European Proceedings of

Social and Behavioural Sciences

EpSBS
www.europeanproceedings.com e-ISSN: 2357-1330

DOI: 10.15405/epsbs.2021.12.04.7

ISMC 2021
16th International Strategic Management Conference

DEVELOPING AN EFFICIENT BUSINESS STRATEGY IN THE

ERA OF DIGITAL TRANSFORMATION

Yulia Stukalina (a)*

*Corresponding author

(a) Transport and Telecommunication Institute, 1 Lomonosova Street, Riga, Latvia, [email protected]

Abstract

As contemporary business is experiencing digital transformation, the role of a viable strategy is becoming
crucial for any company. There are different essential aspects to be focused on when developing a digital
business strategy: primarily, enhanced scope of business operations as well as application of latest IT
solutions to make this strategy a “scaling-up” long-term plan intended for sustaining the company’s
performance and contributing to the accomplishment of the Sustainable Development Goals (SDGs).
Creating and implementing a digital business strategy that is based on the company’s specific objectives
involves utilizing new approaches and designing novel business models based on the application of up-to-
date IT solutions (i.e. increasing business digital capability). An efficient business strategy developed in
the era of digital transformation is aimed at building a competitive advantage in the international market
of products and services in the global agenda of achieving Sustainable Development Goals, the SDGs
facilitating the alignment of the strategy with the needs of modern society. The purpose of the paper is to
examine some original strategic initiatives defined and prioritized in the digital business strategy of a
successful company. In the paper, the use of innovative (sustainability-related) strategic initiatives is
demonstrated with a real-life example – Amazon’s business strategy. The research conducted in the paper
is supposed to provide some insights on the development of an efficient business strategy of a multi-
business company in the age of digital transformation.

2357-1330 © 2021 Published by European Publisher.

Keywords: Digital capability, strategic priority, strategic initiative

This is an Open Access article distributed under the terms of the Creative Commons Attribution-Noncommercial 4.0
Unported License, permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is
properly cited.
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

1. Introduction

Modern global economy is under significant impact of digital technologies that are quickly
transforming business practices, increasing companies’ performance and encouraging innovation in all
business areas (OECD, 2019; OECD, 2021). In the manufacturing area, digital transformation is
associated with the “Industry 4.0 concept”, which comprises such technological innovations as
automation, the Internet of Things, Big Data, Cyber-Physical Systems, Cloud technology and Smart
Factory technologies to be applied in manufacturing processes (Gilchrist, 2016; Khan, 2021; Machado &
Davim, 2020). Following the fast development of highly sophisticated technologies, Society 5.0 has
arisen leading to a “dramatic societal shift” (Khan, 2021; Salgues, 2018). Digital transformation of
business makes entrepreneurs develop and use innovative technologies and business models for gaining a
competitive advantage, at the same time reviewing incurred costs, associated benefits and threats
(Chaffey, 2011; Chaffey et al., 2019). By digitalizing business processes in the online environment
modern companies seek to boost value offered to customers in the context of increasing demand for
improved products and services and internationalization of markets (Aagaard, 2018; Morabito, 2016;
Presser et al., 2018).
Digital transformation can be defined as the use of digital technology in various aspects of modern
society that goes far beyond digital literacy and competence (Baker, 2015); it is associated with the
company’s ability to successfully apply new technologies and procedures for enhancing their business
operations (Herbert, 2017). As companies are now going through digital transformation for achieving
sustainability of their business operations, the role of an efficient strategy aligned with the needs of
contemporary society – in the global agenda of achieving Sustainable Development Goals (SDGs) as part
of competitive advantage – is growing. Strategy is vital for any business; it represents a long-term plan
integrating an enterprise’s major goals (related objectives) and a set of actions that support these goals
into a “cohesive whole” (Lynch, 2018). The multifarious “pattern” of many contributing impacts governs
the decisions modern managers take in terms of developing a variety of supporting strategic initiatives
(Stukalina, 2013). A digital business strategy must be well-defined based on the company’s specific
objectives; it should be aimed at avoiding the following risks: poor assessment of business prospects or
inadequate resources allocation for different digital business initiatives; unsuitable digital business
strategy direction owing to poorly formulated business objectives; inadequate technical support; waste of
resources, etc. (Chaffey et al., 2019). Digital business strategies, as long-term development plans, are
based on the company’s current performance in the market, outline the way the company will allocate
resources necessary for meeting strategic goals and objectives and identify competitive advantage in the
global business market (Chaffey, 2011). Developing a digital business strategy involves using new
approaches and creating novel business models in terms of a marketing strategy, HR strategy, supply
chain management strategy, IT strategy, etc. (Chaffey, 2011). The paper discusses some innovative
(sustainability-related) strategic initiatives that are defined and prioritized in the digital business strategy
of a prosperous multi-business enterprise based on the Amazon.com case study.

