Year: 2024 | Month: February | Volume 69 | Issue 1Special
Digital Transformation in Business: The Impact of Technology on Efficiency, Innovation and Competitiveness
Vita Tebenko
Natalia Kutsai
Maryna Shashyna
Olena Omelianenko and Ivanna Bakushevych
DOI:10.46852/0424-2513.1.2024.32
Abstract:
Digital transformation holds a central position in contemporary business discourse, exerting substantial influence on market dynamics and corporate strategies. Its pertinence is notably accentuated within the milieu of globalization and intensifying market rivalry, owing to the swift evolution of technology. The study aims to scrutinize the ramifications of digital transformation on enterprise efficiency, innovation, and competitiveness, emphasizing enhancements in business models. The research methodology adopted for this investigation relies on a thorough examination of scholarly publications, statistical datasets, and expert viewpoints. This approach facilitates a comprehensive exploration of the subject matter, enabling the identification of pivotal trends. The study findings reveal a noteworthy augmentation in the operational efficiency of businesses resulting from the integration of digital technologies, including but not limited to big data, artificial intelligence, and cloud computing. The investigation discerns that digital transformation catalyzes the creation of innovative products and services, enabling companies to adeptly navigate dynamic market conditions. Emphasis is placed on the significance of strategic planning within the framework of digital transformation. The analysis elucidates that efficacious adaptation to digital transformations necessitates not only the incorporation of novel technologies but also the formulation of strategies that account for shifts in corporate culture and consumer behavior. This highlights avenues for more profound investigations into the repercussions of digital transformation across diverse facets of business, encompassing human resource management, marketing, and product development. Nevertheless, the study also brings to light challenges, notably the imperative to revise corporate culture and enhance employee skills. Emphasis is underscored on the critical significance of an integrated approach encompassing technological innovation, organizational change, and cultural transformation. The article advances recommendations for future research endeavors, suggesting an analysis of the discrete impacts of individual technologies on diverse facets of business and the formulation of strategies conducive to the efficacy of digital transformation.
Highlights
- The research affirms that digital transformation has evolved from a discretionary measure to a requisite element for enterprises striving for market leadership, necessitating strategic planning, cultural changes, and a profound understanding of digital opportunities.
© This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
Print This Article Email This Article to Your Friend
