A study conducted by MIT Sloan has earmarked a few aspects which all firms must undertake in order to survive in the present day digital economy. Customer expectations must be matched with commitments made while finalizing any deal. Products must be enhanced in order to be able to cope up with modern realities especially technological. This includes not only individual products but also connecting with platforms such as Apple, Airbnb, Lynx and Uber. Business innovation is no longer about cut-throat competition to defeat competitors. Instead it is about building a collaborative environment by leveraging strong points of channel partners. Firms such as Amazon, PayPal, Fidelity and Microsoft have succeeded by focusing on only what they do best while outsourcing singular aspects which others might do better. The leadership at such organizations needs to be sound in digital aspects. That is where the likes of Blackberry, Kodak, Sears and Blockbuster among others suffered.

Source: https://hbr.org/2016/03/the-4-things-it-takes-to-succeed-in-the-digital-economy