Digital Transformation of Finance and Regulation

Digitalización y transformación digital en la industria turística: una revisión bibliométrica y una agenda de investigaciónPropósitoEn las últimas décadas, se ha realizado un número significativo de contribuciones de investigación a la intersección de las tecnologías digitales y la industria del turismo. Sin embargo, no se ha prestado suficiente atención a un examen exhaustivo de la digitalización y la transformación digital en la industria del turismo. Este estudio tiene como objetivo proporcionar una revisión bibliométrica de la investigación sobre digitalización y transformación digital en la industria del turismo y diseñar futuras agendas de investigación para avanzar en el campo de la investigación.Diseño/Metodología/EnfoqueEste estudio utiliza el protocolo de Procedimientos y fundamentos científicos para revisiones sistemáticas de la literatura (SPAR-4-SLR) y un análisis bibliométrico para examinar el progreso de la investigación y mapear científicamente el dominio de investigación de la digitalización y la transformación digital en la industria del turismo. de 2002 a 2023 utilizando datos bibliográficos recuperados de Scopus y Web of Science (WOS).HallazgosEste estudio presenta las tendencias en publicaciones y citas dentro del dominio de investigación sobre digitalización y transformación digital en turismo. Los hallazgos también brindan información sobre los cuatro grupos principales del campo de investigación: innovación digital, ecosistema de turismo inteligente, turismo electrónico y experiencia de destino inteligente. Para aumentar aún más la aplicación de la transformación digital, este estudio ofrece varias recomendaciones para futuras investigaciones sobre la digitalización y la transformación digital de la industria turística.OriginalidadEste estudio avanza en el campo de investigación de la digitalización y la transformación digital en la industria del turismo al examinar en profundidad los principales grupos de investigación en el corpus de investigación de las últimas dos décadas. Además, orienta la investigación futura, sentando así las bases para mayores avances en este ámbito.ImplicaciónEste estudio proporciona implicaciones valiosas para los investigadores, administradores y formuladores de políticas que buscan comprender el estado actual y las direcciones futuras de la investigación en el campo de la digitalización y la transformación digital del turismo.

ЦИФРОВА ПАРАДИГМА ЯК ОСНОВА ВИЗНАЧЕНЬ: ЦИФРОВИЙ БІЗНЕС, ЦИФРОВЕ ПІДПРИЄМСТВО, ЦИФРОВА ТРАНСФОРМАЦІЯ

Digitalization and digital transformation of companies have turned from global trends to an urgent need. Thanks to digitalization and digital transformation, organizations can overcome the times of crisis, the times of lockdowns with less losses and respond more effectively to any adverse changes in the external environment. The assessment of the level of digitalization and digital transformation allows to determine how fast the processes of introducing digital technologies and optimizing processes with digital solutions proceed, both in companies and across the industry as a whole. The article provides an analysis with the systematization of foreign and domestic methods, methodological approaches, methods for assessing the digitalization level and digital transformation, as well as reveals their positive and negative aspects. Based on a comparative analysis, an improved author-developed methodological toolkit is proposed for assessing the level of digitalization and digital transformation, alleviating the disadvantages of the existing methodological experience. The approbation of the author-developed methodological toolkit was performed using the oil and gas industry as an example; the following companies, being the industry leaders, were analysed: PJSC “Lukoil”, PJSC “NK “Rosneft”, PJSC “Gazprom”, and PJSC “Tatneft”. According to the results, the digitalization and digital transformation processes of the domestic oil and gas industry are insufficiently dynamic. It was found that in the period from 2016 to 2020, the Russian Federation industry leaders were in the following order from the most advanced to the least advanced in terms of the digitalization level and digital transformation: PJSC “Gazprom” topped the list; PJSC “NK “Rosneft” was second; PJSC “Lukoil” was the third largest company, and PJSC “Tatneft” held the fourth position.

