Digital economy and business process transformation: Challenges and risks

• Main Author: Stojanović Dragan
• Format: Article
• Language: srp
• Published: University Business Academy - Faculty of Economics and Engineering Management, Novi Sad, Serbia 2017-01-01
• Series: Ekonomija: teorija i praksa
• Subjects: digital economy; information and communication technology (ICT); business process reengineering; risk management; business process management
• Online Access: https://scindeks-clanci.ceon.rs/data/pdf/2217-5458/2017/2217-54581701080S.pdf

Market conditions in the modern business environment change very dynamically, which sets the task before organizations to properly and quickly respond to new challenges. Information and communication technologies have not only changed the internal organization, but also the way potential clients and customers communicate, collaborate and coordinate their activities. With that in mind, there is not only a need but also the obligation of organizations to make their business more efficient and to follow the new requirements imposed. One can say with certainty that the business conditions are constantly becoming more complex. Any stagnation is not and will not be rewarded with success in the future. Past investments in information technology without complete overall analysis, design and development of a system have not brought adequate results. This paper will highlight the possibility of significantly increasing the efficiency of operations by relying on the experience gained in previous operations of companies and the positive experiences of those who successfully meet the new challenges by introducing innovations in business and applying new IT solutions in the era of digital economy. We will also observe examples of the use of modern IT in the transformation of business processes, analyzing the trends as well as potential risks that can be expected in future growth and business development.