《电子商务 E-business》阅读文献：virtual value chain.pdf

EXPLOITING THE VIRTUAL VALUE CHAIN Executives must pay attention to the ways in which their companies create value in the physical and virtual worlds alike. But the processes for creating value are not the same in both. By understanding the differences and the interplay between the value-adding processes of the physical and informa- tion worlds, senior managers can see more clearly and comprehensively the strategic issues facing their organizations Managing two interacting alue-adding processes in the two mutually dependent realms poses new conceptual and tactical challenges. Those who understand how to master both can create and extract value in the most efficient and effective manner The value chain Academics, consultants, and managers have long described the stages in the process of creating value in the physical world as links in a"value chain. The value chain is a model that describes a series of value-adding activities connecting a company's supply side(raw materials, inbound logistics, and production processes)with its demand side(outbound logistics, marketing, and sales). By analyzing the stages of a value The value-adding processes chain, managers have been able to redesign that companies must employ r internal and external processes to are unique to the virtual improve efficiency and effectiveness world of information The value chain model treats information as a supporting element in the value-adding process, not as a source of value in itself. Managers often use information that they capture on inventory, production, or logistics to help monitor or control those processes, for instance, but they rarely use information itself to create new value for the customer. However, Federal Express recently did just that by allowing customers to track packages through the company World Wide Web site on the Internet. Now customers can locate a package in transit by connecting online to the Fed Ex site and entering the airbill number. After the package has been delivered, they can even find out who signed for it. Although FedEx provides this service for free, in doing so it has created added value for the customer-and thus increased loyalty -in a fiercely competitive market. To create value with information, managers must look to the marketspace Ithough the value chain of the space can mirror that of the place-buyers and sellers can transfer funds over electronic networks just as they might exchange cold, hard cash-the value-adding processes that companies must employ to turn raw information into new marketspace services and products are unique to the information world. In other words, the alue-adding steps are virtual in that they are performed through and with information 22 THE McKINSEY QUARTERLY 1996 NUMBER I

Executives must pay attention to the ways in which their companies create value in the physical and virtual worlds alike. But the processes for creating value are not the same in both. By understanding the diƒferences and the interplay between the value-adding processes of the physical and information worlds, senior managers can see more clearly and comprehensively the strategic issues facing their organizations. Managing two interacting value-adding processes in the two mutually dependent realms poses new conceptual and tactical challenges. Those who understand how to master both can create and extract value in the most eƒficient and eƒfective manner. The value chain Academics, consultants, and managers have long described the stages in the process of creating value in the physical world as links in a “value chain.” The value chain is a model that describes a series of value-adding activities connecting a company’s supply side (raw materials, inbound logistics, and production processes) with its demand side (outbound logistics, marketing, and sales). By analyzing the stages of a value chain, managers have been able to redesign their internal and external processes to improve eƒficiency and eƒfectiveness. The value chain model treats information as a supporting element in the value-adding process, not as a source of value in itself. Managers oƒten use information that they capture on inventory, production, or logistics to help monitor or control those processes, for instance, but they rarely use information itself to create new value for the customer. However, Federal Express recently did just that by allowing customers to track packages through the company’s World Wide Web site on the Internet. Now customers can locate a package in transit by connecting online to the FedEx site and entering the airbill number. Aƒter the package has been delivered, they can even find out who signed for it. Although FedEx provides this service for free, in doing so it has created added value for the customer – and thus increased loyalty – in a fiercely competitive market. To create value with information, managers must look to the marketspace. Although the value chain of the space can mirror that of the place – buyers and sellers can transfer funds over electronic networks just as they might exchange cold, hard cash – the value-adding processes that companies must employ to turn raw information into new marketspace services and products are unique to the information world. In other words, the value-adding steps are virtual in that they are performed through and with information. EXPLOITING THE VIRTUAL VALUE CHAIN 22 THE McKINSEY QUARTERLY 1996 NUMBER 1 The value-adding processes that companies must employ are unique to the virtual world of information