55
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

2. Literature Review: Business Digital Transformation

The rules that governed business in the “pre-digital era” have changed significantly; transforming
for the new “digital era” makes businessmen to update their “strategic mind-set” and re-examine strategic
planning principles, as the impact of digital transformation can be traced in every of the five domains of
business strategy – customers, competition, data, innovation, value (Rogers, 2016). Staying competitive
in the modern turbulent environment demands a wide-ranging digital transformation for boosting growth
and innovation (Sacolick, 2017). This is especially important in the period of transition to greener and
more inclusive economies in pursuit of the Sustainable Development Goals – SDGs (The Sustainable
Development Goals Report, 2021), which calls for a fundamental “change of mind” from businesses
worldwide (Walker et al., 2019).

2.1. Business digital transformation: in search of innovative and sustainable solutions

Digital transformation – as transformation of business relationships and interactions between

organizations, consumers, suppliers and employees – is supposed to avoid the gap between customers’
expectations and what traditional business models can offer; it is also associated with customer
behaviours, technological and societal change (Vaz, 2021). Digitalization of business is understood as the
use of “digital opportunities” through combining various Internet-based technologies – as drivers of
business digital transformation (Jabłoński & Jabłoński, 2020; Maheshwari, 2019; Strømmen-Bakhtiar,
2020):
Internet of Things/IoT (linking a set of devices into a complex system).
Artificial Intelligence (using systems that imitate human intelligence) and Cognitive computing
(a combination of Artificial Intelligence and signal processing).
Advanced robotics (using semi-autonomous robots).
Cloud technology (renovating applications and platforms as a service).
Blockchain (transforming data sharing among users).
Big Data (transforming decision-making information).

However, digital transformation is a process that goes beyond technology; it is more associated
with reacting in a timely manner to current challenges, building a competitive digital capability and
adopting processes that will enable the company’s leadership in the industry (Herbert, 2017; Vaz, 2021).
Digital transformation has a strong economic impact (OECD, 2019), initiating new paradigms and
approaches to economic development. At the heart of the “new digital economy” is knowledge and
knowledge-based solutions (Strømmen-Bakhtiar, 2020). Some popular approaches to the “new economy”
(both greener and more inclusive) in the digital era are listed below (Jabłoński & Jabłoński, 2020):
Creative economy (development of creative industries).
Network economy (transforming seller-buyer into supplier-user relationships using networks).
Social economy (based on the social business model).
Platform economy (utilizing online platforms for providing cooperation of businesses).
Reputational (trust) economy (building trust capital in the network).
Sharing (access) economy (using collaboration platforms to create a publicly available market).

56
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

Experience economy (based on building a positive customer experience).

The support of the above approaches in the frame of digital transformation of business, involves
the following (Herbert, 2017): a) applying more cost-effective business models; b) developing more
effective operating practices; c) getting better access to markets; d) enriching the choice of offerings to
consumers. Today, there is an increasing demand for innovative and sustainable solutions, which can
result in further development of business processes in terms of sustainability in the agenda of achieving
SDGs (as drivers for investors and consumers) and improving the company’s reputation, so investing in
science and technology, data and information infrastructure is crucial (The Sustainable Development
Goals Report, 2021). New technologies should be used “strategically” on a continuing basis, the
anticipated results being 1) boosted revenue; 2) enhanced competitive advantage; 3) increased efficiency
and coordination of operations (Herbert, 2017). The above demands developing an appropriate digital
business strategy aimed at gaining a competitive advantage in an uncertain international environment,
which is aligned the SDGs. Below, a few essential issues related to the development of a digital business
strategy are discussed.

