The value network of a business consists of other business in terms of customers, partners, subcontractors as well as all the people involved. Each one of these entities in the value network are now represented by not only by a physical presence but also several digital twins.
A digital twin is a digital replica of a living or non-living physical entity. Digital twin refers to a digital replica of potential and actual physical assets (physical twin), processes, people, places, systems and devices that can be used for various purposes.Wikipedia
Both businesses and people in a value network can have digital representations through e.g. Facebook, Twitter, LinkedIn, Instagram, websites. All these digital twins can be of different character. The sum of these are creating a multi-dimensional value network with nodes that are multi-dimensional.
For a business you can take the example of a taxi operator. In a world of digital twins my business is to connect the digital twin of a user with the digital twin of a taxi. And as digital twins are not limited by distance this means that a business that has been limited in its thinking due to physical distance can suddenly become global. Selling is directed towards the digital twins of the buyer sitting in any part of the world.
The other important aspect is who is running the business. Employees are no longer one dimensional. They appear with different traits in their different digital twins. How to lead digital twins will become a new challenge for leaders.
In a world full of digital twins, the fundamentals of managing your business will still be the same:
- Value Focus
- Human centred
- Building trust
- Showing compassion