EXPLOITING THE VIRTUAL VALUE CHAIN Creating value in any stage of a virtual value chain involves a sequence of five activities: gathering, organizing, selecting, synthesizing, and distributing information. Just as a company takes raw material and refines it into some thing useful -as in the sequence of tasks involved in assembling an auto- mobile on a production line- so a manager today collects raw information and adds value through these steps Adapting to a virtual world An examination of Geffen Records. a unit of MCAs music division shows how information can be used to create value. The traditional product of a record label is a package of prerecorded music captured on an audio- cassette or compact disc. The product is the culmination of a set of value adding processes that take place in the physical world. These processes include discovering new musicians, screening them for marketability, recording their work in a studio, editing and selecting their music, creating master tapes, producing CDs or cassettes, and finally packaging, promoting, and distributing the product. Increasingly, new competitors for Geffen's business are emerging in the marketspace. These entrants are viable because of the new economics of doing business in the world of information. Groups such as the Internet Underground Music Archive(IUMA), for example, are posting digital audio tracks from unknown artists on the network, potentially subverting the role that record labels play. Today's technology allows musicians to record and edit material inexpensively themselves, and to distribute and promote it over networks such as the world wide Web or commercial online services. It also allows them to test consumers reactions to their The Web page is also an music, build an audience for their recorded information mirror of an performances, and even distribute their activity that has traditionally products entirely in the marketspace. The occurred in the physical world point here is simple: bringing music to market can sometimes be done more quickly, more effectively, and less expensively in the marketspace. Hence the challenge for Geffen. The label has a site on the world wide Web devoted to its bands and uses it to distribute digital audio and video samples and to provide information about the bands' tours The Web page has become both Geffen's showroom in the marketspace and a potential new retail channel. It is also an information mirror of an activity that has traditionally occurred in the physical world-a stage in a virtual value chain that parallels a stage in a physical value chain. In addition to using its own Web page, Geffen could search for new talent IUMA's home site rather than audition bands in a studio, or edit and modify music on a computer rather than record take after take with a band THE McKINSEY QUARTERLY 1996 NUMBER 1 23

Creating value in any stage of a virtual value chain involves a sequence of five activities: gathering, organizing, selecting, synthesizing, and distributing information. Just as a company takes raw material and refines it into something useful – as in the sequence of tasks involved in assembling an automobile on a production line – so a manager today collects raw information and adds value through these steps. Adapting to a virtual world An examination of Geƒfen Records, a unit of MCA’s music division, shows how information can be used to create value. The traditional product of a record label is a package of prerecorded music captured on an audiocassette or compact disc. The product is the culmination of a set of valueadding processes that take place in the physical world. These processes include discovering new musicians, screening them for marketability, recording their work in a studio, editing and selecting their music, creating master tapes, producing CDs or cassettes, and finally packaging, promoting, and distributing the product. Increasingly, new competitors for Geƒfen’s business are emerging in the marketspace. These entrants are viable because of the new economics of doing business in the world of information. Groups such as the Internet Underground Music Archive (IUMA), for example, are posting digital audio tracks from unknown artists on the network, potentially subverting the role that record labels play. Today’s technology allows musicians to record and edit material inexpensively themselves, and to distribute and promote it over networks such as the World Wide Web or commercial online services. It also allows them to test consumers’ reactions to their music, build an audience for their recorded performances, and even distribute their products entirely in the marketspace. The point here is simple: bringing music to market can sometimes be done more quickly, more eƒfectively, and less expensively in the marketspace. Hence the challenge for Geƒfen. The label has a site on the World Wide Web devoted to its bands and uses it to distribute digital audio and video samples and to provide information about the bands’ tours. The Web page has become both Geƒfen’s showroom in the marketspace and a potential new retail channel. It is also an information mirror of an activity that has traditionally occurred in the physical world – a stage in a virtual value chain that parallels a stage in a physical value chain. In addition to using its own Web page, Geƒfen could search for new talent at IUMA’s home site rather than audition bands in a studio, or edit and modify music on a computer rather than record take aƒter take with a band EXPLOITING THE VIRTUAL VALUE CHAIN THE McKINSEY QUARTERLY 1996 NUMBER 1 23 The Web page is also an information mirror of an activity that has traditionally occurred in the physical world

