Facilitating the Digital Transformation of Service Companies

Minsung Kang ()
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Minsung Kang: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 23-14, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: As a country’s industry develops and advances, the service industry typically comes to account for an ever-larger proportion of the economy. In advanced economies, the service industry is thus a significant source of employment, but one that is highly susceptible to economic fluctuations. And so managing this critical sector is a major point of interest among policymakers. Recently, the digital transformation (DX) of the service industry has garnered much attention in the policy literature, as scholars study the ways in which DX can enhance productivity and create new jobs in the service industry. DX refers to the phenomenon by which technology, economics, and cultural paradigms developed and discussed in relation to the Fourth Industrial Revolution are combined with actual service sector business models. In this paper, I examine individual cases of leading service industry firms that have embraced DX and government DX policies. Through this analysis I propose effective policy alternatives that the Korean government could implement to promote DX within the service industry

Keywords: industrial structure; service sector; industry; services; digital transformation; DX; Fourth Industrial Revolution; 4IR; Industry 4.0; servicification; servitization; service value-added; DX policy; digital policy; digital services; service technology; service sector policy (search for similar items in EconPapers)
JEL-codes: L80 L88 L89 O14 O25 O30 O32 O38 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2023-06-30
New Economics Papers: this item is included in nep-inv
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