Conceptualization of Business Digitalization and Its Impact on Economics

Digitalization, which has gathered pace worldwide, is gaining ground in business. Although digital technologies are widely used in business, their impact either on business or economics has not yet been comprehensively researched. The article provides a conceptual research approach, reviews the evolution of the concept of digitalization, and analyses the potential, true value and possible threats of digitalization not only in business, but also in economics. Based on the analysis, a conceptual model of the impact of business digitalization on economics is developed. The model comprises the input and output components of business digitalization as well as the relevant economic factors.