The Role of Digital Ecosystems in Digital Transformation: A Study of How Firms Collaborate and Compete

Abstract

Since the introduction of the "Global Village" concept and increased ICT usage across industries, businesses and organisations have operated in a highly competitive, international marketplace. The pervasive integration of digital technology has expedited and enabled both incremental and disruptive innovation across various sectors. It is time for organisations to reconsider how work is done in light of recent digital developments. Process reengineering now has more breadth and power because to digital technologies. A few decades ago, process reengineering was frequently used interchangeably with innovation. It used to be more efficient, automated, and had bottlenecks removed from procedures. However, that was before many of the most recent technological advancements became available, which allow you to truly reimagine and rethink the processes in ways that were before impossible. There are many chances to reconsider how work is done and how processes are constructed thanks to digital intervention, which is remarkable and disruptive. With the advent of digital technology, reengineering's foundation and reasoning have evolved. It's no longer enough to just automate, simplify, and remove. It's just redesigning from scratch: make it intelligent, share resources, automate as needed, and activate all those features instantly.