The Impact and Challenges of Digital Technology in Digitalization of Businesses

The adoption of advanced technology in enterprises has a wide-ranging and positive impact on economic development. Interestingly, new organizations in general, and new technology-based enterprises, face a “the burden of newness,” and most innovative technology firms encounter difficulties to survive their first few years of existence due to the challenges they have to overcome in the process of digitalization. Methodology: The use of literature review as a research approach was made possible due to the enormous, fragmented, and interconnected accumulation of knowledge within the field of digital technology. Topic modeling has been used to identify the primary research streams to be more specific. A semi-systematic literature review has been chosen as the research methodology to have a clear justification regarding the uses and difficulties of digital technology in business. The references examined in this study provide a foundation for discussing and drawing out conclusions regarding the impacts and obstacles of adopting digital technologies in business. Question: what are the stakes and impacts of digital technology on companies? As a result of their unexpected capabilities, technology innovations may reconfigure every area of a business's strategy, rather than only operating fundamental operations, fulfilling information requirements, or influencing company plans. The findings indicate that digital transformation has prudent, managerial, and cultural implications for the corporation, and that it necessitates the devotion and engagement of the highest levels of management.