<abstract xmlns="http://www.w3.org/1999/xhtml"><p>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, customer-centric 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.</p></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, customer-centric 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.

Challenges in Creating Transformative Growth for Companies In Digital Economy

The Faculty of Media and Communications / ICT Hub

ECONOMICS

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"Challenges in Creating Transformative Growth for Companies In Digital Economy"}

Digital economy creates waves and waves of disruptions. To survive and thrive in digital economy, where technology is disrupting industries from education to...

Challenges in Creating Transformative Growth for Companies In Digital Economy

Published Online: Jan 03, 2019

Page range: 37 - 48

Received: May 06, 2018

Accepted: May 07, 2018

DOI: https://doi.org/10.2478/eoik-2018-0024

Keywords
digital economy, digital transformation, innovations, collaborative innovations, new business models

© 2018 Branislav Mašić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Challenges in Creating Transformative Growth for Companies In Digital Economy

Published Online: Jan 03, 2019

Page range: 37 - 48

Received: May 06, 2018

Accepted: May 07, 2018

DOI: https://doi.org/10.2478/eoik-2018-0024

Keywordsdigital economy, digital transformation, innovations, collaborative innovations, new business models

© 2018 Branislav Mašić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
digital economy, digital transformation, innovations, collaborative innovations, new business models