Critical Pillars of Competitive Edge for Firms in the Digital Era

Abstract

Today, one of the critical success factors of long-term profitable business in the highly competitive arena is the digital transformation by utilizing the benefits of technology, streamlining the workflow of operations, automating routine tasks to improve the business efficiency and productivity. On the other hand, the technologies are still not at the complete maturity stage including the cybersecurity concerns while the growth of digital technologies is very fast, setting expectations for overcoming the existing challenges by profiting from the data-based insights, real-time information, interactive communication without the geographical barriers as well as automation and optimization of processes impacting the operational excellency and faster decision mechanisms. Also, consumers have evolved into more conscious buyers profiting from digital platforms, social media, and real-time information encouraging them for personalized solutions matching their care abouts. This new phenomenon equally bridges the customer and the firm for co-creating value by faster innovations. In the interim, there are major criteria for impactful digital transformation, and this chapter underlines the essence of 11 parameters with an authentic scheme addressing the readiness for competitive edge. The firms are expected to have a cultural organizational change toward digitalization by investing in new technologies, in house IT with a focus of improving digital competencies of their employees, channel partners, and human resource management (HRM) stakeholders. The corporate governance digital transformation strategy with the set key performance indicators (KPIs) embracing compliance, digital ethics, cybersecurity infrastructures, and sustainability efforts are crucial for long-term profitable business.