580: In this interview, R “Ray” Wang, founder and chairman of Constellation Research, shares insights from his book on data-driven digital networks (DDDNs) and why he believes digital transformation alone is not enough for companies to survive. He explains how digita0l transformations need to extend beyond integrating new digital channels and include transformations in the business model, the monetization model, the technology, and the culture. We discuss the shifting ways investors are looking at their fundamentals in companies and how businesses must develop unusual ecosystems and joint ventures in order to compete with these emerging digital giants. When it comes to data, Ray believes third-party data collection isn’t sufficient and what is really driving the future is first-party data. He describes the five key elements of building a DDDN, how it is causing industries and the respective total addressable markets to drastically change, and how government regulation should be analyzed through a cost-benefit analysis of its effect on customer value. Finally, Ray provides a framework for how older companies can compete with DDDNs.
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