14th Annual Conference of the EuroMed Academy of Business 437

DIGITAL TRANSFORMATION AND MANAGEMENT CONTROL – AN

ANALYSIS OF THE RECIPROCAL RELATIONSHIP

Kraus, Patrick1; Schlegel, Dennis2
1Business School, Pforzheim University, Pforzheim, Germany
2School of Informatics, Reutlingen University, Reutlingen, Germany

ABSTRACT
The disruptive potential of digital transformation (DT) has been widely discussed in scholarly

literature and practitioner-oriented discourses. The management control (MC) function is an

important corporate function, as it provides transparency on the economic situation of a firm.

DT challenges MC in a two-fold and reciprocal nature as it (i) changes the MC function itself as

well as (ii) the entire firm and its business models, which needs to be accompanied by the MC

function. Given the complexity and variety of phenomena within the developments in the

context of DT, a comprehensive management approach is essential. Surprisingly, there exist

few convincing approaches, which support a comprehensive management of the DT. The

objectives of this paper are therefore to discuss the impact of DT on MC, as well as, to develop

a framework to control DT of an organization from a MC perspective. Based on a literature

review and conceptual research, our study contributes to knowledge by proposing an initial,

preliminary conceptual framework to manage DT, from a MC perspective. The framework

highlights important dimensions that should be considered in the management of DT, for

example related to processes and MC instruments.

Keywords: Digital Transformation, Digitalization, Management Control, Framework, Germany

INTRODUCTION
Digital transformation (DT) has been a major disruptive trend for organizations in various industries in

recent years, creating a demand to transform processes, business models and the organization as a

whole (Doukidis, Spinellis and Ebert, 2020). These developments have been massively accelerated by

the Covid-19 pandemic (e.g. Agostino, Arnaboldi and Lema, 2020; Soto-Acosta, 2020).

Many studies have highlighted the importance of DT for firms in general (Matzler et al., 2018;

Margiono, 2020), as well as, for specific industries such as the automotive industry (Llopis-Albert,

Rubio and Valero, 2021) various other industries (Stark, 2020) and traditional industries (Andal-Ancion,

Cartwright and Yip, 2003; Remane et al., 2017). Besides an industry-specific perspective, also a

functional view has been applied, for instance analyzing DT of the sales function (Guenzi and Habel,

2020) or the finance function (Glader and Strömsten, 2020). However, DT in the context of the

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and Strategies in the new Era ISBN: 978-9963-711-90-1
14th Annual Conference of the EuroMed Academy of Business 438

management control (MC) function has been left quite unexplored, especially in an English-speaking

scholarly context (e.g. Möller, Schäffer and Verbeeten, 2020).

The overall aim of this article is therefore to shed light on DT in the context of the MC function. More

specifically, the following objectives have been formulated. First, to discuss the impact of DT on MC.

Second, to develop a framework to control DT of an organization from a MC perspective. By doing so,

existing frameworks are critically compared and discussed. The nature of the research is conceptual

mainly based on literature review. Conceptual discussions are reflected in the context of the

professional experience of the authors in order to ensure practical relevance and applicability of the

developed framework. The main contribution to knowledge of this paper is hence the proposal of a

novel conceptual framework to control DT. Additionally, the paper usefully synthesizes the key

discussions and developments of DT in a MC context, also bringing important contributions from prior

publications in German language to the international scholarly debate.

The remainder of this paper is structured as follows. First the research approach and nature of the

research will be discussed subsequently followed by exemplifying the contextual and theoretical

background (DT, MC). Then the impact of DT on MC is being discussed illustrating the reciprocal

relationship between MC and DT as well as critically comparing existing conceptual frameworks.

Finally, we propose the digital transformation control framework (DTCF) and conclude our discussion

with a brief summary of the key findings.

RESEARCH APPROACH AND THE NATURE OF THIS RESEARCH

The development of the conceptual framework conducted in this research is mainly based on a

literature review and further enriched and reflected with the extensive professional experiences the

authors gathered in practice and consultancy projects in the fields of DT and MC. Hence, the nature of

this research is also practice-oriented, however, intensively rooted in the theoretical discussions and

foundations within the research field. This can be considered an appropriate approach, given the

nature of the phenomena under research and the importance for scholars, especially in the business and

management context, to deal with challenges and issues which are relevant for management practice.

