Open AccessChallenges in Creating Transformative Growth for Companies In Digital Economy
Author(s) -
Branislav Mašić,
Ljubiša Vladušić,
Sandra Nešić
Publication year - 2018
Publication title -
economics
Language(s) - English
Resource type - Journals
eISSN - 2303-5013
pISSN - 2303-5005
DOI - 10.2478/eoik-2018-0024
Subject(s) - transformational leadership , transformative learning , digital transformation , business , excellence , operational excellence , digital economy , product (mathematics) , new product development , process management , business transformation , marketing , knowledge management , industrial organization , business process , computer science , management , economics , work in process , business process modeling , psychology , pedagogy , geometry , mathematics , world wide web , political science , law
Summary 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.