THE IMPACT OF DIGITAL TRANSFORMATION ON THE FORMULATION OF NEW CORPORATE STRATEGIC DIRECTIONS
Keywords:
bkusiness management, business transformation, corporate strategies, ICT, digital business, digital economy, digital technologies
Abstract
The digital economy, as an economy primarily functioning via digital
technologies, has made its impact on the development of the digital transformation
concept. Such a form of business transformation requires the integration of digital
technologies in all industries. The paper underlines the importance of the essential
elements of transformation, regarding customer experience, operational processes,
business models, employee experience and digital platform, along with the key business
spheres relating to competition, innovation and value, which digitalization changes on
the way. The main goal of the paper, therefore, is to point to the impact of digital
transformation on the process of formulating new corporate strategic directions. With
this in mind, the paper's main aim is to stress prospective corporate strategic directions
of digital transformation under conditions of deep digital penetration. The paper is
based on the working hypothesis that despite the fact that existing businesses most
commonly start with market penetration, through developing a digital technology
strategy, as well as a digital market expansion strategy, further development of digital
transformation leads to the creation of digital platforms that are built by a mutual
collaboration of numerous stakeholders connected through joint value creation and its
delivery
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Berman, J. S., & Bell, R. (2011). Digital transformation: Creating new business models where digital meets physical. IBM Institute for Business Value.
Bonnet, D., & Westerman, G. (2021). The New Elements of Digital Transformation, MIT Sloan Management Review, 83-89.
Čelik, P. (2020). Digitalna transformacija poslovanja i njene bezbednosne implikacije. Beograd: Univerzitet Privredna akademija u Novom Sadu.
de Reuver, M., Sorensen, C., & Basole, C. (2018). The digital platform: A research agenda. Journal of Information Technology, 124-135.
Đuričin, D., Kaličanin, Đ., Lončar, D., & Vuksanović Herceg, I. (2018). Menadžment i strategija. Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta u Beogradu.
Evans, D. S., & Schmalensee, R. (2008). Markets with Two-Sided Platforms. Issues in competition law and policy.
Fitzgerald, M., Kruschwitz, N., Bonnet, D., & Welch, M. (2013). Embracing Digital Technology: A New Strategic Imperative. MIT Sloan Management Review.
Hagiu, A., & Wright, J. (2015). Multi-Sided Platforms. International Journal of Industrial Organization.
Ismail, H., Khater, M., & Zaki, M. (2017). https://cambridgeservicealliance.eng.cam.ac.uk/. From Digital Business Transformation and Strategy: What Do We Know So Far?
Krstić, B., & Kahrović, E. (2020). Ekonomika preduzeća. Novi Pazar: Državni univerzitet u Novom Pazaru.
Lanzolla, G., Lorenz, A., Lorenz, Miron-Spektor, E., Schilling, M., Solinas, G., & Tucci, C. (2018). Digital transformation: what is new if anything. Academy of Management Discoveries, 378-387.
Lazović, V., & Đuričković, T. (2018). Digitalna ekonomija. Cetinje: Autorsko izdanje.
Pitić, G., Savić, N., & Verbić, S. (2018). Digital transformation and Serbia. Ekonomika preduzeća, 107-119.
Planing, P., & Pfoertsch, W. (2016). The Digital Business Transformation Path from Manufacturer to Digital Ecosystem Provider – Analyzing the Strategic Options of Large Corporations Towards Digitalization. Allied Academies Summer Internet Conference, (pp. 66-71).Weaverville.
Popović-Pantić, S., Semenčenko, D., & Vasilić, N. (2019). The influence of digital transformation on business performance: Evidence of the women-owned companies. Ekonomika preduzeća, 397-414.
Porter, E. M., & Heppelmann, E. J. (2014). How Smart, Connected Products Are Transforming Competition. Harvard Business Review, 64-88.
Rochet, Jean‐Charles, Tirole, Jean (2006). Two‐sided markets: a progress report, The RAND Journal of Economics, Vol. 37, No. 3, 645-667.
Rogers, D. L. (2016). The Digital Transformation Playbook: Rethink Your Business for the Digital Age. New York: Columbia Business School Publishing.
Savić, N., Lazarević, J., Kukić, Z., & Marinković, E. (2019). Digital transformation: Challenges for companies in Serbia. Ekonomika preduzeća, 101-114.
Schwab, K. (2016). The Fourth Industrial Revolution. Geneva: World Economic Forum.
Schwertner, K. (2017). Digital Transformation of Business. Trakia Journal of Sciences, 388-393.
Spremić, M. (2020). Digitalna transformacija poslovanja. Zagreb: Sveučilište u Zagrebu / Ekonomski fakultet.
Stefanović, S. (2019). Ključne dimenzije strategije digitalne transformacije preduzeća. 50th International Scientific Conference: Contemporary Economic Trends: Technological Development and Challenges of Competitiveness (pp. 167-177). Niš: University of Niš, Faculty of Economics.
Stefanović, S., & Simić, I. (2020). Mogući strategijski pravci digitalne transformacije poslovanja. Digitalna transformacija u funkciji privrednog razvoja Republike Srbije, 315-331.
Tapscott, D. (1994). The Digital Economy: Promise and Peril in the Age of Networked Intelligence. New York: McGraw-Hill.
Tapscott, D. (2014). The Digital Economy ANNIVERSARY EDITION: Rethinking Promise and Peril in the Age of Networked Intelligence. New York: McGraw-Hill Education.
Valdez-De-Leon, O. (2019). How to Develop a Digital Ecosystem: a Practical Framework. Technology Innovation Management Review, 43-54.
Verhoefa, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabiana, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 889-901.
Wade, M. (2015). Digital business transformation. Lausanne: Global Center for Digital Business Transformation. From Global Center for Digital Business Transformation.
Published
2022/05/17
Section
Review Paper
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