DIGITAL TRANSFORMATION IN TRADITIONAL INDUSTRIES: A REVIEW OF TECH ADOPTION AND BUSINESS MODEL INNOVATION
Author(s): Chidera Victoria Ibeh, Binaebi Gloria Bello, Akinola Elumakin Elufioye, Oluwaseun Peter Oyeyemi, Andrew Ifesinachi Daraojimba
This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
Abstract
In the current era characterized by the swift ascent of digital technologies, traditional “brick-and-mortar” organizations find themselves at a critical juncture where embracing digital transformation is not merely an option but a vital imperative for survival and prosperity. This research paper focuses on the profound shift occurring in the business landscape, impacting every industry. For well-established entities in traditional sectors, this marks a pivotal moment necessitating a comprehensive exploration of digital transformation. With a specific emphasis on the adoption of emerging technologies and subsequent innovations in business models, the paper employs a holistic approach that integrates academic literature, real-world case studies, and industry reports. By doing so, it seeks to elucidate the strategies, challenges, and potential benefits associated with digitalization in well-established sectors. The overarching objective is to provide traditional businesses with the necessary knowledge and insights, enabling them to navigate the turbulent waters of digital transformation successfully. The research aims to empower these organizations to not only adapt to the digital age but also to emerge as thriving entities in an environment where the adoption of digital technologies is central to sustained competitiveness and growth. Through this exploration, the paper contributes to the collective understanding of the transformative journey traditional industries must undertake to secure their relevance and resilience in the dynamic digital landscape.
KEYWORDS:
Digital transformation, traditional industries, technology adoption, business model innovation