STRATEGIC ASPECTS OF BUSINESS MODEL FORMATION IN THE CONDITIONS OF DIGITAL TRANSFORMATION
Abstract
This article is dedicated to analyzing the key elements that influence the development and adaptation of business models in the context of rapid technological progress. The authors substantiate why businesses need to adopt digital technologies to maintain competitiveness in today's market conditions. The main components of the business model, such as value proposition, target audience, sales channels, as well as cost and revenue structure, are described. Emphasis is placed on the importance of innovation in shaping a competitive business model and the role of research and development in this process. The authors explore the use of data for making informed decisions and improving business processes. The article highlights the necessity of changing corporate culture and organizational structure to successfully implement digital transformation. The article emphasizes the need to integrate these strategic aspects to form an effective and sustainable business model in the context of digital transformation. The formation of a business model in the era of digital transformation requires a strategic approach to ensure the company's competitiveness and long-term sustainability. One of the primary steps is the integration of digital technologies into the company's processes, products, and services. This includes the adoption of cloud computing, big data analytics, artificial intelligence, and IoT (Internet of Things), which enable automation and improve decision-making. Digital transformation reshapes customer expectations. Businesses must prioritize personalized customer experiences by leveraging data-driven insights to tailor products and services to specific customer needs. The digital economy demands that businesses remain agile. A flexible business model allows companies to quickly adapt to technological advances and changing market conditions, ensuring they remain relevant and responsive to customer demands. By focusing on these strategic aspects, companies can effectively develop a robust business model that leverages the opportunities of digital transformation while addressing potential challenges in a rapidly evolving market.
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