Approaches to the Formulation of Enterprise Development Strategy in the Realities of Digital Economy
Year: 2025
Type: article
Abstract: The paper explores the change in approaches to the formulation of an enterprise development strategy in connection with the unconditional transition of economic systems and processes to the realities of the digital economy. This study examines the scientific approach to the formulation of an enterprise strategy which has developed over a long period of operation of enterprises in the conditions of a traditional economy, and the transformation of the strategy development process in the conditions of a digital economy. A modern enterprise development strategy must take into account the fact that business processes are evolving on the basis of digitalization, new business models of a modern enterprise are being created that correspond to the digital economy. Taking into account the processes of integrating digital technologies into all aspects of business and the economy, when developing an effective enterprise development strategy, it is necessary to adhere to the following stages: defining the mission of the enterprise activities and development; analyzing the market and competitors; setting clear, specific, measurable and achievable goals that correspond to the mission; studying consumer needs in order to adapt the product and services to the needs of future customers; choosing methods and approaches for implementing the strategy; digitizing business processes based on the implementation of digital technologies; planning the resources necessary for implementing the strategy; executing the general strategy and specific plans into the enterprise practice; monitoring and evaluating the implementation of the strategy; supporting cybersecurity processes; establishing partnerships with other companies, startups or scientific institutions to exchange knowledge and resources. The summary of the points considered proved that business strategies in the digital world must be quickly adaptable to dynamic changes in markets, to the emergence of new technologies, provide for the rapid integration of company personnel into new challenges, focus on consumer needs and expectations, ensuring a personalized approach to customer needs. This way of thinking will help implement digital transformation in business, which will positively affect all areas of the company activity.
Source: Market Infrastructure
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4411572387