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Theoretical and Applied Economics
No. 3 / 2023 (636), Autumn

A revolutionary journey: Business development through digitalization

Anna KANT
University Valahia of Targoviste, Romania

Abstract. The paper examines how digitalization has significantly impacted contemporary businesses. The incorporation of digital technologies has transformed conventional business models in an era of quick technological progress. This transformation covers a range of topics, including improving operational effectiveness, extending market reach, and promoting innovation. The paper starts off by defining digitalization and tracing its history to show how it has evolved into a crucial component of modern business strategy. It emphasizes how important digitalization has been in reshaping conventional business models, with subscription-based business models and e-commerce serving as prime examples of its disruptive potential. With a focus on how automation and data-driven decision-making optimize business operations, efficiency emerges as a key theme. The importance of personalization, global market expansion, and digital marketing as tools for sustainable growth is emphasized in the paper. The paper also explores how agile development and collaborative ecosystems can promote innovation while acknowledging the difficulties and factors related to data security and the digital divide. The paper concludes by highlighting the transformative power of digitalization in forming contemporary business landscapes and highlighting its potential to boost innovation, scalability, and efficiency while navigating difficulties to promote sustainable development.

Keywords: business, development, digitalisation.

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