2.2. Digital business strategy: Building a competitive digital capability

Strategy development is viewed as key issue in the context of achieving a competitive advantage
(Koontz & Weihrich, 2010; Thompson & Strickland, 2010). There exist several approaches to designing a
strategy, and not a standard paradigm is established; this is determined by the diversity of functional
business sectors (Jeffs, 2008; Harrison & St. John, 2014). Digital business strategies are similar to
corporate, business and marketing strategies; they include the following aspects Chaffey, 2011; Chaffey
et al., 2019): 1) mobile commerce strategy; 2) customer relationship management (CRM) strategy; 3)
E‑procurement strategy; 4) Supply chain strategy; 5) Social media strategy; 6) Multichannel strategy, etc.
Digital channel strategies are associated with different digital business strategy process models
applied. These models are likely characterized by the following features (Chaffey, 2011):

Performing regular external and internal environment scanning (analysis of external and
internal factors influencing a particular business).
Stating the company’s vision and its objectives (related to the company’s values) clearly.
Putting emphasis on evaluating the “differential benefits” contributed by e-channels.
Selecting most suitable channels for various business activities and business partners (“right-
channelling”).
Performing regular control for identifying problems and adapting the digital strategy to the
changes in the market.

A digital business strategy contains a few basic components (Chaffey et al., 2019): 1) digital
business priorities relevant to the current context; 2) business and revenue models used in the
organization; 3) type of restructuring needed; sub-strategies utilized for market and product development
and marketplace reorganization; 4) differentiation and positioning strategies applied in the company.
In view of the above, it can be concluded that a digital strategy of a multi-business company can
be discussed from different perspectives using a holistic approach. Section 4 provides an overview of

57
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

Amazon’s digital business priorities relevant to the current industry context formulated with consideration
to advanced digital technologies and platforms that may support sustainability-related strategic initiatives
in the agenda of achieving SDGs.

3. Research Method

The aim of the paper is to explore some original (sustainability-related) strategic initiatives defined
and prioritized in the digital business strategy of a successful multi-business company, which focus on
accomplishing specific strategic objectives in the context of business digital transformation.
The goal of the literature review provided in the paper (relevant theoretical sources on digital
business and strategic management, as well as previous studies on the research topic) is to introduce and
describe the research problem and the rationale for investigating the issue. In the paper, various
interrelated aspects of the observed phenomenon are investigated and highlighted.
Amazon.com – a multi-business company and acknowledged innovator – was chosen for analysis
as one of the best digital transformation examples. The case study embraces the context, in which the
company’s digital business strategy is designed and implemented, as well as different factors that
contribute to achieving a competitive advantage in the international market of products and services. For
this purpose, in order to support the author’s opinion with evidence, publicly available information from
the company’s website was used and critically analysed.
The paper is structured as follows. Section 1 (Introduction) presents the research actuality and the
purpose of the study. In Section 2 (Literature Review), the author discusses the main issues associated
with business digital transformation and describes different approaches to designing a successful digital
business strategy aimed at reaching a competitive advantage. In Section 3, the author describes the
methodology of the study. In Section 4, the author examines main sustainability-related strategic
initiatives based on the innovative IT solutions that are applied by Amazon.com in the framework of
implementing their digital business strategy. In Section 5, the main finding and conclusions are presented.

4. Amazon’s Business Strategy in the Era of Digital Transformation: Shaping a

More Sustainable World

4.1. Amazon.com: moving towards success

Amazon (Amazon.com) – a multinational technology company – is the world’s leading online

retailing enterprise located in the U.S. It was founded in 1994. It belongs to the whole cluster of
successful American online companies – GAFAM – Alphabet/Google (GOOG), Amazon (AMZN),
Facebook (FB), Apple (AAPL), and Microsoft (MSFT). Since 1994, the company has experienced an
extraordinary evolution. In 2020, the company demonstrated unprecedented growth in net revenues in
different global markets – its net income almost doubled in that year (Statista, 2021). In the first quarter
of 2021, Amazon.com witnessed a growth in global net revenue in all segments, the leading category
being online stores with net revenue of approximately $52.9 billion, which marks a surge of about $15
billion compared to the same quarter of 2020; the online stores segment was followed by retail third-party

58
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

seller services, with net revenues of $23.8 billion (Statista, 2021). In Figure 1, the annual net revenue of
Amazon from 2004 to 2020 is shown.

Annual net revenue of Amazon from 2004 to 2020 (in billion $) (Statista:
https://www.statista.com/statistics/266282/annual-net-revenue-of-amazoncom/

In Figure 2, the e-commerce net sales of Amazon from 2014 to 2021 are shown.

E-Commerce net sales of amazon.com from 2014 to 2021 (in million $) (Statista:
https://www.statista.com/forecasts/1218313/amazon-revenue-development-ecommercedb)]

As seen from the figures above, Amazon has been successful over the long-term. The following
question arises: What makes Amazon’s business strategy succeed in the era of digital transformation?
Below, the scope of Amazon’s digital strategy, its main strategic priorities, objectives and supporting
strategic initiatives are discussed in detail.

