Page - 189 - in Digital Entrepreneurship - Impact on Business and Society

data lake for the airline industry by storing flight data from the aircraft and providinganalytics to airlines.11Thus, adata-drivenoperatingmodelmay foster corporate digital entrepreneurship. • To build a competent digital team: Companies should assess their digital capabilities andacquirenewor retrainexistingworkforce indigital technologies. The managerial cognitive capability (Helfat and Peteraf 2014) is essential for managers who are faced with strategic changes for corporate digital entrepreneurship.The roleofChiefDigitalOfficer (CDO) iscritical forcorporate digital entrepreneurship, and this person is responsible for digital initiatives in large organizations (Singh andHess 2017). • To develop ecosystem partnerships: Corporate entrepreneurs should develop ecosystem partnerships to provide comprehensive solutions to their customers. Also, companies should partner for non-core activities. The firmwith stronger technological capabilities likes to enter an emerging technologicalfield through internal development, whereas the firm with weaker technological capabilities will enter throughstrategicalliances (Anandet al. 2010). Inorder to successfully launchnewproducts and services, afirmoften cannot fulfill all the requirements from customers on its own, so the strategic partnership is key for success and corporate digital entrepreneurs should take advantage of that. • Toorganize for speed: Companies shouldhave digitally savvy executiveswho can lead corporate digital entrepreneurship. The role of CDO reporting to the CEOcould be ideal for companies. In a hyper-competitive environment (digital disruption), themerepresenceofadequate resources isnotenoughand thefirm’s ability to mobilize its resources and organizational capabilities and align them dynamically with the changing opportunities in the environment is vital to maintain competitive advantage (Liao et al. 2009).The roleof theCDOtobring changesusingdigital technologies is akey for corporatedigital entrepreneurship (Rickards et al. 2015). • To design a user-friendly experience for its customers: Corporate digital entrepreneurs should designmulti-channel user experiences for their customers, which should include web, mobile, and other digital assistants. Omni-channel marketing capabilities are gaining importance to connectwith the customers and becoming a key success factor for developing new products and services for a firm (Mirsch et al. 2016). Industry 4.0 or the Fourth Industrial Revolution refers to the next phase of the digitization of manufacturing where emerging technologies, such as IoT, play a significant rolewhich has the potential to develop lowvolumehighly personalized products and services cost-effectively (Bahrin et al. 2016). According to Fonseca (2018), Industry 4.0 fosters newer production systems and business models impacting the overall manufacturing value chain, society, and environment. The Fourth IndustrialRevolutionwill empower consumers andwill foster newbusiness models, and digitally enabled consumer-obsessed companies must change their 11https://www.ge.com/reports/post/94170227900/angling-in-the-data-lake-ge-and-pivotal-pioneer-4/. 194 S. Ghosh et al.