The chapter attempts to investigate the impacts of leadership styles during digital transformation era on stakeholders. The styles employed by leaders affect stakeholders. It focuses on examining leaders' perceptions of digitalization and its impacts on stakeholders. Leaders, boards of directors and shareholders, employees, customers, and regulators are the major subjects for investigation. Qualitative research is employed for the contemporary nature of the topic being studied. Open-ended interviews are the research method. Chief executives of banks representing services sector are the participants to this research.
TopTechnology is one of the significant factors that influences changes in the business world. Companies are transformed because of the new technologies. Organizations from different industries and various sizes need digital transformation (Mahraz, Benabbou, & Berrado, 2019). This section presents the meaning of digital transformation. In their study of the literature, Morakanyane, Grace, and O'Reilly (2017) claim that there is no agreement on the definition of technology. They contend that researchers define technology (digital) transformation as a strategy, process, business model, or paradigm shift. Thus, digital transformation is not only concerned with the present organizational processes, but it also extends to all future practices. It is related to all internal and external organizational processes of employees, suppliers, and customers.
Digital transformation strategies aim to instigate changes to add values, to improve efficiency and to enhance innovation. Consequently, technology has significant impact on various aspects in organizations (Morakanyane, Grace, & O'Reilly, 2017). The underlying assumptions for the definitions of digital workplace is that employee's access to different digital tools to accomplish their work in a virtual manner (Sambandam, 2021). Khan (2021) states that organizations utilize different technologies to establish various platforms to enhance experiences of employees.
Herman (2022) claims that organizations need to employ different tools for digital transformation to be successful. He adds that the tools facilitate companies' goals by achieving various advantages that improve company's management, communication, and collaboration with different stakeholders. There are many tools that are available in the market, however the tools used by the company depend on organizational needs and goals. The four main trends in digital transformation are big data, cloud computing, the internet of things, and blockchain (Mahraz, Benabbou, & Berrado, 2019).