59
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

4.2. Amazon’s digital business strategy: scope and priorities

In the context of digital transformation, a digital business strategy can be viewed as the “fusion”
between IT s functional-level strategy and business strategy (Bharadwaj et al., 2013). The scope of the
digital business strategy of a company embraces a range of its products and (or services). Knowing the
scope of such kind of strategy enables better understanding of the relationships between a particular
enterprise and its external environment, including IT infrastructures and, consequently, how the designed
digital business strategy could be effective in various settings and situations (Bharadwaj et al., 2013). The
scope of Amazon’s digital strategy is presented in Table 1.

Table 1. Scope of Amazon’s Digital Strategy (based on Bharadwaj et al., 2013)]

Area Example
1. Trans-functional aspect 1. Transportation/Marketing/ Supply Chain
2. Digitization of services and products 2. Amazon Web Services (AWS): a cloud platform delivering more
and the associated information than 200 fully featured services from data centres worldwide
3. Trans-industrial aspect 3. Start-ups, enterprises and leading government agencies

As seen from Table 1, the scope of Amazon’s digital strategy is broad; it is closely related with the
competitive scope of the company, as their strategy includes a certain number of value chains. Thus, an
overall company’s strategy involves a number of e-channel strategies – Transportation, Marketing,
Supply Chain, which utilize digital channels sustained by novel digital technologies and platforms. The
scale of a digital business strategy in the agenda of enhancing a company’s profitability and sustainability
based on its digital infrastructure is another important aspect of this strategy (Bharadwaj et al., 2013). So,
a scale-up business strategy is based on the technological innovation.
Amazon’s digital business priorities identified in the context of a scale-up business strategy are
supported by various strategic initiatives, which are used as profitability and sustainability drivers (Table
2).

Table 2. Amazon’s Digital Strategy: Main sustainability-related strategic initiatives

Strategic priority Strategic initiative Strategic objective
ICT-based education To prepare high-
- Implementing the Amazon Technical Academy tuition
and social inclusion performing software
program (Software Engineering) – the Company invested
engineers who under-
more than $12 million into this program in 2020
stand Amazon’s ICT-
- Implementing the Amazon Future Engineer Program –
based systems and
the Company invested $50 million in STEM education
corporate culture
(science and technology, engineering, and mathematics)
granting $40,000 scholarships and Amazon internships for
supporting college-bound seniors in underrepresented and
underserved communities in 2021

- Transforming Amazon’s transportation network through - To achieve “net zero

Sustainability and
using new technologies, alternative fuels and delivery carbon” in their business
environment
methods in a more sustainable way – the Company bought processes by 2040, 10
100,000 custom electric delivery vehicles in the frame of years in advance of the
“The Climate Pledge Initiative” launched in 2019 Paris Agreement
- Maintaining the status of the largest corporate purchaser
of renewable energy after investing in sustainable energy - To support business

60
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

worldwide operations with 100%

- Introducing new certifications: CarbonNeutral product sustainable energy by
(Natural Capital Partners), Carbon Neutral Certification 2025
(SCS Global Services), ClimateNeutral (Climate Partner), - To further the progress
Carbon Trust Carbon Neutral Certification of the 2021 Frustration-
- Sustainable packaging: since 2015, the Company has Free Packaging programs
decreased the weight of packaging by more than 33% and incentive expansion
avoided more than1 million tons of packaging material
(smart packaging for e-commerce)
Digital innovation - Virtual Dash Button Service (authentication and - To boost efficiency of
payment systems) all business operations
- Alexa (cloud-based voice service) and systems
- Amazon Web Services (AWS) cloud-computing - To generate
solutions (e-commerce applications, Blockchain, outstanding user
Machine Learning, Analytics, fully managed experiences
databases, etc.)
Investing in the second-party sales: “entrepreneurs, To better understand and
Small and medium
artisans, and small businesses selling in Amazon reach a broader scope of
businesses (SMBs) support
Store”: about $30 billion in 2019-2020 (in Logistics, customers who will
Data Analytics, equipment, programs, services and benefit from wider
employees selection and increased
competition
The health and safety of - Developing a COVID-19 testing program to
To improve the
employees, partners and guarantee that employees had access to free and
company’s image and
customers throughout the systematic testing; the Company continues has
enhance brand awareness
COVID-19 pandemic already handled millions of tests (more than 800
sites worldwide)
- Offering on-site vaccination events managed by
certified health care providers in the U.S. – the
Company invested $2.5 billion in special bonuses
for their workers
Source: /www.aboutamazon.com/facts; https://developer.amazon.com/

