IMPORTANCE OF DIGITAL TRANSFORMATION FOR BUSINESS GROWTH: LOOKING OVER TODAY’S WORLD BUSINESS TRENDS

Abstract

In today's fast way of living and ever-changing business landscape, companies need to keep up with the latest technological advancements to stay competitive. Digitalization of all company management processes is associated with the fourth industrial revolution Industry 4.0. Traditional business processes are slowly disappearing, because new technologies take their place. Digital transformation is the process of integrating digital technology into all aspects of business, fundamentally changing how businesses operate and deliver value to customers. Digital technologies transforming internal processes and opening up opportunities for identifying and implementing new methods of distributing products and opportunities for monetizing services. This paper aims to demystify the abstract term digital transformation and the development process, to stimulate critical thinking about a company's and how digital transformation changes entire way of doing business. Firstly, analyzes the main difference between digitization, digitalization and digital transformation, then it focuses on digital transformation of business models and trends in the business, digital technologies and how companies to achieve digital transformation. This paper enables to stimulate thinking about digital transformation and how to acquire business growth, what steps to take, what tools are available and what are the benefits that brings companies to success.