CHALLENGES IN CREATING TRANSFORMATIVE GROWTH FOR COMPANIES IN DIGITAL ECONOMY

Abstract

Digital economy creates waves and waves of disruptions. To survive and thrive in digital economy,
where technology is disrupting industries from education to even manufacturing, companies are
looking for new approaches to stay relevant. As the world becomes more digitalized, customercentric
approach to product development, short product cycles and rapid decision-making is
needed. At the same time, while optimizing the existing core business, companies must grow more
entrepreneurial culture and transformational growth engines inside the companies. Following this
path, the major challenge for companies is how to implement strategic growth innovation along
with executing traditional business model and operational excellence. This paper aims to explore
and present the importance of digital transformation and innovations. Companies should strive to
build collaborative relationships as a means to creating transformational growth. It is suggested that
information and communications technologies are significant in the process of strategic planning.
The Paper also emphasizes the importance of organizational structure and culture required for
implementing strategies that are aligned with digital transformation.