The Digital Revolution: The Prerequisites Of The Digital Economy

Today, no one will debate about the prerequisites of the digital revolution because it is already happening. Former business models and processes are becoming ineffective and obsolete, old methods do not work - information is what rules the world these days. Almost every person, to one degree or another, uses gadgets and modern digital services, from social networks, television and entertainment to government and banking services. It would be strange to assume that the business will be able to work according to the old model, with traditional processes and with the same efficiency in this new digital economy.

As of 2015, the digital economy is 22,5% of the world (Appendix 1). Accenture Strategy research (Accenture 2016) shows that this figure

The majority of experts in different areas of business expect an even greater increase in the rate of change in their industry over the next three years. Many companies on this background feel overwhelmed by the number of changes they are going to face with.

However, in the modern digital market, it is required to change to at least stay on the old positions. If the company aspires to increase its market share, it has to change even more. These changes include changing products and business models, developing new skills and, of course, moving to a new corporate culture that supports and cultivates change.

Digital transformation can be defined as the process of changing business through rethinking the approach to strategic planning, implementing innovations and adapting business processes to the conditions of the modern digital economy. This trend is already firmly entrenched in the programs of the largest panel discussions at economic forums and profile conferences due to simply colossal potential of this market. According to forecasts of Forbes magazine (Forbes 2017), more than 60% of the world's largest corporations will choose digital-transformation as their core strategy. 58% and 57% of them see digital transformation as a mean to increase customer satisfaction and to transform current business models correspondingly (Appendix

The next wave of decisions based on artificial intelligence will collect an unprecedented amount of data from a variety of stand-alone systems, which will create products and solutions that fundamentally change financial institutions.

Flexible labour resources are something that companies in the race for technology may miss. The ability of personnel to accept change and evolve with the development of technological tools is a critical factor for success in the digital business. Organizations will not only need to find the right technologies, but also "curb" them, so that the right people can do the right things, thus creating a flexible, ready for change and responsible workforce (Deloitte 2016, Appendix 3). Among the most important abilities of personnel are a deep specialised expertise, fast learning and "ability to accelerate".

Predictable technological breakthroughs are the ability of an organization not only to experience business change due to the introduction of new technologies, but the ability to plan, predict and manage these