Aim. The presented study aims to determine the narratives of digital economic transformation in industrial territories and to identify regions with the best prospects for its successful implementation.Tasks. The authors clarify the concept of “digital transformation narrative”; develop and test a logical model of narrative analysis of regional digital transformation; build a typology of industrial regions according to the prospects for successful implementation of digital economic transformation with allowance for the identified narratives.Methods. This study uses an original narrative analysis methodology consisting of five consecutive steps. During the first three steps, the interest of authorities, businesses, and the population in the implementation of digital transformation is assessed using bibliometric, comparative, and statistical analysis respectively. The fourth step of the methodology is implemented using content analysis tools, which makes it possible to identify the key narrative components of digital economic transformation. The fifth step summarizes the results obtained earlier by building a typology of industrially developed regions according to the level of their propensity for digital economic transformation determined with allowance for narratives.Results. The study proves that narratives forming in society during socio-economic and cultural transformations caused by digital transformation can (and should) serve as a source of information about the region’s propensity for transformations on the basis of innovations, reflecting the degree of the preparedness of authorities, businesses, and the population to adopt and participate in such transformations. The creators of digitalization narratives are identified, which include the government, businesses (represented by employers), and society (represented by job seekers and employees). It is found that the supply of digital competencies significantly exceeds the demand in the labor market. This may be due to the narratives operating in society, among other things. It is revealed that the interest of the Russian society in the digital transformation of the economy remains significant, while the interest of the population in individual narrative components varies in the regions. It is determined that soft skills prevail among the key competencies of economic transformation. It is established that regions with dominating manufacturing industries have a greater propensity for digital transformations: Sverdlovsk, Nizhny Novgorod, Rostov, Chelyabinsk regions, Perm and Krasnoyarsk territories, the Republic of Tatarstan.Conclusion. Territories with extractive industries are still not prone to innovative transformations. At the same time, the population of such territories is more stressed and resistant to innovations. The obtained results are the first step in digital transformation research from the perspective of a narrative approach. This study will be useful for scientists and specialists in the field of narrative economics, as well as for those who are interested in digital transformation issues.

This study aims to disclose the role of individual absorptive capacity on small business digital transformation and its impact on business performance. The research method used is the explanatory survey. The research was carried out on small businesses in Bandung City, Indonesia. A sample of 334 small entrepreneurs was taken by purposive sampling. Data were processed using descriptive statistics and multiple regression. The study found that individual absorptive capacity affects small businesses' digitalization and digital transformation. Simultaneously, individual absorptive capacity, digitalization, and digital transformation strongly affect small business performance. For companies that do digitalization and digital transformation, performance will improve. However, the effect of individual absorptive capacity on business performance is partially negative. It means the individual absorptive capacity does not directly influence business performance, but does have an impact when mediated by other variables such as digitalization and digital transformation. Thus, this research demonstrates that absorptive capacity is a crucial variable determining other factors.

This article analyzes the prospects for improving the legal regulation of digitalization and digital transformation in the field of sports of the Russian Federation. The trends in these social relations, the prerequisites for digitalization and digital transformation in sports are determined. The main approaches to digital transformation in the context of the consequences of the COVID-19 coronavirus pandemic are analyzed. The stages of development the digital transformation of sports are considered through the assessment of regulatory directions for their implementation. The approaches to regulating the field of sports through various legal structures are analyzed, in particular, the analysis of the use of "Lex sportiva" for the purposes of digitalization of sports is given. This paper concludes that it is permissible to apply special legal regimes to test the mechanisms of digital transformation in the field of sports, but on a limited scale. The paper concludes that there are trends in the transition of legislation in the field of sports from the “Lex sportiva” concept to the formation of a stable regulatory framework that is associated with proven legal structures. It is proved that the Decree of the Government of the Russian Federation dated 07.02.2024 No. 264-р "On approval of the strategic direction in the field of digital transformation of physical culture and sports until 2030" has become the main regulatory act in the field of digitalization and digital transformation of sports, which is synchronized with other strategic documents of the Russian Federation in the field of digitalization and sports.

