Tech revolution unleashed: Navigating the winds of digital transformation in the fast lane

Abstract

Building on the dynamic capability perspective, this study investigates effective digitalization and digital transformation strategies in the tech industry by highlighting the relevance of the digital divide among developed and developing economies. Further, the study identifies the key challenges, opportunities, and strategies for digitalization and digital transformation. The study embraced a qualitative approach for in-depth exploration of the phenomenon through a comparative study of two countries, i.e., Hong Kong and Pakistan. Data was collected using interviews and analyzed using content analysis to identify recurring patterns and critical insights for meaningful interpretations to address the study objective. We proposed a framework for effective digitalization and digital transformation in the tech industry from the perspective of developed and developing economies. The strategies identified in this research are categorized in technopreneurship and improved human resource practices to address the challenges faced by both developed and developing countries. The study findings contribute to a deeper understanding of the digital transformation phenomenon in the wake of changing workforce dynamics and technological disruptions, as well as the digital divide between developed and developing countries. Further, the study will help policymakers devise and implement resilient strategies in the tech industry, to help reduce the digital divide.