ELEVATING BUSINESSES THROUGH THE ADOPTION OF DIGITAL TRANSFORMATION

Abstract

With or without the desire of companies, digitalization has become a necessity to enable companies, depending on restrictive measures and circumstances, to adapt to changes such as: work from home, creating channels for 'online' shopping, use of technology in operations daily, adaptation to customer requirements and expectations, finding suitable channels for communication and distribution and other adaptive changes to the situation. Digital technologies and digitization in general continue to be at the center of the debate due to their use during the Covid-19 pandemic outbreak. The pandemic has caused damage to both consumers and businesses, changing the way people work, spend and spend their free time. The Covid-19 pandemic has pushed society and businesses to a point where adapting to new technologies is no longer an option but a necessity. Moreover, with the right steps and actions, digital transformation can be seen as a benefit (albeit belated) as a result of the pandemic. Covid-19, among other things, has changed the vision and orientation of the management of the companies. Under normal circumstances, the focus of businesses is on increasing revenues and market share, while in this unprecedented situation businesses are struggling to control spending, maintain liquidity and survive. It is important that the private sector, on the road to economic recovery, incorporates digital transformation as a way to prove itself successful in managing the consequences of the pandemic. This paper analyzes the transformation of businesses into digital platforms during the pandemic. Digital transformation has helped many businesses to survive the consequences of the pandemic and in this regard we are talking about companies that have already started their digitalization before the outbreak of the pandemic.