The processes of informatization, digitalization, and digital transformation of education have led to large-scale changes that have affected almost all elements of the educational system – from pedagogical concepts and technologies to the structures of new types («digital universities», «smart campuses», etc.). The creation of such structures is based on the universities’ IT-infrastructure, the requirements for the latter to be determined by the modern problems challenging the higher education system. The development of the IT-infrastructure became particularly important during the COVID-19 pandemic, when there appeared the necessity of an urgent transition to electronic forms of education, including the mass delivery of electronic content to students. This problem was most acute for regional universities, whose own resources were not always sufficient to solve it. The purpose of this research article is to analyze the dynamics of the universities’ IT-infrastructure 2015–2020 development in the Sverdlovsk region as the basis for their digitalization and digital transformation. The choice of the Sverdlovsk region is explained by the fact that among the subjects of the Russian Federation, it occupies one of the leading positions by the number of universities and the number of students. Within the study, based on 2015–2020 statistical data (the so-called «ВПО-1» and «ВПО-2» forms as filled in by all HEIs), there were analyzed various components of the universities’ IT-infrastructure: the park of personal computers and multimedia facilities; the access to the Internet; the general availability of special software both for the region as a whole and in the context of particular universities. According to our analysis, the period studied saw growth in the information equipment provision for the universities’ non-educational activities, and – at the same time – decrease in the provision of computers used for educational purposes and for the students’ independent work. Along with the positive dynamics of providing the universities with access to high-speed Internet, less than a third of them maintain a maximum speed of over 100 Mbps. The universities are provided mainly with mandatory software tools (electronic library and reference systems, testing systems), whereas the virtual simulators are the least available. Another problem is the obsolescence of universities’ information technology equipment. At the same time, the region continues to see the universities’ differentiation by the level of all the IT-infrastructure components development (hardware, Internet access, software). To solve the problems of digitalization and digital transformation, the universities should assess the IT-infrastructure capacity necessary to solve modern educational and extracurricular tasks according to the interests of external and internal stakeholders (including employees and students of various categories), and more clearly formulate the objectives of modernizing IT-infrastructure in their development programs (strategies). The elimination of the universities’ digital inequality in the regions should be reflected in federal projects concerning the development of higher education. For these purposes, it is necessary to develop a modern methodology for assessing the compliance of the universities’ IT-infrastructure with the requirements of digitalization and digital transformation. Our research is original, as it presents an attempt to analyze the dynamics of the universities’ IT-infrastructure development in the Sverdlovsk region on the basis of statistical data.

The priority value of digital transformation at the state level, which forms the prerequisites for positive global economic and social changes in the context of bifurcations and permanent changes in the marketing environment, is determined. The digital technologies influence in various areas of enterprise activity is identified and detailed. Based on the results of the studies and a comparative analysis of scientists and economists, the relation between the key blocks of the digital business transformation that allow rapidly react to heterogeneous consumer requests in the Internet are interpreted. The architecture of digital business management in digital transformation terms is developed. It represents concatenated phases that provide increased efficiency and facilitate the rapid expansion of new market segments, as well as require for the direct implementation of relevant methodological tools. Key words: digital transformation, blocks of digital business transformation, digital business management, concatenated phases of digital business management, online customers DOI: 10.15276/mdt.4.2.2020.4 All Retail. (2020) Available at: http://allretail.ua/ (accessed 15 May 2020). Baird, N. (2018) What digital transformation actually means for retail. Forbes. Available at: https://www.forbes.com/sites/nikkibaird/2018/03/13/what-digital-transformation-actually-means-for-retail/#7e24e8eb7038 (accessed 20 May 2020). Capgemini Consulting. (2017) Digital transformation: a roadmap for billion-dollar organizations: MIT Center for Digital Business, Capgemini Consulting. Available at: https://www.capgemini.com/wp-content/uploads/2017/07/Digital_Transformation__A_Road-Map_for_Billion-Dollar_Organizations. pdf (accessed 23 May 2020). (2019) Global retail, wholesale & distribution. Available at: https://www2.deloitte.com/global/en/pages/consumer-business/topics/retail-wholesale-distribution.html?icid=top_retail-wholesale-distribution (accessed accessed 1 June 2020). Ecommerce News Europe. (2020) Available at: https://ecommercenews.eu/ (accessed 1 June 2020). company. (2019) Available at: https://evo.company/ua/ (accessed 23 May 2020). Hein, A., Schreieck, M., Riasanow, T., Setzke, D., Wiesche, M., Bohm, M. & Krcmar, H. (2019) Digital platform ecosystems. Electronic Markets. DOI: https://doi.org/10.1007/s12525-019-00377-4 (accessed 12 May 2020). IBM (2019). Available at: https://www.ibm.com/ (accessed 1 June 2020). Joshi, M., Kathuria, R. & Das, S. (2018) Corporate entrepreneurship in the digital era: the cascading effect through operations. The Journal of Entrepreneurship, vol. 28 (1), pp. 4– DOI: https://doi.org/10.1177/0971355718810554 (accessed 27 May 2020). Kantar Ukraine. (2020) Available at: https://tns-ua.com/ (accessed 19 May 2020). Krueger, J. (2015) Omnichannel shoppers: An emerging retail reality. Think with Google. Available at: https://www.thinkwithgoogle.com/marketing-resources/omnichannel/omni-channel-shoppers-an-emerging-retail-reality/ (accessed 20 December 2017). Meek, T. (2018) Big Data in retail: how to win with predictive analytics. Forbes. Available at: https://www.forbes.com/sites/netapp/2015/02/18/big-data-in-retail/ (accessed 11 September 2018). Natorina, A. O. (2019) Tranzytyvna biznes-model tsyfrovoho biznesu: sutnist ta mekhanizm rekonfihuruvannia [Transitive business model of digital business: the nature and mechanism of reconfiguration]. Visnyk ahrarnoi nauky Prychornomoria [Ukrainian Black Sea region agrarian science], vol. 3 (103), pp. 36– Available at: https://visnyk.mnau.edu.ua/statti/2019/n103/ n103v3r2019natorina.pdf (in Ukrainian) (accessed 10 May 2020). Nwaiwu, F. (2018) Review and comparison of conceptual frameworks on digital business transformation. Journal of Competitiveness, 10 (3), pp. 86–100. DOI: https://doi.org/10.7441/joc.2018.03.06 (accessed 1 June 2020). Parviainen, P., Tihinen, M., Kaariainen, J. & Teppola, S. (2017) Tackling the digitalization challenge: how to benefit from digitalization in practice. International Journal of Information Systems and Project Management,5, no. 1, pp. 63–77. DOI: https://doi.org/10.12821/ijispm050104 (accessed 23 May 2020). (2020) Available at: https://www.pwc.com/ (accessed 18 May 2020). Rachinger, M., Rauter, R., Muller, Ch., Vorraber, W. & Schirgi, E. (2019) Digitalization and its influence on business model innovation. Journal of Manufacturing Technology Management, vol. 30, no. 8, pp. 1143– DOI: https://doi.org/10.1108/JMTM-01-2018-0020 (accessed 10 May 2020). Schmitt, B. (2011) Experience Marketing: Concepts, Frameworks and Consumer Insights. Foundations and Trends in Marketing, vol. 5, no. 2, pp. 55– DOI: http://dx.doi.org/10.1561/1700000027 (accessed 12 May 2020). Schwarz, R. (2016) Special CRM. The customer in the center of digital transformation. Detecon Management Report, 1, 86 p. Available at: https://docplayer.net/19794580-Detecon-management-report.html (accessed 18 May 2020).

