Development of information technologies enabled the emergence of new products and solutions which allowed companies to radically change their business models and thus become more competitive in the market.
The transformation trend became so advanced that numerous companies which haven’t yet started any transformations were suddenly pressured to make a choice “Transform or die!”. The use of new digital technologies requires a new paradigm. Newly founded companies use digital technologies as soon as they start their business and that makes them more competitive in the market from the very beginning.
Established companies face the process of transformation from traditional business model to new business models which would make them more efficient, innovative and competitive in the market. That process of business modernization using new digital technologies is what is called digital transformation.
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In this new age of digital transformation, we move away from the classical economy and business processes we are accustomed to, in which values were created and retained in a different way. With the help of digital transformation, new business models emerge; in such models, those who possess, analyze and manage a large amount of data and information get to create and retain values, optimize their processes, reduce their costs, implement innovations, enhance growth and development, and facilitate communication at all levels.