Digital Business Transformation

Abstract

Digitalization processes is relevant not only at the level of individual enterprises: entire industries choose this path of development for themselves as the only opportunity to meet the rapidly changing conditions of the surrounding world. Thanks to this, the digital transformation of industry, retail, the public sector and other areas is already changing the life of every person and every company. The subject of the research is the concepts of “digital transformation of business” and “digital economy”. In accordance with this goal, a number of terms “digital economy” and “digital transformation” were studied, the differences between them were identified and formulated. The evolution of the terminal process “digital business transformation” is characterized, the reasons causing changes in the interpretation of these concepts are identified, the main approaches to the development of the digitalization process are considered, and the industry specifics of the digital business transformation are studied. As a result of the study, it was found that the terms “digital transformation” and “digital economy” are interpreted differently. The digital economy can be defined as part of the GDP obtained through the use of digital means; digital transformation, in the narrow sense, represents the transition from analog to digital data, and in the broad sense, it is a business transformation through the use of new digital technologies, which leads to new competitive advantages in the digital economy. In conclusion, an author's interpretation of the concept of "digital business transformation" is proposed.