The literature review has been conducted in a narrative or semi-systematic way (Snyder, 2019). A

substantial set of international literature has been reviewed, but also many pieces of literature

published in German as (i) MC tends to be a phenomenon particularly discussed in a German context,

(ii) MC has a long tradition and is a central discipline in German management and business education

and practice, (iii) there are a number of specialized MC university chairs in Germany and (iv) finally

there can be observed an intensified discussion on the impact of DT on MC and the future development

of the field due to challenges and change imposed by DT. Hence, combining international literature

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and German literature and bringing prior research results published in German language to the

international scholarly debate can be considered as an important contribution to the discussion in the

research field.

As indicated, the results and implications discussed in this research are partly based on the personal

and professional experiences of the authors. To some extent, the research approach applied in this

research is hence inspired by action research oriented research approaches (Wolfram Cox, 2012). Action

research can be understood as an approach that relates to practical questions and challenges of

management and organizations and consequently is very much concerned with understanding the

needs of practitioners (Eriksson and Kovalainen, 2013). There exist a variety of different action research

approaches and orientations (Denis and Lehoux, 2009; Eriksson and Kovalainen, 2013), being distinct

regarding the goal and research process, as usefully summarized by Denis and Lehoux (2009). The

discussion of Eriksson and Kovalainen (2013) exemplifies typically a direct and intense collaboration

between researcher and the research subject, resulting in a specifically solved problem such as an

optimized business process, activities etc. However, while Eden and Huxham (1996) usefully discuss

the very nature of action research and how to conduct rigorous action research, they also indicate that

degree of involvement with the organizations under research vary considerably between a direct

involvement to a general concern to them. According to Denis & Lehoux (2009), based on the writings

of Cullen (1998), the generic properties of action research can be summarized as follows:

- Close interactions with practitioners

- Experiential knowledge in order to understand the practical challenges

- A close connection between objectivity and subjectivity in human action

- The research has the potential to contribute to the construction of organizational realities

- Reflexivity as a central aspect when construction new organizational forms or procedures

- A close link between research practice and the development of new ideas

Given the action research-oriented nature, the authors benefited over the last years from many formal

and informal discussions, with managers, colleagues and clients and the conduction and

implementation of projects and processes in various companies in the domains under research. Hence,

the action research-oriented research approach applied within this research, does not refer to a specific

practical problem in one single organization it includes rather the accumulation of various practical

questions and issues related to the research question and the development of the conceptual

framework. The overall applied research approach can be illustrated as follows:

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Literature review of the impact of Literature review of

digital transformation on digital transformation
management control frameworks

Development of a conceptual framework

to control digital transformation

Reflection on professional experience of the authors in the fields of DT and MC:

• Work, management and consulting experience
• Continuous exchange with peer colleagues and fellow academics

Figure 1. Conceptualisation of the research approach

(Source: own illustration)
Given the nature of the research approach, the framework and implications tend to be exploratory

providing avenues for further research and implementation and testing of the suggested framework in

practice. Constant critical evaluation and especially reflexivity (Guillemin and Gillam, 2004) has been

applied throughout the whole research project resulting in intense and lengthy discussions and critical

reflections within the research team in order to ensure the rigor of the research process.

CONTEXTUAL AND THEORETICAL BACKGROUND

Digital Transformation

DT is one of the most important topics for business firms, academia and society in general likewise and

we can observe a considerably increased discussion, which can be exemplified by the momentum of

research output in terms of academic articles (Reis et al., 2018; Hanelt et al., 2020) but also a very intense

practitioner oriented discourse mainly dominated by management consultancies and industry research

institutes (e.g. Accenture, 2020; Gartner, 2020). DT has the potential to fundamentally change the way

how markets and business models are functioning (Matzler et al., 2018; Endres, Stoiber and Wenzl,

2019; Lois et al., 2020) by means of a rapid and disruptive development and change of new digital

technologies (Morabito, 2014; Margiono, 2020) as well as substantial developments of strategic,

organizational and procedural aspects within a business firm to sustain value creation and competitive

advantage in large multinational enterprise and small and medium-sized contextual settings (Cha,

Hwang and Gregor, 2015; Becker and Schmid, 2020; Kindermann et al., 2020; Peter, Kraft and Lindeque,

2020).

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The research field of DT tends to be diverse, fragmented and influenced from various different research

streams. Hence, given the intensified discussion and fragmentation, several scholars have taken stock

of the research field by means of an intense review of the literature (Reis et al., 2018; Hausberg et al.,

2019; Vial, 2019; Hanelt et al., 2020; Nadkarni and Prügl, 2020; Verhoef et al., 2021).

