Digital Transformation: The Impact on Corporate Strategy

Abstract

The article focuses on adapting a company’s strategy to the conditions of digital transformation. Digital transformation is a process of adopting a new mindset and a company’s culture for implementing the newest digitized technology advancements. The paper examines the impact of these processes in the business by using Kaplan and Norton’s model of strategy maps. The aim is to create higher value for customers, invent information-based products and services, optimize operational processes, use efficiently the resources, increase digital literacy and relations between employees and develop a sustainable business model that establishes competitive advantage. A typology of digital business strategies is proposed in terms of two dimensions: adoption of products (services) that incorporate modern digital technologies and creation (implementation) of consistent strategy to achieve digital transformation.