Enhancing Digital Transformation through Digital Innovation in the Context of Economic Advancement in the Era of Economic Society 5.0
Keywords:
Digital Transformation, Digital Innovation, Economic Advancement, Economic Society 5.0, Digital TechnologyAbstract
Digital transformation and digital innovation have become pivotal drivers of economic advancement in the era of Economic Society 5.0. This paper provides a comprehensive exploration of the role of digital innovation in enhancing digital transformation and its implications for economic development. Through a thorough literature review, this study examines the definitions and conceptual understandings of digital transformation and digital innovation, highlighting their interconnectedness and significance in the context of economic advancement. Furthermore, the challenges and opportunities associated are analyzed, encompassing areas such as organizational resistance to change, data-related issues, & cybersecurity concerns. Building on these findings, the paper explores the role of digital innovation in driving digital transformation, encompassing various types of digital innovation and their impacts on economic advancement. Case studies showcasing successful digital innovation initiatives provide practical examples of the transformative power of digital technologies. Strategies, frameworks, & best practices for enhancing digital transformation are presented, emphasizing the importance of change management, technology infrastructure modernization, data governance, and cybersecurity. The implications and challenges associated with digital transformation and digital innovation on the economy and society are examined, emphasizing the need for a responsible and inclusive approach. Lastly, recommendations are provided for policymakers, organizations, & researchers to promote digital transformation and innovation, including fostering a supportive policy environment, investing in digital skills development, and addressing ethical considerations. This paper contributes to the understanding and implementation of digital transformation strategies, providing insights for organizations, policymakers, and researchers in their pursuit of economic advancement in the era of Economic Society 5.0.
Downloads
References
Acemoglu, D., & Restrepo, P. (2018). Artificial intelligence, automation, and work. NBER Working Paper No. 24196.
Brynjolfsson, E., & McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. W. W. Norton & Company.
Carvalho, V. M., & Rezai, A. (2019). From fossil fuels to renewables: The role of electricity storage. Journal of Economic Perspectives, 33(2), 163-184.
Davenport, T. H., & Ronanki, R. (2018). Artificial intelligence for the real world. Harvard Business Review, 96(1), 108-116.
Eriksson, T., & Villeval, M. C. (2008). Determinants of controlling behavior in delegated decision-making: Risk attitude, outcome orientation, and power. Journal of Economic Psychology, 29(4), 458-471.
Frey, C. B., & Osborne, M. A. (2017). The future of employment: How susceptible are jobs to computerization? Technological Forecasting and Social Change, 114, 254-280.
Furman, J., & Seamans, R. (2018). AI and the economy. Innovation Policy and the Economy, 19(1), 161-191.
Gans, J. S., & Hsu, D. H. (2018). How are entrepreneurs influenced by digital innovation? Brookings Papers on Economic Activity, 2018(1), 1-77.
Gordon, R. J. (2016). The rise and fall of American growth: The US standard of living since the Civil War. Princeton University Press.
Gruber, J., Kim, J., & Mayzlin, D. (2019). Data decisions and new questions in empirical economics. Journal of Economic Perspectives, 33(1), 75-94.
Helpman, E., Itskhoki, O., & Redding, S. J. (2010). Inequality and unemployment in a global economy. Econometrica, 78(4), 1239-1283.
Hofmann, E., & Rüsch, M. (2020). The economic effects of digital transformation. IZA World of Labor, 2020(222).
McAfee, A., & Brynjolfsson, E. (2017). Machine, platform, crowd: Harnessing our digital future. W. W. Norton & Company.
Muro, M., & Andes, S. (2017). Digitalization and the American workforce. Brookings Institution Report.
Nordhaus, W. D. (2007). Two centuries of productivity growth in computing. Journal of Economic History, 67(1), 128-159.
OECD. (2019). Going digital: Shaping policies, improving lives. OECD Publishing.
O'Neill, R., & van Reenen, J. (2020). Economic impact of AI in the UK. National Bureau of Economic Research Working Paper No. 26603.
Pagani, M., Mirabello, A., & Loffredo, M. (2019). Industry 4.0: A bibliometric review of its managerial implications for operations management. Sustainability, 11(23), 6536.
Phelps, E. S. (2013). Mass flourishing: How grassroots innovation created jobs, challenge, and change. Princeton University Press.
Porter, M. E., & Heppelmann, J. E. (2014). How smart, connected products are transforming competition. Harvard Business Review, 92(11), 64-88.
Restuccia, D., & Rogerson, R. (2008). Policy distortions and aggregate productivity with heterogeneous establishments. Review of Economic Dynamics, 11(4), 707-720.
Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5, Part 2), S71-S102.
Sachs, J. D., & McArthur, J. W. (2001). The sources of economic growth. Harvard University Center for International Development Working Paper No. 83.
Sarma, M., Srivastava, P., & Sharma, N. (2020). Industry 4.0 and digital transformation: A comprehensive review on strategic pathways and managerial implications. International Journal of Information Management, 54, 102185.
Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.
Stiglitz, J. E. (2016). The great divide: Unequal societies and what we can do about them. W. W. Norton & Company.
Toffler, A. (1980). The third wave. Bantam Books.
Uzumeri, M. (2018). Building an AI strategy: What does it take to win with artificial intelligence? Harvard Business Review, 96(3), 48-56.
Van Reenen, J. (2018). AI and the future of work. VoxEU.org.
Varian, H. R. (2014). Big data: New tricks for econometrics. Journal of Economic Perspectives, 28(2), 3-28.
Von Nordenflycht, A., & Wang, C. L. (2020). Technological change, innovation policy, and the role of research universities: Evidence from a regional innovation system. Technological Forecasting and Social Change, 153, 119941.
World Economic Forum. (2020). The global competitiveness report 2019. World Economic Forum
Yoo, Y., Boland, R. J., Lyytinen, K., & Majchrzak, A. (2012). Organizing for innovation in the digitized world. Organization Science, 23(5), 1398-1408.
Zhu, K., Kraemer, K. L., & Xu, S. (2006). The process of innovation assimilation by firms in different countries: A technology diffusion perspective on e-business. Management Science, 52(10), 1557-1576.
Zysman, J., & Kenney, M. (2016). The next phase in the digital revolution: Platforms, automation, and employment. Daedalus, 145(1), 49-58.
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
