Digital Transformations and the Importance of Business Models for Organizations

Abstract

Digital transformation has become a key element for every organization, but in order to succeed, organizations must understand that this will also have an impact on their business model. In the end, what drives success for an organization is their business model, and currently, organizations must be able to innovate and digitalize their business models. This chapter is going to define the main digital business models and how organizations could apply and combine these archetypes and models in order to create hybrid business models or create their own innovative digital business model. The authors are going clarify why digital business models have emerged as a quintessence of innovations in digital technologies. Once an organization understands the connection that it can create using the power of digital technologies, it will be able to survive and thrive in the digital economy.