Research on Cross-Industry Digital Transformation Under the New Normal: A Case Study of China

Research on Cross-Industry Digital Transformation Under the New Normal: A Case Study of China

DOI: 10.4018/978-1-6684-7422-8.ch013
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Abstract

This chapter aims to study the implications of digital transformation across businesses in China. This chapter will attempt to explore whether and how social capital can become a major driving force in designing a whole new digitally competent social fabric under the new normal in China. By analyzing the institutional impacts driven by the Chinese government, this chapter will explore how these impacts will achieve to generate any synergic effects when conducting digital transformation in business sectors. This chapter will use bibliometric analysis to perform statistical and correlation analysis on the cross-industry digital transformation. Cases from China will be used for comparison. This chapter will provide suggestions for the sustainable development of digital transformation-based business ecosystems in emerging economies.
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Background

With the rapid development of cloud computing, big data, artificial intelligence, 5G and other digital technology, the digital wave characterized by digital networking, information and intelligence has swept the world (Cloud Computing and big data Research Institute of China Academy of Information and Communications, 2021). In addition, the COVID-19 epidemic has also accelerated the process of digital transformation. Opinion papers (Fletcher & Griffiths, 2020), reports of advisory and opinion-makers (UN opinion Governors 2020 McKinsey Digital, 2020), and statements of respected personalities from the worlds of science and business (Martin-Barbero, 2020) have confirmed that the COVID-19 pandemic has undoubtedly led to organizational change, forced a redefinition of business strategy, and acted as a catalyst for digital transformation in many areas of the economy, health care, and education (Renata, 2020). By 2020, the global digital economy has accounted for more than 40% of GDP (Figure 1). The digital economy has become an important power source of world economic growth and the trend of digitization has been irresistible.

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