Which of the following correctly represent Venkatraman's IT-enabled business change model?

Venkatraman's IT-enabled business change model outlines various levels of how organizations can leverage information technology to impact their business processes and structures. The correct identification of 'Business Network Redesign' highlights a significant evolution within this model.

This choice embodies a comprehensive approach wherein organizations not only alter their internal processes but also rethink the way they collaborate and engage with external partners, suppliers, and customers. It signifies a shift towards more integrated and interconnected systems that facilitate not just operational efficiency but also value co-creation across the entire business ecosystem. In essence, Business Network Redesign represents a deep transformation in the way business transactions and interactions take place, enabled through advancements in IT.

The other options, while relevant to aspects of business change, reflect different levels or facets within the overall framework. Localized Exploitation involves optimizing existing processes within a limited scope, Integral Integration focuses on more cohesive internal processes, and Business Process Redesign is concerned with reengineering specific workflows. Each of these plays a role in business change, but none captures the broader transformational vision encapsulated by Business Network Redesign as articulated in Venkatraman's model.