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Smart Business
"Smart Business: What Alibaba's Success Reveals about the Future of Strategy" by Ming Zeng (2018) provides some critical insights into the company's business model and strategy, namely the importance of network coordination in the digital age, why decision-making needs to be data-driven, and the value of user-centric approaches and machine learning.
For example, Alibaba serves as a platform that connects a vast network of consumers, producers, and merchants. It is not just a storefront but a marketplace, a financial institution, a logistics coordinator, and a data company. This business model signifies that future companies must move beyond traditional siloed operations and embrace integrated, networked business models. Zeng (2018) also highlights the importance of a data-driven strategy. Alibaba's capacity to collect and analyze data on a massive scale enables it to understand and predict customer behavior, thereby optimizing its product offerings and business operations. Future business strategy will increasingly depend on leveraging big data and machine learning for insights and decision-making.
To succeed, Alibaba's strategy largely focused on creating the best user experience possible. Whether it was personalizing the shopping experience or offering a broad range of services through its platforms, the customer was at the heart of Alibaba's strategy. This reflects a broader trend in which businesses are shifting towards a more user-centric approach. However, the success of Alibaba also reveals that a continuous strategy of innovation and adaptation is crucial. As the digital marketplace evolves rapidly, companies must stay ahead of the curve by constantly experimenting with new ideas, technologies, and business models. On top of this, Alibaba's use of machine learning, algorithms, and real-time data to support decision-making points towards the future of "smart business". This means integrating AI and automation into every facet of the business, not only to reduce costs and increase efficiency but also to create new opportunities for growth and innovation.
References
Zeng, M. (2018).Smart Business: What Alibaba's Success Reveals about the Future of Strategy.
Harvard Business Press.
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