Business Strategy Transformation: The Impact of Global Digitalization and COVID-19 Pandemic Factors
Keywords:
Digital transformation, digitalization, business strategy, e-commerce, COVID-19
Abstract
The article aims to consider the business strategy transformation process in the context of global digitalization and the COVID-19 pandemic in business and the economy. To achieve the goal, the authors analyzed the notions of "IT strategy", "digital strategy" and "digital transformation strategy" and established their hierarchy; the key features of the strategy in the digital world are identified, namely: risk as the basis for development, people as the main business value and the formation of the right mindset of participants in digital transformation; the process of implementing the digital transformation strategy in the company is considered. The objective of the article was achieved through a review of the literature and the use of scientific methods, namely: comparative analysis, synthesis, and historical and logical methods. The results obtained contribute to the understanding of scientists and professionals about the development management process in the digital world.
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References
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Basarir-Ozel, B., & Mardikyan, S. (2017). Factors affecting E-commerce adoption: A case of Turkey. The International Journal of Management Science and Information Technology (IJMSIT), Vol. 23, 1-11.
Battisti, E., Alfiero, S., & Leonidou, E. (2022). Remote working and digital transformation during the COVID-19 pandemic: Economic–financial impacts and psychological drivers for employees. Journal of Business Research, 150, 38–50. https://doi.org/10.1016/j.jbusres.2022.06.010.Bharadwaj.
Burt, S., & Sparks, L. (2003). E-commerce and the retail process: a review. Journal of Retailing and Consumer Services. Vol. 10(5), 275-286.
Chanias, S.; Myers, M. D.; Hess, T. (2019). Digital transformation strategy making in pre- digital organizations: The case of a financial services provider. The Journal of Strategic Information Systems, Vol. 28 (1), 17–33. DOI: 10.1016/j.jsis.2018.11.003.
Correani, A.; De Massis, A.; Frattini, F.; Petruzzelli, A. M.; Natalicchio, A. (2020). Implementing a Digital Strategy: Learning from the Experience of Three Digital Transformation Projects. California Management Review. Vol. 62 (4), 37–56. DOI: 10.1177/0008125620934864.
Demirkan, H.; Spohrer, J. C.; Welser, J. J. (2016). Digital Innovation and Strategic Transformation. IT Professional. Vol. 18 (6), 14–18. DOI: 10.1109/MITP.2016.115.
Dell Technologies (2020). Digital Transformation Index. Available online: https://www.delltechnologies.com/asset/ru-ru/solutions/business-solutions/briefs- summaries/dt-index-2020-full-findings-report.pdf.
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Gaglio, C., Kraemer-Mbula, E., & Lorenz, E. (2022). The effects of digital transformation on innovation and productivity: Firm-level evidence of South African manufacturing micro and small enterprises. Technological Forecasting and Social Change, 182. https://doi.org/10.1016/j.techfore.2022.121785.
Gonta S.V. (2017). The System Approach to Researching the Structure of National Economy. Ekonomika. Ekonomichna teoriia, Volume 3, 27-33.
Horlach, B.; Drews, P.; Schirmer, I.; Boehmann, T. (2017). Increasing the Agility of IT Delivery: Five Types of Bimodal IT Organization. In Proceedings of the 50th Hawaii International Conference on System Sciences. Hawaii International Conference on System Sciences. Hawaii. P. 5420-5429. DOI: 10.24251/HICSS.2017.656.
Ilcus, M. A. (2018). Impact of Digitalization in Business World. Review of International Comparative Management. Vol. 19(4), 350–358. DOI: 10.24818/RMCI.2018.4.350.
Ivanova, N., Kublitska, O., Krupitsa, I., Dybchuk, L., Koval, K., Hanieieva, T. (2021) Peculiarities of the E-commerce Development in the Conditions of Digital Economy. IJCSNS International Journal of Computer Science and Network Security, Volume 21, No.12, 193-202. DOI: 10.22937/IJCSNS.2021.21.12.28.
Kalakota, R., & Whinston, A. B. (1997). Electronic commerce: a manager's guide. Addison-Wesley Professional.
Kao, L. J., Chiu, C. C., Lin, H. T., Hung, Y. W., & Lu, C. C. (2022). Evaluating the Digital Transformation Performance of Retail by the DEA Approach. Axioms, 11(6). https://doi.org/10.3390/axioms11060284.