5. Findings and Conclusions

The findings revealed from the case study can be summarized as follows. Amazon.com – one of
the best examples of a business model innovator – goes beyond the traditional ways of implementing a
digital strategy that is aligned with clearly formulated strategic priorities and associated strategic
objectives. The above strategic initiatives are all aimed at reaching a competitive advantage in the
uncertain business environment, a substantial contribution to Sustainable Development Goals (SDGs)
being significant part of their competitive advantage. At Amazon.com, they employ an innovative
approach to implementing different sustainability-related strategic initiatives in the context of digital
transformation; it integrates both technology and organizational processes for creating and delivering new
services to a wide range of customers (Digital transformation checklist, 2017).
In the frame of the digital business strategy aligned with SDGs, a set of innovative scaling-up IT
solutions have been developed by the company: Artificial Intelligence, digital streaming, cloud
computing, etc. They are widely used for supporting their own trans-functional strategic initiatives and
providing cutting-edge digital services to other companies as well – for enhancing and popularizing (and
commercializing) their brand. For instance, Amazon.com is a distinguished provider of cloud services.

61
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

Amazon Web Services (AWS) launched in 2006 and based on cloud computing offer an easily accessible,
very reliable, and low-cost infrastructure platform for businesses in 190 countries worldwide as a
response to the growing demand for digital services (https://aws.amazon.com): 1) Cloud-enabled secure
backup and data-protection solutions; b) E-commerce cloud computing solutions for online sales and
retailing; c) Blockchain on AWS; d) Machine Learning and fully managed databases; e) Analytics on
AWS, and many others. In view of this, the following conclusions can be drawn:
In the time of “new economy” and accompanying digital transformation, an innovative digital
business strategy based on sophisticated IT solutions and aligned with SDGs is a great
opportunity for a company to diverge from rivals and gain a competitive advantage.
A digital business strategy contains a set of preferred strategic priorities and defines the
activities aimed at meeting strategic objectives. Strategic priorities applicable to the current
industry settings are formulated with consideration to advanced digital technologies and
platforms used to support appropriate sustainability-related strategic initiatives.
There are different essential aspects to be focused on when developing an efficient digital
business strategy of a multi-business company: primarily, enhanced scope of business
operations, and application of latest IT solutions for making this strategy a “scaling-up” long-
term plan, which is vital for providing business sustainability.
In the frame of business diversification, various e-channel strategies can be developed, with an
emphasis on using novel digital solutions for sustaining a number of strategic initiatives. This
would allow evaluating the differential benefits contributed by e-channels more effectively and
choosing most suitable channels for various business activities and business partners (both in
the internal and external contexts).
The Amazon’s case proves that a successful digital strategy aligned with SDGs presupposes a
broad trans-functional and trans-industrial scope; an integration of traditional and to a greater
extent, non-traditional approaches to strategy development and implementation, focus on
scaling up – with due account for advanced IT solutions applicable in various settings.

References

Aagaard, A. (2018). The concept and frameworks of digital business models. In A. Aagaard (Ed.), Digital
business models: Driving transformation and innovation (pp. 1-26). Springer, Cham.
https://doi.org/10.1007/978-3-319-96902-2_1
Amazon. (n.d.). Retrieved on July 10, 2021, from https://www.aboutamazon.com/facts
Amazon. (n.d.). Retrieved on July 11, 2021, from https://aws.amazon.com
Amazon. (n.d.). Retrieved on July 15, 2021, from https://developer.amazon.com/
Amazon. (n.d.). Retrieved on July 10, 2021, from https://www.amazon.com/
Baker, M. (2015). Digital transformation (4th ed.). Buckingham Business Monographs.
Bharadwaj, A., Sawy, O., Pavlou, P., & Venkatraman, N. (2013). Digital business strategy: Toward a next
generation of insights. MIS Quarterly: Management Information Systems, 37(2), 471-482.
https://10.25300/MISQ/2013/37:2.3
Chaffey, D. (2011). Digital business and e-commerce management. Strategy, implementation and
practice (6th ed.). Pearson.
Chaffey, D., Hemphill, T., & Edmundson-Bird, D. (2019). Digital business and e-commerce management
(7th ed.). Pearson.

