ways that sharing-economy businesses, regulators, consumers and traditional businesses can engage in constructive conversations to navigate the myriad regulatory issues arising in this hazy area. Ultimately, it's about weighing the risks and opportunities, and protecting the public interest, while at the same time promoting new business practices.

Delegate Responsibilities and Go Beyond the Task Premium

Motivating Yourself & Your Team

García Pont, Carlos; Canales, J. Ignacio

Unless you are at the top of the hierarchy, most managers will find themselves caught in a conflicting position, having to carry out certain tasks delegated from above, while not delegating to those below, and where no one experiences much freedom of movement. In the face of this reality, a change of management style is required. Based on research, teaching, consulting and a recent TEDx Talk delivered on the subject, this article shares the keys that will help readers earn the trust of senior management, enabling every person to convert his or her tasks into more enriching responsibilities. The authors suggest the necessary managerial and organizational conditions to do so. If people begin to look beyond the goal of simply checking off tasks, and instead focus on each person's personal and professional development, this paradigm shift will bring benefits for the organization as a whole.

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