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Economica

Vol. 15 No. 3-4 (2024)
Articles

The impact of digital transformation on the business model

Published:
2024-12-31
DOI Linkhttps://doi.org/10.47282/economica/2024/15/3-4/14676
Authors
László Arany,
Péter András Popovics
View
pdf (Hungarian)
Keywords
digital economy business model digital transformation innovation
How To Cite
Selected Style: APA
Arany, L., & Popovics, P. A. (2024). The impact of digital transformation on the business model. Economica, 15(3-4), 69-79. https://doi.org/10.47282/economica/2024/15/3-4/14676
Abstract

The aim of this study is to examine the characteristics of the digital economy and digital business models, summarising and contextualising the milestones, tools, conditions, socio-economic impacts and areas of the emergence and development of the digital economy. Due to the interdisciplinary nature of the digital economy and its wide range of interpretations, there are no universally accepted, precise definitions and taxonomies, and the subject is delimited by a number of definitions, due to the specificities of the discipline and the approaches taken by studies in particular sub-disciplines. The digital economy is the main driver of economic growth, changing lifestyles, transforming the economy and leading to profound consequences for businesses, jobs and people. The first wave of the emergence of the digital economy can be detected in the second half of the 20th century, when it was driven primarily by the new technology itself, mainly the internet, as a widely affordable and accessible factor driving exponential growth. The future digital economy could be based on a combination of IoT (Internet of Things) and AI (Artificial Intelligence). In a general sense, the digital transformation brought about by the digital economy can be defined as the modification or adaptation of existing business models, as a result of the dramatic transformation in consumer and societal behaviour, attitudes and ways of being, as well as the dynamic pace of technological development, modernisation and innovation. Other areas of the digital economy are new digital models (digital platforms, cloud services), automation, massive data collection, data processing, data analytics, algorithm-based decision making.

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