Digital transformation as a catalyst for business model innovation: A critical review of impact and implementation strategies
Ulster University, United Kingdom.
Review
Open Access Research Journal of Engineering and Technology, 2024, 06(02), 001–022.
Article DOI: 10.53022/oarjet.2024.6.2.0085
Publication history:
Received on 20 August 2023; revised on 25 March 2023; accepted on 1 April 2024
Abstract:
This study critically examines the transformative impact of digitalization on business models and identifies effective implementation strategies for navigating digital transformation. The primary objective was to explore how digital technologies act as catalysts for innovation within business models, assessing both the opportunities and challenges they present. Through a systematic literature review and content analysis, this research analyzed peer-reviewed articles and conference papers published between 2014 and 2024, focusing on the integration of emerging technologies such as AI, IoT, and blockchain into business practices. The methodology involved a comprehensive search across multiple databases, adhering to strict inclusion and exclusion criteria to ensure the relevance and quality of the literature. The analysis revealed that digitalization significantly enhances business agility, customer engagement, and operational efficiency, driving the evolution of traditional business models towards more adaptive, data-driven frameworks. Key insights highlight the necessity for organizations to embrace a culture of innovation and continuous learning to leverage digital transformation effectively. Strategic recommendations for practitioners emphasize the importance of developing digital literacy, fostering collaborative ecosystems, and aligning digital initiatives with broader business objectives. The study also discusses policy implications, urging the creation of supportive regulatory environments that facilitate digital innovation while addressing concerns related to data privacy and workforce displacement. Finally, this research underscores the critical role of digitalization in shaping the future of business models and outlines avenues for future research to bridge existing knowledge gaps and explore emerging digital trends. The findings serve as a valuable guide for business leaders, policymakers, and scholars in navigating the complexities of digital transformation.
Keywords:
Digital Transformation; Business Model Innovation; Emerging Technologies; Innovations.
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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