The value chain in the digital age

Abstract

The fourth industrial revolution causes changes in the organization and functioning of many enterprises. Digital transformation is a multi-threaded process covering practically all areas of life and economy. Digital transformation means implementation information technologies in all areas of business functioning. Businesses, both large and small, must adapt to the standards of digital “reality”. Digitalization is the driving force that will shape the industry of the future. The potential of digitization can be seen throughout the value chain, from product design, manufacturing and business processes, a fully digitized customer path, to new customer acquisition and customer service, to supply automation. The implementation of digital technologies of Industry 4.0 has a huge impact on the entire value chain, streamlining production and processes, improving management and quality of products and services, optimizing relationships between customers and organizations, bringing new business development opportunities and many benefits. The value chain in the era of digitization is becoming an important element generating noticeable profits. The aim of the study is to present the value chain in the era of digitization in the context of Industry 4.0, including the identification of its most key elements, including the formulation of strategies based on digital resources that bring added value, allowing to compete in the market and at the same time set new standards and business models, and to show the significant benefits of digitization of the value chain.