Open Access
American Research Journal of Business and Management
ISSN (Online): 2379-1047
DOI: 10.46568/arjbm
Digitalization and Innovation in Romania
Senior Researcher, Research Institute for Quality of Life, Romanian Academy, Bucharest.
Dr. Adina Mihăilescu, “Digitalization and Innovation in Romania”, American Research Journal of Business and
Management, Vol 10, no. 1, 2024, pp. 35-40.
Abstract
Due to the constant increase in the flow of data, machine learning systems, cost reduction and innovations are becoming a business reality, the order of the day, and digitization practices enable completely new business models. Thus, digitization can be considered a completely new factor of production, reversing the trend of the last years of decreasing profits, by optimizing processes. Intelligent automation systems improve human work and contribute to the continuous innovation process. Digital transformation is essential for micro, medium and multinational companies if they want to remain competitive. Companies must keep up with the development of digitalization, which does not only refer to meeting the needs of the market, but is one of the main pillars of successful operation. If this is missing, the company ends up in a foundation from which there may be no escape, no way out. The digital transformation affects different operational processes of a company, which, as far as possible, are placed on a digital basis. This transition means such a new strategic tool, which allows a revolution of innovation and the construction of a new business model.