Katsamakas, E. (2022). Digital Transformation and Sustainable Business Models. In Sustainability (Switzerland) Vol. 14 (11). P. 1-5. https://doi.org/10.3390/su14116414.
Laudon, K. C., & Traver, C. G. (2013). E-commerce. Boston, MA: Pearson, 1-912.
Li, P., & Xie, W. (2012). A strategic framework for determining e‐commerce adoption. Journal of Technology Management in China. Vol. 7(1), 22–35. https://doi.org/10.1108/17468771211207321.
Li, L. (2022). Digital transformation and sustainable performance: The moderating role of market turbulence. Industrial Marketing Management. Vol. 104, 28-37. https://doi.org/10.1016/j.indmarman.2022.04.007.
McKinsey Digital (2022). Available online: https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/driving-digital-change-during-a-crisis-the-chief- digital-officer-and-covid-19.
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Peng, Y., & Tao, C. (2022). Can digital transformation promote enterprise performance? — From the perspective of public policy and innovation. Journal of Innovation and Knowledge, 7(3), 1-8. https://doi.org/10.1016/j.jik.2022.100198.
Piepponen, A., Ritala, P., Keränen, J., & Maijanen, P. (2022). Digital transformation of the value proposition: A single case study in the media industry. Journal of Business Research. Vol. 150, 311–325. https://doi.org/10.1016/j.jbusres.2022.05.017.
Proskurnina, N., Karpinski, M., Rayevnyeva, O., & Kochan, R. (2021). Digital Maturity of Retail Enterprises in Ukraine: Technology of Definition and Directions of Improvement. In PLAIS EuroSymposium on Digital Transformation. P. 3-21.
Qin, Z., Chang, Y., Li, S., & Li, F. (2014). E-commerce and e-Commerce strategy. In E- commerce strategy. Springer, Berlin, Heidelberg, 1-33.
Statista. 2022. Available online: https://www.statista.com/statistics/870924/worldwide - digital-transformation-market-size/#statisticContainer%20Statista.
Tabaghdehi, S.A.H. (2022). "COVID-19 and Digital Economy: The Journey towards a Digital Transformation in New Normal: How to Prepare for the Future", Baltagi, B.H., Moscone, F. and Tosetti, E. (Ed.) The Economics of COVID-19 (Contributions to Economic Analysis, Vol. 296),
Emerald Publishing Limited, Bingley, 95-104. https://doi.org/10.1108/S0573- 855520220000296008.
Tian, G., Li, B., & Cheng, Y. (2022). Does digital transformation matter for corporate risk- taking? Finance Research Letters, 49, 103107. https://doi.org/10.1016/j.frl.2022.103107.
Turuk, M. (2020). Digital strategy. International Journal of Contemporary Business and Entrepreneurship. Vol. 1(1), 62-76.
Weber, E., Krehl, E. H., & Büttgen, M. (2022). The Digital Transformation Leadership Framework: Conceptual and Empirical Insights into Leadership Roles in Technology‐Driven Business Environments. Journal of Leadership Studies. Vol. 16(1), 6-22. https://doi.org/10.1002/jls.21810.
Wu, K., Fu, Y., & Kong, D. (2022). Does the digital transformation of enterprises affect stock price crash risk? Finance Research Letters. Vol. 48. https://doi.org/10.1016/j.frl.2022.102888.
Xue, L., Zhang, Q., Zhang, X., & Li, C. (2022). Can Digital Transformation Promote Green Technology Innovation? Sustainability (Switzerland). Vol. 14(12), 1-20. https://doi.org/10.3390/su14127497.
Yu, H., Fletcher, M., & Buck, T. (2022). Managing digital transformation during re- internationalization: Trajectories and implications for performance. Journal of International Management, 28(4), 100947. https://doi.org/10.1016/j.intman.2022.100947.
Zineb, K.; Bouchaib, B. (2020). General Approach for Formulating a Digital Transformation Strategy. Journal of Computer Science. Vol. 16 (4), 493-507. DOI: 10.3844/jcssp.2020.493.507.
Published
2023-05-04
How to Cite
Ivanova, N., Nazarko, S., Denysenko, T., Kublitska, O., & Kononenko, S. (2023). Business Strategy Transformation: The Impact of Global Digitalization and COVID-19 Pandemic Factors. Journal of the University of Zulia , 14(40), 486-505. https://doi.org/10.46925//rdluz.40.27
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Papers
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