How to define digital business models: A career in innovation

4 min read

We lean heavily on digital business models and innovation. As such, digital jobs are the most resilient in our new age of tech. Which means we have to adapt or face the wrath of digital Darwinism.

But digital business and innovation doesn’t just mean remote working. Thanks to novel concepts like big data, machine learning and artificial intelligence, business practices simply aren’t the same. Companies are now seeking innovative thinkers who have both the tech and business acumen to drive growth. According to a report by the European Commission, more than 90% of jobs require digital skills in certain categories.

So, let’s talk about how you can be the mind behind the newest digital business models.

What is digital business?

Digital business is all about using technology to transform customer experiences or adapt internal systems that support business operations.

We often assume that e-commerce falls under the digital business umbrella, but this isn’t quite right. E-commerce might use tech for efficiency, but it doesn’t necessarily transform business models. So although many digital businesses choose to operate solely in the digital space, they aren’t defined by selling products and services online.

It’s key to remember that digital businesses are transformative—technology is harnessed to create new experiences for their customers, and offer new values that differentiate them from other companies. Both Uber and Netflix are strong examples of companies that are making waves in the world of digital business and innovation:

Uber business model

Uber’s unique model is unlike traditional taxi businesses. It doesn’t have the typical overheads, nor does it have to provide and maintain vehicles. It’s innovative model capitalizes on our use of mobile devices to create a new customer experience.

Netflix business model

It’s hard to imagine life without streaming movies and TV shows on demand—such is the power of Netflix. And its disruptive business model has completely transformed the movie rental industry. From an e-business comparable to traditional rental stores to a digital business, its influence can be felt all over the world.

Common elements of digital business

We’ve seen that digital businesses harness new technologies to drive growth in ways traditional models wouldn’t allow. Let’s explore some of the characteristics digital businesses share:

Adopting new business models. Customers’ desires are constantly in flux, so it’s essential to be agile and respond to their needs.

Harnessing technology. Tech is critical for examining data, cutting overheads or providing new exciting customer experiences.

Fearlessly transforming businesses. Restructuring is key—new roles are constantly being created as old ones become obsolete.

Careers in digital expertise for businesses

Thanks to the growth of digital business, there’s a huge demand for business-savvy innovators who embrace tech in all its forms. Since digital professionals aren’t industry specific, there’s a diverse range of roles to choose from, no matter the sector. Here are just a few possible career paths you could follow:

1. Digital business analyst

Analysts evaluate a company’s web traffic and use their expertise to recommend how companies can drive growth. From providing a detailed business analysis to highlighting problems and solutions, analysts need creative, fresh perspectives, as well as terrific communication skills.

2. Tech strategist

This is all about managing a company’s tech structure. Strategists develop and implement initiatives that improve operations and increase efficiency. Good communication skills are essential, since strategists often need to collaborate with management. Research skills are also highly sought after, as it’s important to keep an eye on competitors, too.

3. International business development manager

This role involves expanding a business into international markets. From maintaining and growing long-term client relationships to expanding and closing new business, international business development managers use their up-to-date digital business knowledge and strong leadership skills to support company growth at an international level.

4. E-commerce manager

E-commerce managers play a large role in their company’s website, marketing tools and techniques, and content and advertising. In charge of developing and carrying out digital marketing plans, this role showcases business management, digital strategy and communication skills.

5. Customer success engagement manager

This position is all about the customer—something that is increasingly important in today’s digital market. Ensuring that customers feel that their needs are met and that they are cared about across any platform is key in this role. This role is a unique hybrid between customer service and sales, and requires business and digital skills.

How you can work on digital business models?

It goes without saying that ideal candidates need to keep up to date with the latest technology. This career path is all about having an adaptable nature—the only guarantee is change!

So, it almost goes without saying that companies are looking for the brightest strategic visionaries with a passion for tech. However, these candidates are few and far between. In many universities, tech and business are taught in silos. This leaves graduates lacking a well-rounded knowledge in both business innovation and tech developments.

Study with us at IE Business School

Is digital business a good career? We can give you the answer.

Our Master in Digital Business & Innovation, a program designed to encourage the newest wave of disruptors. You’ll learn all about business models and tech strategy, acquiring all the skills necessary to give yourself an edge in this digital world. With a seamless blend of theory and a practical methodology, you’ll be perfectly equipped for a career in an ever-changing society.

Interested in studying with us? Fill out the form below to stay in touch.