The role of digital transformation in modern business

Abstract

The development of digital technologies has caused major changes in all areas of modern society, including business. The benefits of implementing these technologies in the business sector are huge and enable companies to better and faster communication with consumers, a more accurate understanding of consumer needs and desires, faster product delivery, lower costs, but a better competitive position. It is believed that nowadays, companies that do not take adequate steps in the digital transformation of their own business have a lower chance of sustaining themselves in a very demanding market. Certainly, digital transformation must not be carried out spontaneously, but a purposeful strategy must be designed if companies want to adequately use all its potential. The mass migration to digital platforms has led to easier collection of data often referred to as "digital fingerprints" and has led to greater exposure of users of digital platforms to various types of cybercrime. Cybercrime threatens both consumers and companies' operations, and it is necessary to take all measures that will ensure the cyber security of both consumers and employees. Otherwise, consumers may lose confidence in the companies they do business with, and companies may face lost profits and damaged reputations.