DIGITAL TRANSFORMATION OF COMPANIES: ESSENCE AND EMPIRICAL ASSESSMENT OF IMPACT ON EFFICIENCY


Kochetkov E.P., Zabavina A.A.

In the context of the fourth industrial revolution and the development of digital technologies, their implementation in all areas of the economy has become a necessity. Currently, digital transformation as a set of measures to modernize the company`s internal processes is becoming a key element on a highly competitive market and it is one of the few ways to survive. The current economic crisis caused by the coronavirus pandemic has sharply demonstrated the need for digital transformation of business. In this regard, the problem of successful digital transformation has become a key issue for almost all companies in various sectors of the economy. The purpose of this study is to determine the impact of the digital transformation process of the business on its effectiveness. The theoretical analysis of the digital transformation process was used as a methodological basis. On the basis of statistical data and digital strategies of companies, an analysis of the reasons for the success and failure of such strategies implementation, as well as a correlation analysis of the main indicators of the company`s performance and the process of its digitalization, is carried out. In the course of the study, the essence of the concept of company digital transformation is established, the key features of this process are identified and generalized, the main prerequisites for digital changes and their results are determined by the example of large multinational corporations - representatives of various sectors of the economy. Keywords: digital transformation, digital strategy, business model, digital technologies, business efficiency, profitability. Highlights: ♦ digital transformation is considered as a complex of internal transformations of the company, which involves changing the business model based on modern digital technologies, in order to increase customer satisfaction, gain competitive advantages and increase production efficiency; ♦ the need for digital transformation is caused by both internal factors (difficult financial situation) and external factors (increased competition on the market), and its successful implementation depends on the company`s readiness for transformation, which is expressed, for example, in proper planning, understanding of the specifics of the company`s activities by management; ♦ the conducted correlation analysis revealed a weak relation between the processes of digital transformation and the main financial and economic indicators of companies (revenue, market capitalization and profit), which may indicate that the digital transformation process does not affect business performance in the short term due to the time lag and the influence of side factors.

Evgeny P. Kochetkov, Candidate of Economics, Associate Professor of the Department of Business Management of the Financial University under the Government of the Russian Federation, Head of the organizational and analytical direction of the Project Office for the implementation of the national program "Digital Economy of the Russian Federation" of the Analytical Center under the Government of the Russian Federation; Anna A. Zabavina, Project Coordinator of the Project Office for the implementation of the national program "Digital Economy of the Russian Federation" of the Analytical Center under the Government of the Russian Federation, Master of the Diplomatic Academy of the Ministry of Foreign Affairs of Russia.


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