Description

The rise of Industry 4.0 has made digital transformation a crucial aspect for companies seeking to adapt and thrive. Incorporating and harnessing digital technologies presents one of the foremost challenges for businesses today. Virtually no sector remains untouched by the influence of digital technologies, as competitors adjust to the rapid changes in the industrial landscape. The impetus behind digital transformation lies in achieving growth, ensuring customer satisfaction, enhancing operational efficiency, gaining a competitive edge, and fostering increased business agility (Morakanyane, Grace & O'Reilly, 2017).

Recognizing the significance of digital transformation, business leaders across the United States and the United Kingdom are prioritizing its implementation. Approximately 90% of these leaders anticipate that digital technologies will progressively contribute strategically to their overall business. Irrespective of the specific digital technologies chosen for transformation, various frameworks exist to guide companies in selecting an appropriate strategy. Business leaders must develop and execute digital strategies to enhance operational performance. The question now shifts from whether a company should undergo digital transformation to how it can leverage this transformation as a competitive advantage and embrace it fully (Hess, Benlian, Matt & Wiesb ck, 2016).

When digital technologies with transformative potential impact the supply chain, business processes, products, and sales channels, entire business models undergo reshaping. This results in significant changes to the way companies operate in the market (Morakanyane et al., 2017).

However, a prevailing issue arises when strategy frameworks are examined as they often overlook the involvement of stakeholders in the business model. As firms redesign their business models for digital transformation, they increasingly rely on the participation of stakeholders within their business ecosystem to create and capture value.