Digital transformation by firms and the cleanliness of China's export products

In the era of the digital economy, traditional industries have begun to realize digital transformations. For commercial banks, digital transformation is a trend and a requirement and is the only way to achieve sustainable development. At the same time, at the helm of the enterprise, executives play an essential role in the development of commercial banks. This study explored the relationship between digital bank transformation and bank efficiency, environment, society, and corporate governance (ESG) through empirical analysis, and how executives’ innovation awareness and executive technical background affect the relationships between digital bank transformation, bank efficiency, and ESG. This study used the regression method of fixed effects to conduct empirical research on the data of China’s A-share listed banks from 2011 to 2021. The research results show that the digital transformation of banks has improved efficiency and promoted the ESG performance of commercial banks. At the same time, executives’ innovation consciousness and technical background have played a positive regulatory role in banks’ digital transformation to promote bank efficiency and ESG. The main research object of this study was Chinese commercial banks. The bank’s digital transformation results were examined and the research was expanded to digital transformation and ESG. At the same time, this study has particular significance for investors who have a financial interest in banks.

This paper contains a co-occurrence analysis of 2 227 articles in English, indexing by Scopus database in 2019-2023, it was designed the «business – digitalization – digital transformation» co-occurrence network, that contains 374 keywords, grouped into 5 clusters. It was defined a research area and main key words for each cluster. It was analyzed 10 more occurring key words of the «business – digitalization – digital transformation» co-occurrence network, it was defined their clusters, total strength, as well as the occurrences indicator. It was conducted a comparison analysis of related terms of the global trend of digitalization and digital transformation, such as: digital economy, Industry 4.0, digital transformation, digitalization, digitization. It was analyzed the main advantages and disadvantages of the actual international methods of the digitalization and digital transformation assessment. It was analyzed the world regions markets and it was defined the lead companies-implementors, as well as the lead companies-developers of the digital technologies in such regions as: the North America, Europe, and Asia.

