Abstract
Digital transformation is perceived not only as a change in certain technology but also as a large transition that will ultimately change our lives for the better. Industry convergence, the key to digital transformation, entails, for firms, both various opportunities for innovation and the crisis of falling behind. Therefore, from the perspective of firms, it is critical to examine how digital transformation affects their industries and products as well as how they perceive and respond to digital transformation. This is ultimately a matter of how firms survive and maintain sustainable growth in this great upheaval of digital transformation. Based on the understanding of the concept of digital transformation, this study explores how high-growth firms perceive various aspects of digital transformation. The findings show that digital transformation involves a change of firms based on constant innovation, not simply the acceptance of technology, and that there is a large digital divide that depends on the firm size and industry type. Based on the above, this study derives implications in terms of the innovation activities of firms to ensure that digital transformation does not serve as a handicap and barrier for firms.
Highlights
In recent years, the world has faced the great issue of digital transformation
Using the Korean high-growth firm data, we provide a comparative analysis considering firm characteristics on (1) the importance of digital transformation and preparations, (2) the expected change digital transformation would bring to the industry and main products, (3) the capabilities necessary to prepare for digital transformation, and
This study offers useful insights into (1) the meaning and characteristics of digital transformation, and (2) the digital divide between firms due to digital transformation
Summary
The world has faced the great issue of digital transformation. If we. Digital transformation was perceived as a motive and means for future growth along with the issue of the Fourth Industrial Revolution even before COVID-19. Using the Korean high-growth firm data, we provide a comparative analysis considering firm characteristics (size and industry type) on (1) the importance of digital transformation and preparations, (2) the expected change digital transformation would bring to the industry and main products, (3) the capabilities necessary to prepare for digital transformation, and (4) the anticipated performance improvement from digital transformation.
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