EXPLOITING THE VIRTUAL VALUE CHAIN to create one suitable version for the mastertape. Each activity is a stage in a virtual value chain that occurs through and with information and mirrors a Truly to exploit the virtual value chain, however, Geffen's managers might go further by applying the generic value-adding steps of the marketspace to the information the company collects at every stage of the physical chain, Companies must oversee a They might, for example, utilize the digital physical value chain, but they information captured during a bands must also build and exploit practice sessions by inviting fans to"sit in a virtual value chain the studio"on the Internet. They might also allow fans to listen as engineers edit the material, or let them electronically down load interviews with band members in advance of wider publication or distribution. In the physical value chain, information collected in the studio or during editing has value to the extent that it enables Geffen to produce and sell CDs more efficiently; by contrast in the virtual world, it is a potential source of new revenue. Moreover, that information presents opportunities to develop new relationships with customers at very low cost for instance, a customer who would not be interested in a new compact disc by the rolling Stones might nevertheless pay to sit in on a chat session with them in the internets voodoo lounge Like most companies, Geffen must play in both the place and the space. The company's managers must continue to oversee a physical value chain making and selling CDs- but they must also build and exploit a We have studied scores of companies from a variety of industries attempting to do business in both the place and the space and have found that organizations making money in the information realm successfully exploit both of their value chains. Instead of managing one series of value dding processes, they are actually managing two. The economic logic of the two chains is different: conventional understanding of the economies of Building the virtual value chain abound Physical value chain processes Marketing Information]capture Ahen companies integrate the information they underlay of the and marketing- they construct an information 24 THE McKINSEY QUARTERLY 1996 NUMBER I

to create one suitable version for the mastertape. Each activity is a stage in a virtual value chain that occurs through and with information and mirrors a stage in the physical world. Truly to exploit the virtual value chain, however, Geƒfen’s managers might go further by applying the generic value-adding steps of the marketspace to the information the company collects at every stage of the physical chain, thereby creating new value for customers. They might, for example, utilize the digital information captured during a band’s practice sessions by inviting fans to “sit in the studio” on the Internet. They might also allow fans to listen as engineers edit the material, or let them electronically download interviews with band members in advance of wider publication or distribution. In the physical value chain, information collected in the studio or during editing has value to the extent that it enables Geƒfen to produce and sell CDs more eƒficiently; by contrast in the virtual world, it is a potential source of new revenue. Moreover, that information presents opportunities to develop new relationships with customers at very low cost: for instance, a customer who would not be interested in a new compact disc by the Rolling Stones might nevertheless pay to sit in on a chat session with them in the Internet’s Voodoo Lounge. Like most companies, Geƒfen must play in both the place and the space. The company’s managers must continue to oversee a physical value chain – making and selling CDs – but they must also build and exploit a virtual value chain. We have studied scores of companies from a variety of industries attempting to do business in both the place and the space and have found that organizations making money in the information realm successfully exploit both of their value chains. Instead of managing one series of valueadding processes, they are actually managing two. The economic logic of the two chains is diƒferent: conventional understanding of the economies of EXPLOITING THE VIRTUAL VALUE CHAIN 24 THE McKINSEY QUARTERLY 1996 NUMBER 1 Companies must oversee a physical value chain, but they must also build and exploit a virtual value chain Building the virtual value chain Exhibit 1 Inbound logistics Production processes Outbound logistics Marketing Sales Physical value chain Virtual value chain Information capture When companies integrate the information they capture during stages of the value chain – from inbound logistics and production through sales and marketing – they construct an information underlay of the business. This integrated information provides managers with the ability to “see” their value chains from end to end