62
https://doi.org/10.15405/epsbs.2021.12.04.7
Corresponding Author: Yulia Stukalina
Selection and peer-review under responsibility of the Organizing Committee of the conference
eISSN: 2357-1330

Digital transformation checklist. (2017). Using technology to break down innovation barriers in
government. Amazon Web Services, Inc. Retrieved on July 22, 2021, from
https://d1.awsstatic.com/whitepapers/digital-transformation-checklist.pdf
Gilchrist, A. (2016). Industry 4.0: The Industrial Internet of Things. Apress. https://doi.org/10.1007/978-
1-4842-2047-4_10
Harrison, J. S., & St. John, C. H. (2014). Foundations in strategic management (4th ed.). South-
Western/Cengage Learning.
Herbert, L. (2017). Digital transformation: Build your organization’s future for the innovation age.
Bloomsbury Publishing.
Jabłoński, A., & Jabłoński, M. (2020). Digital business models: Perspectives on monetisation. Routledge.
https://doi.org/10.4324/9780429322679
Jeffs, C. (2008). Strategic management. SAGE Publications.
Khan, S. (Ed.). (2021). A Step towards Society 5.0: Research, innovations, and developments in Cloud-
based computing technologies. CRC Press. https://doi.org/10.1201/9781003138037
Koontz, H., & Weihrich, H. (2010). Essentials of management: An international perspective (8th ed.).
Tata McGraw Hill.
Lynch, R. (2018). Strategic management (8th ed.). Pearson.
Machado, C., & Davim, J. P. (Eds.). (2020). Industry 4.0: Challenges, trends, and solutions in
management and engineering manufacturing design and technology series. CRC Press.
https://doi.org/10.1201/9781351132992
Maheshwari, A. (2019). Digital transformation: Building intelligent enterprises. John Wiley & Sons.
Morabito, V. (2016). The future of digital business innovation. Trends and practices. Springer.
https://doi.org/10.1007/978-3-319-26874-3
OECD. (2019). Measuring the digital transformation: A Roadmap for the future. OECD Publishing.
Retrieved August 10, 2021, from https://doi.org/10.1787/9789264311992-en
OECD. (2021). Going digital in Latvia, OECD Reviews of digital transformation. OECD Publishing.
Retrieved on August 10, 2021, from https://doi.org/10.1787/8eec1828-en
Presser, M., Zhang, Q., Bechmann, A., & Belliatis, M. J. (2018). The Internet of Things as driver for
digital business model innovation. In A. Aagaard (Ed.), Digital business models: Driving
transformation and innovation (pp. 27-56). Springer, Cham. https://doi.org/10.1007/978-3-319-
96902-2_2
Rogers, D. (2016). The Digital transformation playbook: Rethink your business for the digital age.
Columbia University Press. https://doi.org/10.7312/roge17544
Sacolick, I. (2017). Driving digital: The leader’s guide to business transformation through technology.
American management Association.
Salgues, B. (2018). Society 5.0: Industry of the future, technologies, methods and tools. USA: John Wiley
& Sons. https://doi.org/10.1002/9781119507314
Statista 2021. (n.d.). Retrieved on 30 June, 2021, from https://www.statista.com/statistics/999686/
amazons-net-revenue-by-product-group-quarter/
Strømmen-Bakhtiar, A. (2020). Introduction to digital transformation and its impact on society.
Informing Science.
Stukalina, Y. (2013). Management of the educational environment: the context in which strategic
decisions are made. Procedia - Social and Behavioral Sciences, 99, 1054-1062,
https://10.1016/j.sbspro.2013.10.579
The Sustainable Development Goals Report. (2021). United Nations. Retrieved on 17 September, 2021,
fromhttps://unstats.un.org/sdgs/report/2021/The-Sustainable-Development-Goals-Report-2021.pdf
Thompson, A. A., & Strickland, A. J. (2010). Crafting and executing strategy: The quest for competitive
advantage. Concepts and cases. McGraw-Hill/Irwin.
Vaz, N. (2021). Digital business transformation: How established companies sustain competitive
advantage from now to next. John Wiley & Sons.
Walker, J., Pekmezovic, A., & Walker, G. (2019). Sustainable Development Goals: Harnessing business
to achieve the SDGs through finance, technology and law reform. John Wiley & Sons.
https://doi.org/10.1002/9781119541851

63