The article examines the process of digitization in two contexts: first, as the transition of technical and economic systems from analog to digital methods of recording information; secondly, as a phase transition to a new model of organization of economic systems, which can be conditionally called the "digital economy". The economic effects of digitalization (in the first sense) are analyzed: the advantages of digital storage of information (in particular, the effects of quality and cost); savings on technological simplification; effects of using digital clones; communication effects from the universality of digital language; effects of dematerialization of technological and transport operations; effects of virtualization of production systems. Characterizing the digital economy, which is aimed at the transformation of economic systems, the authors identify the following key components: alternative energy, additive technologies (3D-printing); digital communication channels; horizontal distributed networks, information technologies in production and consumption; digital business models and platforms; globalization of society, new social relations and solidarity economy, artificial intelligence and the Internet of Things, cloud technologies, digitalization of public life. Depending on the links between the three types of entities (consumers, business structures of business and government organizations), different business models of economic activity are characterized. Factors of increase of efficiency of economic subjects in the conditions of digital economy are allocated, in particular, at the expense of: economy of expenses, increase in production volumes, growth of labor productivity, optimization of processes of pricing. Emphasis is placed on the growing role of man in the processes of digitalization of the economy. The components of digital human competencies are characterized. The importance of human free access to information is emphasized.