Navigating the Digital Future: Strategies for Corporate Digital Transformation

Zhiyang Wang ()
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Zhiyang Wang: University of Birmingham

A chapter in Proceedings of the 2024 International Conference on Applied Economics, Management Science and Social Development (AEMSS 2024), 2024, pp 375-381 from Springer

Abstract: Abstract This article embarks on an in-depth exploration of the multifaceted process of digital transformation within the corporate sector. In an era where technological advancements are not just rapid but exponentially accelerating, businesses across various industries find themselves at a critical juncture. They are compelled, more than ever, to adapt, innovate, and reinvent to stay relevant and competitive. This necessity is not merely about adopting new technologies; it is fundamentally about rethinking and reshaping organizational strategies and processes in the face of digital disruption. At the core of this paper is an extensive analysis of the strategies deployed by corporations to navigate digital transformation. These strategies are multifarious, encompassing the adoption of cutting-edge technologies like artificial intelligence, big data analytics, and blockchain, as well as the reengineering of business processes and models to align with a digital-first approach. The paper delves into how these strategies are not just about technology implementation but also about cultivating a digital culture, fostering innovation, and redefining customer experiences. However, the journey towards digital transformation is laden with challenges. This paper critically examines these obstacles, ranging from technological complexities and financial constraints to organizational resistance and cultural barriers. It argues that overcoming these challenges is pivotal for the successful integration of digital technologies into business operations, ultimately leading to enhanced operational efficiency.

Keywords: Digital Transformation; Corporate Strategy; Technological Innovation; Organizational Change; Business Process Reengineering; Competitive Advantage (search for similar items in EconPapers)
Date: 2024
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DOI: 10.2991/978-2-38476-257-6_44

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