Reis et al. (2018) found that DT definitions can be grouped in distinct understandings, including a (i)

technological, (ii) organizational and (iii) society perspective. For instance, Hess et al. (2016, p. 124) state

that DT “is concerned with the changes that digital technologies can bring about in a company’s

business model, products, processes and organizational structure.” Moreover, Vial (2019, p. 127)

defines DT as “a process that aims to improve an entity by triggering significant changes to its

properties through combinations of information, computing, communication, and connectivity

technologies”. These exemplary definitions usefully illustrate the very core of DT, as such the impact

on business models, challenging internal organization and procedures and the involvement of new

technologies and IT infrastructure and hence also emphasizes the complexity of phenomena related to

DT.

Many authors emphasize the people and organizational dimension of DT, highlighting the need for

new skills and competencies (Andriole, 2018; van Laar et al., 2018), as well as, new organizational

capabilities and a digital culture (Kohnke, 2017). Besides skill requirements, also new leadership styles

might be required and employees have to be reached at all levels to foster acceptance and adoption of

digital tools (Welch and McAfee, 2013). According to (Hoberg, Krcmar and Welz, 2017), organizations

face the dilemma that digital skills are required before DT projects can actually be started.

According to the conceptual model by Doukidis, Spinellis and Ebert (2020) that was developed by

expanding previously published models (Westerman, Bonnet and McAfee, 2014; Sebastian et al., 2017),

DT is made up of four pillars:

- Customer experience transformation refers to comprehending the needs of customers and

enhancing their experience in a digital sales process;

- Business processes transformation deals with digitalizing the business processes and improving

performance management;

- Business model transformation is important to create innovative revenue streams based on digital

activities;

- organizational transformation that accompanies the business transformation by respective changes

to strategy, organization and workforce.

Synthesis of Management Control

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There does not exist something like a generally accepted definition of MC in literature, rather there can

be found various understandings as indicated by Horváth, Gleich and Seiter (2020) and there exist

similar terms like Controlling, which require some terminological ordering.

According to Weber (2018) controlling primarily is concerned with phenomena related to practical

challenges of business firms, while there indeed can be observed an intense scholarly debate, especially

when looking at recent developments in the context of digitalization and DT, discussions in practice

and academia still seem to be quite separated. The discussion of Grisar and Meyer (2016) indicates that

in a German-speaking context controlling is a term related to terms such as management accounting

and MC and these are frequently used synonymously. Within this research, the term MC will be used

and is from our view very close to the understanding of the German term controlling and shall be

understood in this way. Moreover, there exist various views on MC tasks in literature (Horváth, Gleich

and Seiter, 2020; Preißler, 2020). For instance, Anthony (1965, p. 28) emphasized that „In practice,

people with the title of controller have functions that are, at one extreme, little more than bookkeeping

and, at the other extreme, de facto general management.“ However, besides the philosophical

discussions what MC in detail is and what not, there can be observed an agreement on the very general

understanding of MC including the aspects of planning, steering and monitoring in a continuous and

cybernetic information processing context to support the alignment and focus of an organization to

achieve its goals and strategies (Joos, 2014; Grisar and Meyer, 2016; Reichmann, Kißler and Baumöl,

2017).

A cybernetic nature is at the very core of each MC activity (Grisar and Meyer, 2016; Möller and Illich-

Edlinger, 2018). According to Möller and Illich-Edlinger (2018) this results in a continuous cycle of

setting objectives, planning and steering activities to achieve the defined objectives. In addition, they

usefully illustrate the major MC processes. These can be illustrated as follows:

Contemporary Business Concepts ISSN: 2547-8516

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Setting
Strategic planning objectives

Planning, budgeting and forecasting

Investment appraisal

Cost accounting

Steering Management reporting

Business partnering

Project controlling

Risk management

Data management Planning

Organizational development

Figure 2. Cybernetic nature of the major MC processes

(Source: adapted from Möller and Illich-Edlinger, 2018)

MANAGEMENT CONTROL AND DIGITAL TRANSFORMATION

Impact of Digital Transformation on Management Control

With regard to a focus on the MC function and DT there seem to exist a limited number of

comprehensive reviews (Möller, Schäffer and Verbeeten, 2020) and those existing tend to have a

specific focus on, for instance, simulations in MC (Grisar and Meyer, 2016), business intelligence

(Rikhardsson and Yigitbasioglu, 2018) or technology in the context of accounting (Moll and

Yigitbasioglu, 2019).

