Since the turn of this century, new technologies have made a significant impact on how firms create value. The internet has transformed many business processes. Software has magnified its influence. Digital connectivity has expanded exponentially, and formidable digital platforms have emerged. These trends have made the power of data obvious to all. Also, most businesses now see their world around them as ecosystems rather than industries. For the field of competitive strategy these trends underscore the need for new frameworks that give ecosystems the same depth and rigor as older frameworks did for industries. Also important is that these new frameworks are relevant to a vast majority of industrial firms competing with value-chain business models – not just to new technology firms that operate with platform-based business models. This talk presents new frameworks for competitive strategy that empower industrial era firms to effectively compete in the new digital era. Key ideas include 1) how data is interactive rather than episodic, allowing traditional firms to use and unlock the value the role in unprecedented ways; 2) characterization of digital ecosystems as a combination of production and consumption ecosystems, that when taken together can amplify the value of data and expand a firm’s strategic value propositions. Using these ideas, the talk offers research directions to examine new drivers of digital competitive advantage.