Study Guide

Objective

We are living in an economy where future leaders need to be able to develop digital business but also perceive what is happening in the global business context, especially from the perspective of sustainability. They need to understand how complex ecosystems work and they need to think in terms of horizons. The contemporary business transformation requires understanding of the dynamic business landscape, evolving enterprise competitiveness and sustainability, and respective changes in enterprise ecosystems. The objective is that after completing the course, the student is future oriented and capable of analyzing global and regional trends influencing the business context. He/she is also able to retrieve, analyze and produce information and evaluate it critically.

Content

Trends of global economy: digital business, urbanization, cyber security, data volumes and compliance, business ecosystems.
Ecological reconstruction
Natural and human resources
Characteristics of Northern business environment.

Location and time

Contact week: 6. 9.2022 and 03.10-31.10.2022

Tornio and on Zoom and Kaltura virtual platforms

Materials

1. Understanding the Digital Economy. Data, Tools, and Research Edited by Erik Brynjolfsson and Brian Kahin
2. Training for the Digital Economy. Igor Krevskiy (Penza State University, Russia)
Source Title: Avatar-Based Models, Tools, and Innovation in the Digital Economy
3. Digital Economics: How Information and Communication Technology is Shaping Markets, Businesses, and Innovation Paperback – June 30, 2018. by Harald Øverby (Author), Jan A. Audestad (Author) ISBN-10 1986751392 https://www.researchgate.net/publication/341312807_Digital_Economics_How_Information_and_Communication_Technology_is_Shaping_Markets_Businesses_and_Innovation
4. The Economics of Data, Analytics, and Digital Transformation: The theorems, laws, and empowerments to guide your organization's digital transformation by Bill Schmarzo (Author), Kirk Borne (2020) ISBN-13 978-1800561410
5. Infonomics: How to Monetize, Manage, and Measure Information as an Asset for Competitive Advantage 1st Edition, by Douglas B. Laney (Author) ISBN-13 978-1138090385
6. Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions 1st Edition by Andrew Roman Wells (Author), Kathy Williams Chiang (Author) 2017. ISBN-13 978-1119356240
7. Tim Jordan. The Digital Economy (2020) ISBN 9781509517596
8. Van’t Spijker A (2014) The new oil: using innovative business models to turn data into profit.
9. Olga Sunigovets (2019) Enterprise competitiveness in the digital economy. SHS Web of Conferences 67, 04012
10. Afriyadi Cahyadi and Róbert Magda (2021)Digital Leadership in the Economies of the G20 Countries: A Secondary Research. Economies 2021, 9, 32. https://doi.org/10.3390/economies9010032
11. Maintaining competitive conditions in the era of digitalization. OECD report to G-20 Finance Ministers and Central Bank Governors, July 2018

Teaching methods

The course will be taught in English language and students will work in teams. The learning process will be student driven and where problem solving and innovation skills will be developed and a core part of the learning approach and outcome. Students active engagement in the learning process. Also, online collaborative learning practices which provides a “model of learning in which students are encouraged and supported to work together to create knowledge: to invent, to explore ways to innovate, and, by so doing, to seek the conceptual knowledge needed to solve problems rather than recite what they think is the right answer” would be actively encouraged

Employer connections

In their respective groups, students are to critically explore the structure and growth of the global digital economy E.g., how it has evolved and grew into a global dynamic economic power-machine that has had far-reaching implications on society and businesses.
Secondly, they will have to explore the structure of value creation and monetization in the global digital economy.
Thirdly, as a connection to working life, students in their respective groups, will pick a well-known global digital firm as a case and to analyze the emergence and growth of the firm as a global digital company. Also, they will examine how the company has achieved its success and how it has been able to scale its activities globally?
Fourthly, with what students have learnt from analyzing a successful global digital firm and of reading the article on “The 4 Things It Takes to Succeed in the Digital Economy by Lindsey Anderson and Irving Wladawsky-Berger (https://hbr.org/2016/03/the-4-things-it-takes-to-succeed-in-the-digital-economy )” they will analyze their own employer (or firm) to ascertain where the company stands in terms of being a player and having the ability to exploit the opportunities of the global digital economy.

Exam schedules

Dealing with a failed course

Participation in next year's course (A Fail can only be administered when the total assignment shows the criteria of Fail. The consequence of a FAIL is that the assignment must be re-submitted again after considerable repairs and improvements. Note: With written essays, you have only one opportunity to re-submit a failed essay.

Evaluation scale

H-5

Assessment criteria, satisfactory (1)

0. The student did not submit the course assignments or these assignments did not meet the minimal quality requirements presented in the class.
Grade 1 - 2
The student is able to analyze the special characteristics of the digital economy on the business environment.
The student can interpret and explain the challenges of SME’s in the digital era.

Assessment criteria, good (3)

3 – 4. The student is able to analyze the influence of digitalization on his/her own working place.
The student is able to analyze the challenges and opportunities of digitalization in the global economy

Assessment criteria, excellent (5)

5. The student is able to analyze deeply the influence of digitalization on his/her own working place.
The student is able to assess and design feasible ideas for the digitalization of his/her working place. The student is able to manage and develop team work aiming to plan creative ideas for the sustainable development of the business operation in the digital economy.

Assessment criteria, fail (0)

Grade 0: The student did not submit the course assignments or these assignments did not meet the minimal quality requirements for passing the course.

Assessment criteria, satisfactory (1-2)

Grades 1-2: The student has delivered the assignments, which are prepared generally according to the defined requirements. The student understands correctly the subject matter, concepts and the able to apply them. However, there is a room for developing the content of the assignments. In addition. presented business challenges and development recommendations are rather general and are not elaborated in details.

Assessment criteria, good (3-4)

Grades 3-4: The student has delivered the assignments, which are prepared according to the requirements presented in the class. The student understands very well the subject matter concepts and is able to apply them correctly. The student also understands well the digital economy and its economics vital for the implementation of successful business strategies and for pushing the growth and competitiveness of an organization. Additionally, the student is able to give useful development recommendations utilizing his/her knowledge and skills on the subject.

Assessment criteria, excellent (5)

Grade 5: The student has delivered the course assignments and these are prepared according to the requirements presented in the class. The student understands deeply the subject matter concepts and is able to apply them correctly. The student is able to critically analyze different factors and perspectives of the digital economy that will help them develop a strategic insight to the new digital opportunities of the global digital landscape and the alignment of organizational strategy. In addition, the student is able to propose ideas that can have transformative impact on the digital business strategy of the case firm.