Digital transformation as a catalyst for business model innovation: A critical review of impact and implementation strategies
1 System/Information Analyst, Greenville Texas, USA.
2 Tranter IT Infrastructure Services Limited, Nigeria.
Review Article
Magna Scientia Advanced Research and Reviews, 2024, 10(02), 256–264
Article DOI: 10.30574/msarr.2024.10.2.0066
Publication history:
Received on 09 March 2024; revised on 19 April 2024; accepted on 22 April 2024
Abstract:
In today's fast-paced and highly competitive business environment, digital transformation has emerged as a crucial driver of organizational success. This paper presents a comprehensive review of the intersection between digital transformation and business model innovation, examining the impact and implementation strategies associated with this transformative process. The study begins by elucidating the concept of digital transformation and its significance in reshaping traditional business models. It explores how advancements in digital technologies, such as artificial intelligence, big data analytics, and the Internet of Things, have revolutionized various aspects of business operations, including customer engagement, operational efficiency, and revenue generation. Furthermore, the paper critically evaluates the impact of digital transformation on business model innovation, emphasizing the need for organizations to adapt and evolve in response to changing market dynamics and consumer preferences. Through a systematic analysis of relevant literature and case studies, the study highlights the key drivers, challenges, and opportunities inherent in leveraging digital technologies to drive business model innovation. Moreover, the paper examines different implementation strategies adopted by organizations to effectively integrate digital transformation initiatives into their existing business models. It discusses the importance of strategic planning, organizational culture, and leadership commitment in driving successful digital transformation initiatives. Overall, this critical review contributes to a deeper understanding of the role of digital transformation as a catalyst for business model innovation. It provides valuable insights for practitioners, policymakers, and researchers seeking to navigate the complex landscape of digital disruption and capitalize on emerging opportunities for organizational growth and competitiveness.
Keywords:
Digital Transformation; Business Model; Innovation; Implementation; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0