Description

Throughout the course of history, the methods of conducting business have gradually transformed, aiming to deliver superior products and maximize profits. In the present day, a well-defined business model is paramount for companies, providing a clear vision of their objectives and the means to achieve them by creating, delivering, and capturing value. With the emergence of new technologies, organizations continuously adapt their operations and seek fresh avenues for business growth. We find ourselves in an era where industries are progressively embracing smart practices and incorporating novel elements.

The advent of digitalization presents abundant opportunities for businesses to capitalize on, but reimagining their business models becomes imperative to fully leverage its benefits. Digitalization trends have ushered in numerous possibilities for both the creation of new business models and the enhancement of existing ones. Across all productive sectors, digitalization has permeated, replacing traditional practices with digital alternatives that excel at value creation, delivery, and capture. Strong evidence substantiates the positive impact of digitalization on organizational performance.

The term "digitalization" made its debut in 1971, and over time, it has evolved into a momentous historical transformation. The impact of digitalization and digital technologies on society is undeniable, backed by overwhelming evidence. In the corporate realm, digitalization acts as a catalyst for change, introducing new technologies that reverberate through our society. Companies have the remarkable ability to enhance the value delivered to customers by harnessing digitalization. This, in turn, opens doors to heightened reliability, increased efficiency, novel functionalities, and optimization possibilities. Notably, substantial resources are being invested in digitalization initiatives to build new capabilities and unlock the full potential of value creation in customer relationships. To achieve the most profound impact, digitalization is strategically implemented at the core of the company-the business model.

Within the context of this study, digitalization is defined as the utilization of digital assets by organizations to foster innovation in their business models, ultimately improving performance and generating value-producing opportunities.