Abstract
The focus of research presented in this paper is the relationship between digitalization of business and economic growth and development. For the analysis of these relations, the most recent data from relevant domestic and international institutions were used. New technologies and platforms bring many opportunities not only for launching new projects and businesses, but also for improving the existing ones. Opportunities that can be opened to businesses and economies through stronger digitalization can encourage businesses and government institutions to speed up digital transformation. Methods of measuring the level of digitalization were specially analyzed. The paper emphasizes challenges that, with a new wave of technological innovation and digitalization, are faced by economies around the world. Digitalization is no longer an option but an necessity for companies and economies that want to be globally competitive. The importance of digital transformation must be recognized by both entrepreneurs and the state. Digitalization of business is carefully considered in development strategies from national to global level. The results of the survey show that digitalization of business is recognized by the state of Serbia as an important segment for social and economic development.
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