Digital Transformation Strategies in Family-Owned Businesses: Challenges and Opportunities

Abstract

The Digital Transformation (DT) Approach on Family-Owned Businesses Strategic Challenges and Opportunities" is a paper identifying the distinct dtraponovo (dtrapanov) strategies used by family owned businesses (FOBs), addressing the specific problems faced and opportunities taken. It analyzes how distinctive features of family-owned businesses like their long-term perspective, powerful culture and succession mechanisms shape the firm's endeavors towards DT. This study uses a mixed approach (systematic literature review and hypothetical case studies). The study shows that cultural and governance challenges still pose the biggest hurdles. On the other hand, inherent agility and commitment to the family legacy allows most FOBs to achieve tremendous operational efficiencies and market expansion by their customized DT measures. The research adds value for this segment concerning efficient family business DT planning and executino in one of the largest segments of the economy.