As indicated above, DT has an immense impact on business and society and given the importance of

transparency on the economic performance of a business firm the impact of DT on MC can be

considered crucial for the long-term existence and competitive situation of a business firm. It is

undisputed that almost all sectors, firms and operations are somehow affected by the developments

triggered by DT. With regard to the MC function, rather from a holistic view point, two major

developments can be currently observed (Schulze, Nasca and Eymers, 2019). There (i) is taking place an

internal change within the MC function initiated by, for instance, new technologies and (ii) DT changes

fundamentally how entire business firms and especially business models work and we experience a

massive success of digital business models. This is accelerated by the Covid-19 pandemic and the MC

function will have to understand these developments in order to be an appropriate business partner for

management. Hence, the MC function is at least challenged in a two-fold way as can be illustrated as

follows:

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Transformation of the firm in its

Transformation within the MC entirety (e.g. organization,
function (e.g. structure, processes and business
processes, technologies) as a model) to provide a superior
response to the changing customer experience and
requirements sustain competitiveness
(Schäffer and Weber, 2019). (Doukidis, Spinellis and Ebert,
2020).

MC needs to measure the progress towards DT and act as a business partner for
management to accompany the DT of the firm and its business models

Figure 3. Challenges for the MC function in the context of DT

(Source: own illustration based on the cited literature)
Verhoef et al. (2021) refer to the issue of metrics to evaluate the progress within the DT of a business

firm as well as with regard to business models such as platforms. The above said may refer to the issue

of MC and the role of this functional discipline in managing a firm’s approach towards DT. For

instance, Möller, Schäffer and Verbeeten (2020) pose a number of potential research questions of which

especially the use of MC systems in digital contexts is relevant to this research. Nadkarni and Prügl

(2020) emphasize the increased need for a faster decision-making and strategy implementation at a

managerial level, which elucidates the importance of practical and tailored management instruments

and frameworks.

Recent research confirms that especially aspects in the context of DT are increasingly seen as important

future topics for the controlling function such as information systems, data management or digital

competences (Schäffer and Weber, 2018, 2021). However, a vast majority of firms experiences an

inappropriate preparation to deal with the challenges due to DT (Seufert et al., 2018) and also the digital

divide between digital companies but also within the sphere of traditional companies seems to grow

(Seufert et al., 2020). Irrespectively, whether we talk about a digital revolution or evolution, which

ultimately also depends on the business sector or corporate function (Baumöl, 2016), it is beyond doubt

that DT will continue to change how firms will be managed successfully in the future and this will

continue to have a severe impact on the MC function (Glader and Strömsten, 2020).

However, it is also important to critically reflect on the degree and extent of digitalization and what is

reasonable in this context also from an economic point of view. The benefit of digitalization should be

at the core and not what is technologically possible (Mayer and Wieselhahn, 2018). Moreover, it is

important to keep in mind that the transformation will take time but also needs a proactive and

persistent management (Schäffer and Weber, 2021).

Möller, Schäffer and Verbeeten (2020) argue that there still is limited research on the DT of MC,

especially from an academic point of view and, while there certainly can be observed a considerably

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increased output of papers, for instance, in the three German-speaking MC journals (Controlling –

Zeitschrift für erfolgsorientierte Unternehmenssteuerung, Contolling & Management Review and

Controller Magazin), the overall tenor is still very much practitioner oriented as also the active role of

management consultancies indicate (PwC, 2015; Deloitte, 2018; Bearing Point, 2019; KPMG, 2019;

Horváth & Partners, 2020; Accenture, 2021).

There seems to be a lack of frameworks, management approaches or KPI systems which support a

systematic and concise steering of the implementation of DT, as for instance Pampel (2018) emphasizes

that there are few compelling attempts in literature regarding KPIs for digital business models and

Schönbohm and Egle (2017) indicate that traditional KPIs can only be used to a limited extent (see also

Michel, 2017; Sieringhaus, 2019). Given the transformational changes within the MC function and with

regard to firms in general and business models a comprehensive and practical MC framework can be

seen as a crucial issue to manage DT. Möller, Schäffer and Verbeeten (2020, p. 2) state that “an overview

and structuration of the field as well as conceptual ideas and reflection may be required.” Moreover,

very recently Piazza and Abrahamson (2020) conclude their comprehensive literature review that there

is a severe lack of even simple conceptualizations which explain the influence of the digital world on

management practices. Given the research gap with regard to management instruments, the aim of this

research is to develop such a conceptual framework which can be used to manage DT. The next section

continues to critically review a selection of existing frameworks.

