The roles of top management in digital transformation

Abstract

Abstract Digital transformation denotes the final stage of coverage with digital technologies – from digital competence through digital consumption to digital transformation. Digital economics is based on deep integration of business and IT strategies. Digital transformation is a change in business processes based on data analytics. Not external resources, as it was believed earlier, become, however, the main source of these data, but a company’s internal processes. Apart from the technologies, the key factor of a successful digital enterprise is people. It is human capital that acts as the main resource when forming a business model based on data. Conventional IT models can no longer meet the growing digital necessities of business. Big data analytics departs from IT divisions and ceases to be a prerogative of CIO. The key objective of Chief Digital Officer (CDO) is corporate restructuring, formation of the vision and comprehensive activity plan for transformation of business processes, products, and services into a digital format. Digital technologies and artificial intelligence are not a cure-all problems that are present in the market and in a specific company. Digitalization is not a substitution of real business processes, but is additional to them.