Paper
DIGITAL TRANSFORMATION AND ITS IMPACT ON THE COMPETITIVENESS OF INTERNATIONAL COMPANIES
Published Jan 1, 2024 · Yevhen Parkhuts
Black Sea Economic Studies
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Abstract
The article determined that digital transformation has become one of the most important factors affecting the competitiveness of companies in the modern world. As digital technologies permeate all areas of business, businesses are forced to rethink their strategies to stay relevant and competitive in the market. Digital transformation has been found to provide competitiveness through several key aspects. First, it allows companies to increase the efficiency of operational processes through automation and the use of data analytics. It is substantiated that the implementation of artificial intelligence and machine learning allows to optimize logistics chains, reduce costs and speed up production cycles. Second, digital technologies provide an opportunity to better understand customer needs and provide personalized offers, which increases customer satisfaction and customer loyalty, which is critical in a highly competitive environment. Research has shown that digital transformation forces companies to rethink their business models, adapting them to new realities. New approaches to conducting business based on digital innovations are emerging. One of the examples of such new business models is the subscription model. This model has become especially popular in the field of software (Software as a Service, SaaS), media and entertainment. Another example is the platform business model, which connects consumers and suppliers through a digital platform and which allows you to quickly scale the business and ensure high efficiency through the use of digital technologies. It has been proven that digital transformation opens up wide opportunities for international companies to increase customer orientation. The use of big data, artificial intelligence and other digital technologies allows companies to personalize their products and services, which contributes to increased customer satisfaction. Successful examples of international companies demonstrate that investments in digital innovation bring significant results, ensuring leadership positions in the market and high customer loyalty. In today's business environment, customer-centricity is becoming a key success factor, and digital transformation is an integral part of this process.
Digital transformation increases the competitiveness of international companies by increasing operational efficiency, enhancing customer satisfaction, and enabling new business models based on digital innovations.
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