Book excerpt: The Value Fabric: A Guide to Doing Business in the Digital World describes how business should be conducted in the digital world using a new concept called the value fabric.A value fabric is a mesh of interwoven, cooperating organizations and individuals, called parties, who directly or indirectly deliver value to customers.The book address the following questions:* How are multi-party, multi-industry business models represented in today's digital world?* How is a vibrant fabric composed of these parties (participants) developed?* What are the keys to successful participation in the fabric?* How should participants communicate with one another?* Does the use of industry standards enable successful cooperation among participants?* Where can standards be found?* What are the similarities and difference between the value fabric and value chain / value network?And also of importance is why we should care about all this:* The digital world requires a standard way to simply describe and visualize the way business is conducted, and the value fabric provides that.* The digital world demands agility, and the value fabric enabled by industry standards provides a way for businesses to become and remain agile.