Impact of Digital Transformation on Conventional Business Models: A Review

The digital transformation of the business strategy powered by the adoption of advanced technology in various organisations has profusely improved performance, productivity, and efficiency globally. The strategic adoption and integration of these new technologies in the traditional business models have been helpful in the scalability of various companies' operations. This review explores several research papers with specific keywords related to digital transformation within traditional business models. The study, through literature reviews, aims to investigate the impact of digital transformation on the conventional business model of organisations, with the primary context considering several multinational companies.
The study identifies the factors, challenges and strategies that could impact the strategic integration of advanced technology in traditional business models within various organisations to explore their full benefits and potential. The impact of these was explored and noticed in customer satisfaction, budget and funding, and constraints of modern technology adoption due to change management. The critical analysis of this study identifies a conceptual framework and research gaps that could be addressed in future research.