Abstract
Digital transformation and resultant business model innovation have fundamentally altered consumers’ expectations and behaviors, putting immense pressure on traditional firms, and disrupting numerous markets. Drawing on extant literature, we identify three stages of digital transformation: digitization, digitalization, and digital transformation. We identify and delineate growth strategies for digital firms as well as the assets and capabilities required in order to successfully transform digitally. We posit that digital transformation requires specific organizational structures and bears consequences for the metrics used to calibrate performance. Finally, we provide a research agenda to stimulate and guide future research on digital transformation.
Highlights
Digital transformation and resultant business model innovation have fundamentally altered consumers’ expectations and behaviors, pressured traditional firms, and disrupted numerous markets
Fast growth of online retailers, such as Alibaba and Amazon, has strongly affected traditional retailers, as evidenced by the bankruptcies of several former retail giants such as Toys ‘R’Us, Claire’s and RadioShack. These new online retailers do not limit their reach to traditional retail industry; they use their digital resources to enter markets that were previously thought to be completely unrelated to retail, in search of further growth opportunities
The key goal of this paper is to provide a multidisciplinary perspective on digital transformation
Summary
Digital transformation and resultant business model innovation have fundamentally altered consumers’ expectations and behaviors, pressured traditional firms, and disrupted numerous markets. Fast growth of online retailers, such as Alibaba and Amazon, has strongly affected traditional retailers, as evidenced by the bankruptcies of several former retail giants such as Toys ‘R’Us, Claire’s and RadioShack These new online retailers do not limit their reach to traditional retail industry; they use their digital resources to enter markets that were previously thought to be completely unrelated to retail, in search of further growth opportunities. Banks such as ING, consider Amazon as a major potential competitor, while one of the largest global shipping companies Maersk is facing potential competition of Alibaba. We propose a research agenda for future research on digital transformation
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