Prospects of business strategy based on the use of digital assets

Roman Yankovoy
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Roman Yankovoy: State University "Zhytomyr Polytechnic"

Economic Synergy, 2022, issue 4, 142-153

Abstract: The article analyzes the peculiarities of creating digital opportunities in the light of empirical observations regarding the strategizing of domestic business. Reasonable prerequisites for strategizing based on the use of digital assets: the competitive environment is becoming increasingly complex, unstable and dynamic; the importance of assessing the state and level of management of digital assets; the main goal of domestic business strategizing based on the use of digital assets is to align IT with business strategies, assuming that businesses increasingly need to develop the ability to improve efficiency along with changes in the environment and IT. Systematized perspective vectors of business organizational effectiveness based on the ability to develop and maintain adequate digital capabilities: IT development combines digital technologies with the social context and makes it ubiquitous; organizational strategies are dynamically related to practice, that is, they are mutually related to what organizations do rather than have; the fusion of IT and business strategies indicates that digital technologies are no longer just functional resources but primarily key drivers of strategic change; digitalization affects at least four dimensions of business strategy: scale, scope, speed and sources of value creation and market share capture; a set of procedures for developing a strategy using digital assets to create differential value; probing includes procedures for internal IT and innovative development, involvement of external sources for R&D development; market capture includes procedures for performing competitive actions through new business models/products/services, adapting to IT changes and responding to environmental opportunities/threats; the possibility of using evolutionary strategic approaches. It has been proven that businesses seeking to create digital capabilities must effectively manage change, selection and retention mechanisms to help strengthen evolutionary cycles.

Keywords: information technologies; strategizing; digital assets; business; strategies; innovations (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2022:i:4:p:142-153

DOI: 10.53920/ES-2022-4-11

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