Change Management is a process of adopting appropriate guidelines on how to manage change and meet the set business objective. Change Management could be extended into the realm of providing leadership for a group of persons or organisation alongside the path of change and embed the needed framework in actualising the set business target. Conversely, Digital Transformation could be described as the deployment of technology in a business process to amplify business benefits realisation that include fast decision-making, efficient business processes and significant reduction in risk exposure through managing the operational risk foot print. Failures of many Digital Transformation initiatives around the world is traceable to poor framing or complete lack of change management process embedment in the implemented digital solution, this paper aims at proposing effective framework for embedding orchestrated change process. Several research works show that worldwide there are high rate of project failures in most digital oilfield implementations. The reasons for such high failure rate in the solution of Digital Transformation is poor or lack of experience in change management in such projects resulting in poor framing of the change process that will ultimately assist in orchestrating the disruptions that accompanies the implemented Digital Transformation in different assets. This research based project will be reviewing how effective change management process was implemented in a digital solution by an Oil and gas operator in a field offshore in sub-Saharan Africa. Elements such as proper engagement of the workforce, defined business processes, clear business objectives and experience of the change agents in managing previous projects will be evaluated because these are components that has been identified as key reasons for failure of the change management process implementation in most digital initiatives. What companies need to do is to be strategic with the approach of implementation of digital oilfields transformation to ensure that the disruption brought about by the digital oilfields solutions are orchestrated through effective change management embedment. The effective change management process, when applied, shows that orchestrated technology disruption process is embedded which will ultimately not just lead to benefit realisation of the solutions but will assure continuous business improvement process, overtime. The result of this study, has shown that effective change management processes are beneficial to the effective embedment of Digital Oilfields Transformation solutions. Outcome of this study could form a reference tool for similar robust digital oilfields transformation, elsewhere.

Digital transformation has impacted all areas of life, including human resources management. Studying digital maturity is relevant because it can help organizations adapt to change and improve human resources strategies for successful transformation. This study explored the relationship between digital maturity, transformation, and human resources management and how organizations can use digital technologies to increase maturity and opportunities and cope with obstacles. Complex analysis, synthesis, induction, deduction, and analogy methods were used as methodical tools to analyse literary sources, information, and communication technologies. The importance of digital maturity for human resources management practices and processes and the digital transformation process in management functions was explored. The drivers, challenges, and outcomes associated with digital transformation initiatives were identified, and the impact of digital maturity and transformation on stability was analysed. The study also examined the possible trade-offs between maintaining stability and promoting development through digital technologies. The importance of continuous learning, training, and skill development in human resources management was assessed to achieve and maintain digital maturity. A conceptual framework focused on the relationship between sustainability and development in the context of digital maturity and transformation in human resources management, providing a comprehensive understanding of these dynamics. The research can help manage digital transformation effectively, provide helpful information for academic and practical human resources management applications, and bring a new perspective to the balance between sustainability and development

Digitization, digitalization, and digital transformation are increasingly being adopted by organizations across various industries. When talking about digitization, most private companies have passed the initial stages of the process. As these organizations progress through the various stages of digitization, there is a marked shift toward comprehensive digital transformation strategies aimed at maintaining a competitive advantage. The digital transformation of marketing processes is the current approach used by many competitive companies. The marketing activity includes a communication mix that must be innovative and aligned with digitalization. This intense activity of digitalization and digital transformation in marketing has contributed to the emergence of new risks and the adaptation of risk management activities. This chapter aims to identify and understand Romanian entrepreneurs’ perceptions of digital transformation of their marketing activities and the associated risks. Using qualitative and quantitative evaluation, the results of the market study are presented. The results show that the main risk is the lack of a clear digitalization strategy, the risk of public defamation (loss of customer trust), and data security concerns. This chapter highlights the impact of digital transformation on organizations, digital marketing, and associated risks. The limitations of the research refer to the fact that the research was carried out in a single country.

The Digital Transformation phenomenon always tends to be complicated, ambiguous, challenging, and non-routine managerial tasks for organizations. The success rate of such digital transformation is very low due to rapid changes in technologies. Digital transformation through these technologies demands a fundamental change in organization processes, technology and behavior of the people. This broad change results in different socio-technical issues and challenges. The primary objective of the study is to discover issues, challenges and impact/benefits during digital transformation, investigated by various researchers. For this purpose, a systematic literature review (SLR) as prescribed by Levy and Ellis (2005) helped in identifying the challenges of digital transformation. The articles published from 2008 to 2018 were selected and analyzed. The findings of this research reflect the importance of developing an effective digital transformation strategy in organizations. The proactive strategy regarding people, process, technology, and most importantly their alignment in the organization is found critical in executing such transformation initiative in the organization. The planned efforts regarding knowledge management also played an important role in executing and sustaining such transformation initiatives in the organizations. Moreover, value creation, operational efficiency, competitive advantage, customer relationship, and new business model emerged as a vital motivational factor and outcome for digital transformation. Keywords: Digital transformation, digital transformation issues and challenges, systematic literature review, digital transformation benefits/impact.