Abstract
The ability of the global economy to compete and evolve in the 21st century increasingly depends on the innovative and efficient use of information and communication technologies (ICT). Over the last decade, digitalization has improved decision-making in the global business ecosystem in a variety of contexts, and recent advances in technology transformed the business models in a way that reshapes the economic actor’s interaction with business activities. The emergent conversion of the traditional economy is changing as automation tools, process standardization, and reuse of goods along with cloud computing technology shape the global economy towards digitalization, arising the concern to ensure the development of ICT proficiency in all sectors of the economy in order to create economic balance, avoiding a potential crisis based on the innovation deficit. The speed of digital transformation in the business environment will directly affect the models of economic growth and social development in the future. The present technological revolution is a valid indicator of the civilization progress of the 21st century and the digital transformation requires an improved association of organizational e-leadership skills, innovation, and business development based on business intelligence concepts. Therefore, the reduction of e-leadership skills can be a competitive disadvantage for the industry and a constraint on potential growth. From these considerations, the aim of the paper is to examine the diffusion of business intelligence elements in the global economy, providing examples of business models that have emerged as a result of digitalization improvement, and contributes to an overview of the main features of the digital economy that have emerged in these business models. Using a methodology based on the systematic review of the literature and global analysis regarding the topic, the paper presents a framework of the role that digitalization performs in the global economy transition from analog to digital configuration.
Highlights
All sectors of the economy have adopted information and communication technologies (ICT) to improve productivity, expand market coverage, and reduce operating costs
The emergent conversion of the traditional economy is changing as automation tools, process standardization, and reuse of goods along with cloud computing technology shape the global economy towards digitalization, arising the concern to ensure the development of ICT proficiency in all sectors of the economy in order to create economic balance, avoiding a potential crisis based on the innovation deficit
The present technological revolution is a valid indicator of the civilization progress of the 21st century and the digital transformation requires an improved association of organizational e-leadership skills, innovation, and business development based on business intelligence concepts
Summary
All sectors of the economy have adopted ICT to improve productivity, expand market coverage, and reduce operating costs. The ability to manage the business centrally, while maintaining considerable flexibility in the position of business functions, has increased the ability of companies to spread functions and activities between different countries This globalization of business among larger organizations is not a new phenomenon, the spread of the digital economy, combined with the growing importance of the "services" component, as well as reduced trade costs for trade and liberalization of investment and regulatory reforms, have helped eliminate logistical barriers and the increasing pace at which such globalization is possible. There are two main features of multi-sided business models for the digital economy [15]: Flexibility: The nature of digital information and internet infrastructure greatly expands the ability to design and implement multi-faceted business models Resources such as content, user data, or executable code can be stored to create long-term value after they have been produced. Due to the rapid pace of innovation, the few companies that have been successful in the long run have generally done so by investing significant resources in research and development and in acquiring start-ups with innovative ideas, by launching new features and new products. and by continuously evaluating and changing business models, in order to exploit its market position and maintain its dominant market position
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