A PARADIGMSHIFT: RELATIONSHIP BETWEEN BUSINESS TRANSFORMATION AND DIGITAL ECONOMY

  • Dr. Ajit Kumar

Abstract

In today's rapidly evolving business landscape, the convergence of technology and commerce has ignited a paradigm shift in the way organizations operate and compete. This paper explores the dynamic relationship between business transformation and the digital economy, shedding light on the profound impact this nexus has on the modern corporate world. Business transformation, once a cyclical endeavor, has now become a continuous and strategic imperative. In the digital economy, organizations are compelled to rethink their fundamental structures, processes, and strategies to remain relevant and competitive. This shift necessitates a holistic understanding of the multifaceted interaction between business transformation and the digital realm. It delves into how organizations leverage digital tools to enhance customer experiences, streamline operations, and drive innovation. Moreover, it elucidates the significance of data-driven insights, highlighting how data analytics and artificial intelligence empower businesses to make informed decisions in an increasingly complex environment. Furthermore, this study investigates the implications of business transformation in the digital economy across manufacturing sector. It analyzes how organizations can expand their market reach, boost revenue, and mitigate risks through a strategic embrace of digital transformation. The study has surveyed 175 respondents from the Manufacturing Sector through self-constructed questionnaire. The convenient sampling method was used and correlation test was applied. The study area was Patna, Capital of Bihar. It was found that business transformation in the digital economy is not merely a technological shift but a cultural transformation. It underscores the importance of cultivating an organizational culture that embraces innovation, agility, and sustainability in the pursuit of success in the digital era. Keywords: Business Transformation, Digital economy, Customer experiences, Streamline operations, and Drive innovation.
How to Cite
Dr. Ajit Kumar. (1). A PARADIGMSHIFT: RELATIONSHIP BETWEEN BUSINESS TRANSFORMATION AND DIGITAL ECONOMY. International Journal Of Innovation In Engineering Research & Management UGC APPROVED NO. 48708, EFI 5.89, WORLD SCINTIFIC IF 6.33, 11(10), 17-22. Retrieved from https://journal.ijierm.co.in/index.php/ijierm/article/view/2450