Designing a business model strategy in the digital economy: Directions and challenges

Introduction. The current development stage of society and economy is characterized by an extensive introduction of digital technologies. They change the production processes, give rise to new processes, and create new products. This both transforms and enhances business with new approaches to its structure and radically changes business models. Purpose. In this study, the author aims at proposing a sequence of actions for designing new business models and their introduction in the organization's activities. Materials and Methods. The author refers to a monographic method for theoretical grounds and a systematic integrated approach for developing proposals. The author analyzes the nature of actions to be performed to transform business processes with regard to their implementability in the context of digital technologies. Results. First, the author summarizes the possible transformation scenarios in different sectors of economics. This reveals typical features and elements of business models with digital technologies. Second, the author has established typical actions to design business models. This outlines a sequence of actions to develop a strategy of the business model’s digital transformation. Conclusions. The results are novel as the article proposes a general algorithm of actions for the business models’ design determined by the use of digital technologies. The author analyzed the approaches and found out that they are developed for some specific sectors of economy. The approach proposed by the author can be of interest to the Boards of Directors to develop a business transformation strategy, to the in-house auditors to assess growth opportunities, and the organizations’ top managers to justify the choice of further growth area for their business.