Received: 28-Nov-2022 Editor assigned: 30-Nov-2022 Reviewed: 14-Dec-2022 Revised: 21-Dec-2022 Published: 28-Dec-2022, DOI: 10.15651/GJBM.22.16.001
Digital transformation has been a buzzword in the business world for quite some time now. It refers to the integration of digital technology into all areas of a business, resulting in fundamental changes to how a business operates and delivers value to its customers. With the rapid advancements in technology, the digital transformation has become a necessity for businesses to stay competitive and relevant in today's fast-paced world. This paper will explore the impact of digital transformation in business and management research, and how it has changed the way businesses operate (Chauhan, et al., 2021).
Digital transformation in business
Digital transformation is the process of reimagining a business model and utilizing technology to improve efficiency, productivity, and customer experience. The digital transformation has resulted in the creation of new business models and has disrupted traditional business models that were prevalent for decades. The incorporation of technology has enabled businesses to automate processes, collect data, and gain insights that were previously impossible. It has allowed businesses to streamline their operations and reduce costs while increasing efficiency.
One of the significant impacts of digital transformation in business is the shift towards a customer-centric approach. Businesses are now focusing on providing a seamless customer experience across all channels. With the integration of technology, businesses can now personalize the customer experience and provide realtime solutions to customer queries (Albarrán, et al., 2017). This has resulted in increased customer loyalty and improved customer retention rates.
Digital transformation in management research
The digital transformation has also impacted management research significantly. Researchers are now studying the impact of digital technology on business models and how it can be utilized to improve business processes. The incorporation of digital technology has resulted in the creation of new research areas such as digital marketing, digital innovation, and digital entrepreneurship.
Digital marketing is one of the significant research areas that have emerged due to the digital transformation. With the shift towards a digital landscape, businesses are now focusing on digital marketing strategies to reach their target audience. Researchers are studying the effectiveness of digital marketing strategies such as social media marketing, email marketing, and search engine optimization (Rovanto, et al., 2021).
Digital innovation is another research area that has emerged due to the digital transformation. With the integration of technology, businesses are now focusing on digital innovation to gain a competitive advantage. Researchers are studying how businesses can use technology to innovate and create new products and services. Digital entrepreneurship is also a significant research area that has emerged due to the digital transformation. The digital transformation has enabled individuals to start their businesses and has disrupted traditional business models (Ackers, 2005). Researchers are studying how digital entrepreneurship can be promoted and how it can contribute to economic growth.
In conclusion, the digital transformation has significantly impacted the business world and management research. It has resulted in the creation of new business models, disrupted traditional business models, and has created new research areas. The incorporation of technology has enabled businesses to automate processes, collect data, and gain insights that were previously impossible. With the shift towards a customer-centric approach, businesses are now focusing on providing a seamless customer experience across all channels. The digital transformation has opened up new avenues for research and has created exciting opportunities for businesses to grow and succeed in today's digital landscape (Barnabè, et al., 2022).