Page - 188 - in Digital Entrepreneurship - Impact on Business and Society

companies’ business processeswith ecosystempartners and offering newproducts and services; developing disruptive new smart products and services and creating new businessmodels. Basedon thesediscussions,wepropose thatdigital technologies lead tobusiness model transformations, which in turn influence corporate digital entrepreneurs to develop new products and services for their organizations. 3.2 OperatingModel Transformation Business model transformation may not be enough for corporate digital entrepreneurship and companies need to transform their existing operatingmodels or develop new operatingmodels for innovation and operational efficiencies. The digital operatingmodel is a newwayof runningbusiness functions, processes, and structures that combines digital technologies and operational capabilities of an organization so that it canachieve itsmission (WEF2018).Companies canachieve operational efficiencies and competitive advantages by understanding current and emergingbusinessprocesses,models andcurrent andemergingdigital technologies (Andriole 2017). Organizations should develop the following capabilities to transform their operations digitally (WEF 2018) to initiate new ventures. • To sense disruption and extend industry boundaries: Since physical and digital worlds are converging, companies should develop an operating model that will expand beyond their current industry. Corporate digital entrepreneurs should explore business opportunities outside their current business boundaries. Asfirms nowhave temporary competitive advantages (McGrath 2013) asmore competitors are entering the business frommultiple industries, to remain com- petitive, a firm needs to transform its operatingmodel and expand its industry boundaries. • To experiment with ideas and launch them faster: Corporate digital entre- preneurs should launch their ideas faster and should try to get early mover’s advantage with their products and services. Digital entrepreneurs should take advantage of platform-based innovations and open systems (Hsieh et al. 2019). • To understand and leverage data: Corporate digital entrepreneurs should understand their data and should come up with operating models to monetize data in newways andwhichmay lead to new business. The datamonetization capability is gaining importance. Data monetization is the conversion of the intangible value of data into real value by selling the data, and it can also be monetized inother forms, likedata-drivenadvertisingordiscounts and reduction in IT costs (Najjar andKettinger 2013). For example, GE andPivotal created a Corporate Digital Entrepreneurship: Leveraging Industrial… 193