BENEFITS AND CHALLENGES OF BUSINESS' DIGITAL TRANSFORMATION

Abstract

The article addresses the potential expansion of digital transformation as well as the changes brought about by the incorporation of digital technology into every aspect of the business. A study of the industry indicates that today' s digital companies are focuse doninte grating digital technologies, like cloud computing, artificial intelligence & machine learning, Internet of Things, analytics/bigdata, and soon, to change the way organizations function. Awell-defined digital plan backed by executives who foster a culture of creativity and adaptation will significantly impact the company's ability to reinvent itself digitally. The cultural shift toward risk-taking that has occurred as more technologically advanced businesses search for ever- greater levels of competitive advantage is exclusive to the digital transition. This article examines the benefits and major obstacles of the digital transformation in industry, drawing on an analysis of pertinent publications from 2010 to 2024. Its contents will be particularly significant to those just starting their research on this subject. But whose real-world effects are already noticeable in our day-to-day activities. Without requiring a clear rationale, these technologies are, or will soon be, profitable on average, have greater revenues, and have amassed a larger market capitalization than rivals, according to Big data, cloud computing, the Internet of things, artificial intelligence, and machine learning seem to be necessary infrastructure components for some businesses. However, as with any new technology, there are significant challenges associated with cloud computing, the Internet of Things, AI & ML, and big data initiatives. The main obstacles preventing their widespread use, according to the poll, are data security concerns, incompatibility with existing IT systems, and lack of control.