Digital Transformation in Empowering Innovation and Sustainability in the 21st-Century Business Environment in Asia

Technology is a “two-edge sword” or “two-sides of a coin”. Technology and digitalisation transformation are inevitable in the twenty-first century because it has been in every aspect of life, to the extent that twenty-first century is called a time period known as VUCA (Volatility, Uncertainty, Complexity, and Ambiguity), due to its robust, enthusiast and dynamic characteristics. In the fast-paced landscape of the 21st-century business environment, digital transformation has emerged as a catalyst for innovation and sustainability. This paradigm shift leverages advanced technologies to reshape traditional business models, fostering a culture of continuous improvement and adaptability. As organisations navigate the complexities of a globalised economy, embracing digital transformation becomes imperative for staying competitive and relevant. This book chapter discusses the rising importance as well as concerns such as digital transformation for sustainability of business in the challenging twenty-first century Asian business environment, which involves the strategic integration of digital tools and a forward-thinking mindset are essential elements for businesses aiming to thrive in the digital era. The differences in various parameters among Asian countries and the benefits and the challenges on technological innovation were discussed too.