Business Strategies in The Age of Digital Transformation
DOI:
https://doi.org/10.18533/job.v8i01.296Keywords:
Business, Business Strategy, Digital Transformation, Technology, Digitalization.Abstract
The 21st century has witnessed a rapid transformation in the business world with the emergence of digital technologies. Digital transformation has enabled companies to enhance their business processes, improve customer experiences, and gain a competitive edge. Therefore, the changing expectations of consumers have necessitated the development and implementation of innovative business strategies. This research paper aims to explore the impact of digital transformation on business strategies and identify the most effective tactics for businesses to succeed in this new era. Through a thorough literature review, this paper discusses the key drivers of digital transformation and the various challenges and opportunities it presents. The present study utilizes secondary data from the internet, newspapers, publications, journals, and books and involves a qualitative analysis. The findings indicate that companies embracing digital transformation and leveraging technology to enhance their business processes have succeeded. Overall, this research paper provides valuable insights into the challenges and opportunities of digital transformation and offers practical recommendations for businesses looking to grow in this new era. The study emphasizes the importance of adopting a customer-centric approach, embracing emerging technologies, and developing agile and adaptable business models to maintain competitiveness and relevance in the age of digital transformation.
Keywords: Business, Business Strategy, Digital Transformation, Technology, Digitalization.
JEL Classification Code: M16, M20, N10, O10, and O33.
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