THE IMPACT OF DIGITAL TRANSFORMATION ON BUSINESS MANAGEMENT

Abstract

Digital transformation, often characterized as one of the main phenomena facing the current economy and society, exerts a strong influence on the business environment. The transition from the traditional business to the digitalized business is currently an ongoing process, as the efforts involved are not negligible and the directions of action are correlated with the continuous technological advance. In fact, in the current context, the existence of digital components as an integrated part of business is no longer an option, but a necessity. Rethinking strategies at company level in this regard becomes one of the main requirements in order to maintain a competitive position in the market. Every company should change the way of action due to the market dynamism. Thus, involving digitalization can make the difference in the entrepreneurial result(s): profits or losses. Building efficient, digitally oriented strategies, firstly implies understanding of what the digital transformation of business management entails. Given the previous mentioned aspects, the present paper aims to analyze how digital progress influences business management and to identify to what extent these changes can lead to increased competitiveness of companies. The research results derive from performing an exhaustive bibliographic study, which will allow a correct evaluation of the current state of research in the areas of interest.