Digital Transformation Frameworks

There exist a number of frameworks in the literature with the objective to control and manage the

complexity and various activities related to DT. A systematization and differentiation between the

various types of frameworks, which have different objectives, scopes, underlying methods and cultural

antecedents, depending on the geographical location, might be possible according to the following

basic characteristics:

- maturity models to evaluate the status quo of DT within an organization and management

frameworks in a more general sense, which base on checklists, refer to the phases of DT or areas

and organizational dimensions, which need to be addressed within the transformation process. In

tendency, frameworks in this category do not include a comprehensive set of potential KPIs (e.g.

Matt, Hess and Benlian, 2015; Berghaus and Back, 2016; Hellge, Schröder and Zink, 2017; Müller,

Schröder and von Thienen, 2018, 2019; Reinhard, Rentz and Sommerfeld, 2020).

- maturity models with a focus on a specific corporate function, such as with regard to the MC

function (e.g. Koß, 2016; Langmann, 2019).

- Approaches which solely refer to a set of KPIs, without explicitly offering a management

framework (e.g. Pampel, 2018; Sieringhaus, 2019).

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- models offering a comprehensive steering approach based on KPIs to measure the progress

towards DT within various corporate dimensions, internal and external ones (e.g. Schönbohm and

Egle, 2016, 2017) as well as the model developed by Kirchberg and Müller (2016), which has been

extended with KPIs by Schulze, Nasca and Eymers (2018, 2019).

- Project management approaches (e.g. Neumann, 2016; Kütz, 2017, 2019; Schmid, 2019), which are

not primarily in the scope of this research.

In summary, the critical comparison and evaluation of the considered frameworks illustrate some

deficits of existing approaches for a comprehensive steering approach. In order to be able to

comprehensively control DT it is, from our view, inevitable to have

- a structured approach covering the diverse dimensions affected by DT

- a set of well-developed valid key performance indicators (KPIs) to measure the progress of DT

activities

THE DIGITAL TRANSFORMATION CONTROL FRAMEWORK (DTCF)

The framework proposed in this section intends to provide a comprehensive approach to manage the

very different facets of DT from a MC point of view. Given the current developmental state of the

research, the framework here is of preliminary nature stimulating reflections, discussions leading to a

further refinement of the framework.

Synthetizing and extending the findings of the literature review, the below described elements can be

derived, which need to be considered in a coherent management approach towards DT from a MC

perspective. The above discussed elements (cybernetic cycle, a MC and company-wide perspective and

individual corporate dimensions) can be combined to the following DT control framework (DTCF):

Contemporary Business Concepts ISSN: 2547-8516

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Setting
objectives
Strategy

Content

Organization
Transformation Transformation
within the M C of the firm in Processes
Steering function its entirety
I nstruments

Stakeholder

People
Planning

Figure 4. The digital transformation control framework (DTCF)

(Source: own illustration)

The framework addresses the major perspectives and developments within the MC function as well as

with regard to the transformation of the entire firm. As indicated earlier, the MC function is especially

challenged by the developments of DT and will need to transform its organization, processes and the

applied instruments and technologies (e.g. Schäffer and Weber, 2019). Knowledge and competencies of

employees can be considered as a core resource within these developments (Drerup, Suprano and

Wömpener, 2018). In addition to this, the framework aims to cover the transformation of the entire

firm, which leads to a consideration of multiple views and dimensions. This variety and complexity of

the impact of DT on the firm is reflected in the proposal of the seven dimensions, which partly has been

covered already by other models in the context of DT such as the four pillar model developed by

Doukidis, Spinellis and Ebert (2020). It can be argued that managing the development of new digital or

hybrid business models is of particular importance to firms, especially taking into account the recent

developments due to the Covid-19 pandemic.

The considered dimensions within the DTCF represent the main areas, which need to be addressed in

the course of DT. It is important to note that not all dimensions may be applicable or need to be

considered within the DT of a specific company or a specific corporate function and hence the

considered dimensions should be tailored to the individual requirements. The derived corporate

dimensions can be briefly described as follows:

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- Strategy: A digital strategy needs to be defined and aligned to the overall business strategy. Recent

research indicates that most of the companies show deficits with regard to the formulation of a

digital strategy (Schäffer and Weber, 2018, 2021; Becker and Schmid, 2020).

