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Published in:
2022 | OriginalPaper | Chapter
Digitization and Implications for (International) Business
Author : Bharat Vagadia
Published in: The New Frontiers of International Business
Publisher: Springer International Publishing
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Abstract
Digitalization is not new, and we have been moving from analog to digital applications and systems for many decades now. However the pace of change, the explosion of data with its infinite replicability, and the new business models and competitors that are now emerging means we are at a very different juncture, one that will have a profound impact on consumers, businesses, and society at large.
Digital and platform businesses, such as Apple, Facebook, Amazon, and the list goes on are now formidable economic players who can influence the competitive landscape, are gatekeepers in terms of what consumers can and cannot access with some having sufficient clout to potentially influence the outcome of elections.
We are in the midst of real digital disruption. While some of these disruptions can be positive to economies and societies, some may well have an adverse impact and will need a holistic whole of government policy response. The same will hold true of organizations; those that successfully adapt and embrace digitalization and digital technologies may prosper, and those that do not may well disappear.
In this chapter, we explore what digitalization means, what digital technologies are emerging, how they are converging, what impact this may have, and how organizations must respond.