From Traditional to Digital: A Study on Business Models in The Context of Digitalization

Living digitalized times is a challenge not only for the individuals but also for businesses. As people tend to think that robots will slowly replace their activity, it's important to consider this mindset and implement measures to alleviate this mentality. In these times, being a laggard on new trends is very likely to affect business performance, taking into account also specific market competition. Organizations worldwide are gradually adapting their strategies based on different types of business models, adapted to their specific objectives and field of activity. The business model denotes a concept of organization and functioning which is aimed to assure the proper functioning of the organization, taking into account the numerous specific influence factors: environment, competition, technology, mission and vision. The aim of this study is to identify the impact of technology and digitalization on business models and to analyse the strengths and weaknesses of the traditional manner of business model implementation in an organization as compared to the digital-focused approach. Moreover, observing the European trends on digital transformation of business, new approaches introduced by technology and sfrategies on digitalization would represent a point of interest for future studies on this subject. For this purpose, taking into consideration other authors opinion on this, an outline of the existing literature on this subject will be performed.