- Content: The dimension content is ultimately based on the defined strategy and refers primarily to

the digital or hybrid busines model, including the product or service offered to a customer.

- Organization: The organization represents the organizational structure and various hierarchies of a

company and how these relate to each other as well as the formal decision paths.

- Processes: This dimension includes all procedures and processes to serve customer needs, which

may primarily be external but with regard to administrative functions also internal. The quality of

operations can be considered as a key competitive factor within a digital economy.

- Instruments: Instruments refer to methodologies and methods, such as classic or agile project

management approaches and digital technologies and infrastructure as well as data quality

(Knauer, Nikiforow and Wagener, 2020), which represent the base for the DT of the company.

- Stakeholder: Refers to all groups of people, which have a legitimate interest in the company

primarily customers, suppliers and other partners such as service provider or freelancer.

Employees are not considered within this dimension.

- People: Given the central role of employees for a successful DT, they are considered in a specific

dimension covering their digital mindset and knowledge as well as their attitude towards change.

Given the importance of KPIs for a successful management of DT (e.g. Kollmann and Hensellek, 2017;

Pampel, 2018; Reinhard, Rentz and Sommerfeld, 2020), for each relevant dimension a set of coherent

and concise KPIs need to be developed. This can be exemplarily be illustrated for three selected

dimensions as follows. The selection of the dimension is based on the importance of these, especially in

early phases of DT. It is important to note that the final selection of KPIs tends to be individual to each

firm, depending on the industry, the business model and the overall nature of the steering approach.

Market, intended • Potential number of customers and users, market growth rates, upsell potential
Strategy market position • Competition with freeware, service providers, start-ups
and target group • Novelty, innovativeness in the field (e.g. position in the product lifecycle)

• Quality of operations (customer satisfaction, complaints, number of calls)

Procedures to serve
Processes • Efficiency (response times, Ø lead time to solve calls)
the customer needs

• Budget for digital trainings

Digital mindset and
People • Training intensity (digital training days / FTE)
knowledge
• Digital competence quota (digital FTE / required digital FTE)

Figure 5. Exemplary KPIs for selected corporate dimensions of the DTCF

(Source: own illustration)
We believe that the developed framework can contribute to the discussion on how to manage DT

properly, which is an important challenge for all companies and given the pragmatic and practice

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orientation it may especially be applicable to SME contexts, which urgently need appropriate

instruments to manage DT and face distinct challenges (e.g. Gassmann and Keupp, 2007; Pelletier and

Cloutier, 2019; Becker and Schmid, 2020; Garzoni et al., 2020; Peter, Kraft and Lindeque, 2020). The

suggested preliminary framework already shows some advantages over many existing ones, although

the practical implementation needs to be tested and the framework further refined. The following

points, can be seen as some of the advantages, which already can be related to the framework:

- it may allow a comprehensive steering of DT in various settings and industries

- it considers a variety of corporate dimensions

- in its final condition it will offer a comprehensive set of KPIs

- it might be used in a flexible way

- it has a more practical look and feel

CONCLUSION
In this paper, we have discussed the implications of DT on MC and presented a framework to control

DT from a MC perspective. The main contribution of our research lies in the integration of knowledge

from the DT and MC domain, taking a new perspective on the topic in order to advance both, the

digital transformation literature, and, the MC discipline. At the same time, we are confident that our

framework may serve as a practical guidance to improve the management and control of DT initiatives

in business firms.

We are aware that our research may have limitations. The framework presented in this paper is of

preliminary nature based on literature review, taking into account the authors’ professional experience.

More research is needed, especially in order to evaluate the framework in terms of further

specifications of its dimensions, as well as, its applicability to practice. To do so, future work should test

the framework in real world settings by applying it to different types of companies and industries, for

example in an action-oriented research design or multiple case study.

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Contemporary Business Concepts ISSN: 2547-8516

and Strategies in the new Era ISBN: 978-9963-711-90-1
14th Annual Conference of the EuroMed Academy of Business 450

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and Strategies in the new Era ISBN: 978-9963-711-90-1
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Contemporary Business Concepts ISSN: 2547-8516

and Strategies in the new Era ISBN: 978-9963-711-90-1
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Contemporary Business Concepts ISSN: 2547-8516

and Strategies in the new Era ISBN: 978-9963-711-90-1