EXPLOITING THE VIRTUAL VALUE CHAIN scale and scope does not apply to the virtual value chain(vvc)in the same way as it does to the physical value chain(Pvc). Moreover, the two chains must be managed distinctly but also in concert Companies tend to adopt value-adding information processes in three stages. In the first, visibility, companies acquire an ability to "see"physical operations more effectively through information. At this stage, managers use large-scale information technology systems to coordinate activities in their physical value chains, in the process laying the foundation for a virtual value chain. In the second stage, mirroring capability, companies substitute virtual activities for physical ones; they begin to create a parallel value chain in the marketspace. Finally, businesses use information to establish new customer relationships. At this third stage, managers draw on the flow of information in their virtual value chain to deliver value to customers in new ways. In effect, they apply the generic value-adding activities to their virtual value chain and thereby exploit what we call the value matrix As companies move into the information world to perform value-addin steps, the potential for top-line growth increases. Each of the three stages represents a considerable opportunity for managers. Visibility During the past 30 years, many companies have invested in technology ystems to enable managers to coordinate, measure, and sometimes control business processes. The information about steps in the value chain collected by these systems has helped managers to plan, execute, and evaluate results with greater precision and speed. In other words, information technology has allowed managers to see their operations more Conventional understanding of the economies of scale effectively through the information world. In and scope does not apply recent years, managers have been able to the virtual value chain gain access to the information generated in the course of traditional operating activities, and that information helps them see their physical value chains as an integrated system rather than as a set of discrete though related activities In this way, they can gain new insights into managing the value chain as a whole instead of as a collection of parts. Companies such as Fed Ex, Wal-Mart, and Frito-Lay have transformed this kind of visibility into competitive advantage. The successful use of world-class information systems by each of these companies is now common know ledge, but consider one example- Frito-Lay -from the perspective of the marketspace. Frito's achievement with its widely publicized"information THE McKINSEY QUARTERLY 1996 NUMBER 1 25

scale and scope does not apply to the virtual value chain (VVC) in the same way as it does to the physical value chain (PVC). Moreover, the two chains must be managed distinctly but also in concert. Companies tend to adopt value-adding information processes in three stages. In the first, visibility, companies acquire an ability to “see” physical operations more eƒfectively through information. At this stage, managers use large-scale information technology systems to coordinate activities in their physical value chains, in the process laying the foundation for a virtual value chain. In the second stage, mirroring capability, companies substitute virtual activities for physical ones; they begin to create a parallel value chain in the marketspace. Finally, businesses use information to establish new customer relationships. At this third stage, managers draw on the flow of information in their virtual value chain to deliver value to customers in new ways. In eƒfect, they apply the generic value-adding activities to their virtual value chain and thereby exploit what we call the value matrix. As companies move into the information world to perform value-adding steps, the potential for top-line growth increases. Each of the three stages represents a considerable opportunity for managers. Visibility During the past 30 years, many companies have invested in technology systems to enable managers to coordinate, measure, and sometimes control business processes. The information about steps in the value chain collected by these systems has helped managers to plan, execute, and evaluate results with greater precision and speed. In other words, information technology has allowed managers to see their operations more eƒfectively through the information world. In recent years, managers have been able to gain access to the information generated in the course of traditional operating activities, and that information helps them see their physical value chains as an integrated system rather than as a set of discrete though related activities. In this way, they can gain new insights into managing the value chain as a whole instead of as a collection of parts. Companies such as FedEx, Wal-Mart, and Frito-Lay have transformed this kind of visibility into competitive advantage. The successful use of world-class information systems by each of these companies is now common knowledge, but consider one example – Frito-Lay – from the perspective of the marketspace. Frito’s achievement with its widely publicized “information EXPLOITING THE VIRTUAL VALUE CHAIN THE McKINSEY QUARTERLY 1996 NUMBER 1 25 Conventional understanding of the economies of scale and scope does not apply to the virtual value chain