Transformation of management approaches in the context of digitalization

This article delves into the evolution of conventional management approaches in response to the escalating influence of digital technologies on the operations of modern organizations. Amidst fierce competition, businesses cannot afford to disregard the new paradigm: the implementation of data-driven management methods, the utilization of Decision Support Systems (DSS), forecasting, and scenario analysis exemplified by digital twins, among others. Fundamental management science does not have time to adapt to the rapid development of practical management and its new tools. The aim of this article is to substantiate the necessity of reevaluating the amassed knowledge base and experience in management to foster a new scientific underpinning for businesses in the realm of digital transformation. The importance of the managerial aspect of digitalization is the central subject of the study. This endeavor will appeal to company executives, managers, and individuals engaged in management and digital transformation issues.