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Challenges in Creating Transformative Growth for Companies In Digital Economy

Mašić Branislav, Vladušić Ljubiša and Nešić Sandra
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Vladušić Ljubiša: East Sarajevo University, The Faculty of Economics Pale, Republic of Srpska, Bosnia and Herzegovina
Nešić Sandra: Singidunum University, The Faculty of Media and Communications / ICT Hub, Belgrade, The Republic of Serbia

Economics, 2018, vol. 6, issue 2, 37-48

Abstract: Digital economy creates waves and waves of disruptions. To survive and thrive in digital economy, where technology is disrupting industries from education to even manufacturing, companies are looking for new approaches to stay relevant. As the world becomes more digitalized, customer-centric approach to product development, short product cycles and rapid decision-making is needed. At the same time, while optimizing the existing core business, companies must grow more entrepreneurial culture and transformational growth engines inside the companies. Following this path, the major challenge for companies is how to implement strategic growth innovation along with executing traditional business model and operational excellence. This paper aims to explore and present the importance of digital transformation and innovations. Companies should strive to build collaborative relationships as a means to creating transformational growth. It is suggested that information and communications technologies are significant in the process of strategic planning. The Paper also emphasizes the importance of organizational structure and culture required for implementing strategies that are aligned with digital transformation.

Keywords: digital economy; digital transformation; innovations; collaborative innovations; new business models (search for similar items in EconPapers)
JEL-codes: D80 L86 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:econom:v:6:y:2018:i:2:p:37-48:n:5

DOI: 10.2478/eoik-2018-0024

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