Creating New Markets in the Digital Economy

Creating New Markets in the Digital Economy looks at how digitisation is radically changing the way we buy and experience products and services. Sharing her unique perspective of both business and academia, Irene Ng examines the implications of digital connectivity, including the need to design and scale future business models to better fit 'lived lives', creating value as well as increasing worth so that new markets can emerge. The book provides a conceptual framework and practical advice to equip readers with the knowledge they need to develop future products and services that take advantage of connectivity and serve contexts better. With its accessible language, numerous case examples and illustrations to illuminate challenging concepts, this book is an important resource for business leaders, entrepreneurs and policy makers, as well as students of service science, business and engineering. 'In Creating New Markets in the Digital Economy, Professor Ng skilfully makes the extremely difficult topics of 'value' and its creation accessible to the novice reader while, at the same time, offering alternative orientations and useful insights for advanced readers. She artfully weaves together historical and contemporary perspectives with emerging technological developments to reveal innovative possibilities for value (co)creation through the institutionalization of new, market-based solutions.' Stephen L. Vargo, University of Hawaii 'This new book is a most welcome addition to the canon of work in the emerging area of the digital economy. Starting from questioning the utility of the concept of utility, a common reductionist model of what motivates value and worth in economics, this book uncovers the far richer and inherently social underpinning of what motivates exchange of goods and services in the modern, digital age. The book is written from an unusually personal perspective, which means that it is easy to relate to, since the author's own digital footprint serves as examples for the arguments.' Jon Crowcroft, University of Cambridge Computer Laboratory 'Irene Ng shares her personal journey of discovery in her new book Creating New Markets in the Digital Economy, in what is a tour de force of systems thinking. For the first time, Ng makes leading edge service science and service-dominant logic thinking accessible to everyone. From students to faculty to executives, from academics to practitioners to policy makers, not only is the concept of 'value co-creation' clearly explained, but the surprising implications for innovation in the age of 'digitally connected service systems' is also easily accessible for the first time to the broadest audience of readers. A must read for all those who want a deep understanding of service innovation, as well as a glimpse into the future and why the best is yet to come.' Jim Spohrer, Director, Global University Programs, IBM 'The complex but creative disruption that digitalisation affords will not please everyone but this guide may assist even the most reluctant of travellers to engage in navigation - for it turns out that although we are all on this journey, there can be almost as many destinations as passengers and every passenger can choose to be a driver of their own digital economy.' David Brunnen, Managing Director, Groupe Intellex 'Irene Ng's lucid and accessible book, Creating New Markets in the Digital Economy: Value and Worth, is a remarkable accomplishment, a work that should not be overlooked (that is, it most certainly should be read!) by current and prospective business managers, leaders, and entrepreneurs in every economic sector.' Andrew Karpie, Principle Analyst, The Research Platform and Affiliate Analyst, Staffing Industry AnalystsPreface; 1. Introduction and impact of digitisation on markets; 2. Back to basics - what is value?; 3. Value and context; 4. Lifting the lid off context: the contextual experience; 5. Value and exchange; 6. Rise of the digital economy; 7. Back to basics in value creation - a theory of latent demand; 8. Value propositions and new business models; 9. Creating viability and worth; 10. Markets, digital labour and new economic models; Postscript; Bibliography; Index.