Sustainable Digital Transformation in Finance, Tourism, Transport, Entertainment and Social Innovation

Alex Zarifis (), Leonidas Efthymiou () and Xusen Cheng ()
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Alex Zarifis: University of Nicosia
Leonidas Efthymiou: University of Nicosia
Xusen Cheng: Renmin University of China

Chapter 1 in Business Digital Transformation, 2024, pp 1-16 from Springer

Abstract: Abstract While it is clear that organizations must move quickly in implementing digital transformation so they are not left behind, it is not always clear what the final destination should be and how to get there. The research presented here covers several specific cases of digital transformation. The cases offer insight in the areas of finance, tourism, transport, entertainment and social innovation, but there are also nine overarching themes: (1) The leaders in digital transformation will constantly innovate, while the laggards in digital transformation will have a stop-start approach. (2) There are no simple answers, or a single way to go forward, with digital transformation. (3) Each sector of the economy has its own opportunities, challenges and must find its own path forward. (4) Changes in one sector of the economy, such as the financial sector, will send a ripple of change across other sectors of the economy. (5) Change needs a shared vision, and digital transformation needs leaders to create the shared vision. (6) Digital transformation needs trust and cooperation on every level: Teams, organizations, governments and super-organizations like the EU. (7) People will still have a role: Staff, customers and other stakeholders are still important. (8) There is a dark side of digital transformation that may have not been fully revealed to us yet. (9) Digital transformation should happen hand in hand with sustainability and resilience.There is an ongoing digital transformation with an increasing diffusion of technologies that are acting as a catalyst for business advancement.

Date: 2024
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DOI: 10.1007/978-3-031-33665-2_1

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