Business Strategy Transformation: The Impact of Global Digitalization and COVID-19 Pandemic Factors

Abstract

The article aims to consider the business strategy transformation process in the context of global digitalization and the COVID-19 pandemic in business and the economy. To achieve the goal, the authors analyzed the notions of "IT strategy", "digital strategy" and "digital transformation strategy" and established their hierarchy; the key features of the strategy in the digital world are identified, namely: risk as the basis for development, people as the main business value and the formation of the right mindset of participants in digital transformation; the process of implementing the digital transformation strategy in the company is considered. The objective of the article was achieved through a review of the literature and the use of scientific methods, namely: comparative analysis, synthesis, and historical and logical methods. The results obtained contribute to the understanding of scientists and professionals about the development management process in the digital world.