The Impact Of Digital Transformation On Business

The Impact Of Digital Transformation On Business:

Digital transformation in business entails leveraging new technologies such as artificial intelligence and cloud computing to accelerate growth, streamline operations, and gain a competitive advantage. Its impact may be observed across many industries, owing to the expansion of online commerce and the continuous digitization of business and society.

It has also significantly impacted many established business strategies. These have evolved swiftly as a result of the rise of online behemoths like Amazon and Google, digitally native niche businesses like Airbnb, Expedia, and Netflix, as well as significant investment by existing sector heavyweights like Walmart and Tesco.

Companies like these, as well as thousands of others, have used proven business models and integrated technology to drive innovation and develop new forms of customer experiences that prioritize convenience, value, and efficiency. Simultaneously, new digitally native business models have evolved, including freemium and software-as-a-service. This article examines how "traditional" business models have altered and new models have developed, generating new opportunities while posing new obstacles.

A business model is simply a company's strategy framework for creating value via the delivery of its products and services. Businesses grow by developing new and distinctive business models or refining old ones to generate income, improve operational efficiency, and strengthen customer relationships.