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Business Performance by Promoting Digital Transformation: A Continuous Adaptation Process

In: Europe in the New World Economy: Opportunities and Challenges

Author

Listed:
  • Cornelia Ciobanu (Spânu)

    (Romanian Academy, School of Advanced Studies of the Romanian Academy, Doctoral School of Economic Sciences, National Institute for Economic Research “Costin C. Kirițescu”)

Abstract

As you can see, the COVID-19 crisis has had a strong impact on many countries around the world. As a result, the use and penetration of digital platforms have increased significantly during the COVID-19 crisis. The new situation has brought many challenges to businesses and entrepreneurs around the world, among which the hottest topic is digitalization, where technology is developing rapidly and changing every aspect of our existence. The same applies to the labor market: the introduction of various technologies affects most occupations in all walks of life and the new business development model—digitalization is of great importance for the development of the economy and society. More and more businesses are following this trend and are successfully achieving digital transformation with emerging technologies. With the continuous progress of digitalization, the digital transformation of traditional industries is also advancing, and the digital economy is showing a vigorous development trend. The evolution of digitalization will be a response to the changes in the business environment. This article aims to analyze the key market and consumer trends and their impact on the business. These trends and their implications are observed in studies conducted by many international and national organizations, universities, and scientists and in the practice of global consultancies and companies. Look at key ways in which digital transformation enables businesses to innovate and grow to reduce costs, increase revenues, and drive innovation by applying digital technologies to improve productivity and competitiveness in the market. However, in the long term, the expected benefits are increased business volume, customer portfolio, improved customer experience, increased innovation, and business expansion. Some of the key challenges of digitization are identifying the right areas for digitization and implementing them to achieve all possible benefits, presenting new technologies, and making efficient use of information and communication technologies.

Suggested Citation

  • Cornelia Ciobanu (Spânu), 2024. "Business Performance by Promoting Digital Transformation: A Continuous Adaptation Process," Springer Proceedings in Business and Economics, in: Luminita Chivu & Valeriu Ioan-Franc & George Georgescu & Ignacio De Los Ríos Carmenado & Jean Vasile (ed.), Europe in the New World Economy: Opportunities and Challenges, chapter 0, pages 415-430, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-71329-3_25
    DOI: 10.1007/978-3-031-71329-3_25
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