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This article introduces a new metric for evaluating digital innovation in enterprise transformation using textual analysis of annual reports from U.S.-listed companies. Through network analysis and topic modeling, we identified 12 topics categorized into three main areas: digital technology innovation, customer-oriented digital strategy, and digital transformation in traditional business operations. Our research indicates that digital innovation strategies are critical for maintaining competitiveness and have shifted to a more innovation management-oriented approach. We also found differences in digital innovation strategies between companies and industries. Our study contributes to the theoretical significance of enterprise management and sustainable development.

Unveiling the Evolution of Enterprise Digital Innovation Strategies: Insights From U.S.-Listed Companies' Annual Reports