Abstract: - The global economy is driving digital innovations that transform entire systems and make industries

and business sectors more connected, efficient, and smarter. Companies that want to digitize and are going to

build digital business models need to re-engineer existing ones, redefine their objectives as part of their strategy

employees and aspects of the involvement of employees in the process of strategy-creating. As a result, this

paper can influence the decision-makers to rethink the processes and talents needed to digitize the company and

the communication process, knowledge, and understanding that are an integral part of the new digital culture.

Key-Words: - communication, strategy , business model, cognitive process, digitalization

Received: April 15, 2023. Revised: July 16, 2023. Accepted: July 22, 2023. Published: August 4, 2023.

1 Introduction

Globalization as a trend towards greater integration and

technologies, [2]. The global economy is driving

digital innovations that transform entire systems and

make infrastructure, manufacturing, trade, and other

maximize opportunities and avoid risks. Businesses

need to redefine their objectives as part of their

strategy or create even a new ones because the

dynamic development of digitalization thus also

places great demands on established digital business

models, [5]. Even new entrants have to think about

how to penetrate the market and how to become part

obstacles that affect the process and may even stop

it. The term ‘‘strategizing’’ is used to cover the

complete process from envisioning to planning,

taking action, and assessing outcomes, [7], [ 8]. This

means that the process of strategizing covers both

strategy formulation and execution. This applies to

hierarchical structures as well as to the working

environment, cooperation, and working methods.

Work is becoming flexible and networked,

production work is becoming knowledge work, and

Semi-structured interviews with 3 experts,

representing Fin Tech industry and governance

sector were conducted during the course of the

research. The experts represent the E-Money

Institution (ENIM) of Malta (represented by OC);

the E-Money Institution (ENIM) of Great Britain

(represented by TJ) and the Innovation and

Technology department of the Administrative district

of Brandenburg (represented by RS). The research

data will be processed by continuous comparative

strategizing digital issues by using the Likert scale

with points 1-3, where is 1(satisfactory); 2(very

good); 3(excellent). The choice of experts was based

on the diversity of their expertise (OC – 10 years,

TG – 20 years, RS – 42 years). The companies

represented by experts are completely different and

unrelated to each other.

function, but also fill in information gaps based on

existing or non-existing experience, and thus enable

or prevent the controller from taking action. In their

functions of perceptual control, information

processing, and interpretation, cognitive structures

directly influence cognitive actions such as the

formation of expectations, the evaluation of action

as language comprehension, and in a controlled

manner. In particular, controllable individual

cognitive activities are subject to cognitive

limitations or 'defects'. These constraints, which are

manifested in the individual's efforts to reduce

cognitive effort, essentially limit rationality, [16],

which in the case of corporate governance results in

decision defects. Decision defects may include

solving a problem without defining it, selective

perception of different aspects of the business,

hand, the individual's context dominates, where

information about whether the individual has options

for a given issue, justifying and influencing those

options, and information about the individual's

perception of the context of the issue interact. The

other dominant influence on the thought process in

perception and information processing is the

organizational context. This adds to the previous

information the norms, values, and traditions of a

particular company, the style and even the culture of

dominance. In this process, the individual considers

the relevance of the solution to his or her

understanding of the case, identifies the causes and

consequences of the solution, compares it with his or

her experience, knowledge, and abilities, and thus

applies it to him or herself. This process of

application results in his/her willingness to go along

with the collective way of thinking, opinion, or

solution, or not to do so. It has been stressed above

academics believe that it may even be the company's

culture that could guarantee the company a

sustainable competitive advantage in the future, [24],

[25]. Whether an organisation's strategies then

become a common orientation for action depends on

the processes of social interaction that reflect these

organisational strategies and processes. Such social

organised and conducted plays an important role in

these discussions.

progress is a prerequisite for the accumulation of

experience, as is the ability to discuss interpretations

to reach a collective consensus, as the risk of

misinterpretation and 'mislearning' is particularly

high in intercultural organisations, [26]. To minimise

this risk, decisions regarding the digitisation of the

enterprise must be taken collectively to ensure that

employees, who will then better understand and

identify the processes and elements that will be

further included in the business model, their roles

and their importance, [30]. Involving employees in

the development is an opportunity for the company

to foster creativity leading to innovation, [31]. In this

way, a close relationship is established between the

values created in the company and their creators,

building and strengthening their loyalty to the

beginning of the business model life cycle, [32]. If

employees identify themselves with what they do in

the company and with the strategy, their work has a

positive impact on the development of the company

as a whole. As the culture and leadership of a

company are the most difficult to copy, its strategic

management value becomes significantly higher.

the labour factor itself, with new forms of

employment, and diversification of functions, [33].

production work is becoming knowledge work, and

lifelong learning requires new tools for staff

development. Managers become 'enablers' and

coaches, [42] of their employees.

business model can only be effectively driven if the

purpose of the transformation process is known,

business but also the focus and allocation of

resources. The main reason for this change is a

paradigm shift in the value proposition, [44]. There

is no longer a physical product, there is the data

generated by that product, which also constitutes the

actual asset of the company or is the carrier of the

actual value, [45].

digital technologies is directed towards changing the

concept of what the firm offers to the market and

digital technologies and their choices is crucial as

they support the process of service design and

delivery, i.e. the implementation of the strategic

direction, [46]. This is a major challenge for

companies, as all aspects need to be taken into

account, from customer and channel strategy to

processes that go beyond the existing organization,

to appropriate technology.

shift from an industrial to a knowledge-based

independently and shape the interaction between

work and leisure themselves. Instead, flexible,

virtual, and mobile working time models and the

replacement of hierarchical control by a corporate

culture characterized by 'responsibility for process

and result', [49]. For management, this means a new

kind of leadership that focuses on an open and

hierarchical innovation culture characterized by

transparency, openness, collaboration, and clear rules

of conduct, [50]. There seems to be a new ''digital

good) and 3 (excellent) by giving reasons for the

decision. RS rated this process as satisfactory saying

that “the process is very complicated”. “You always

have questions, the answers to which might lead to a

23.02.2023.). According to experts in the beginning,

the digital structure in the company was very

push came at the beginning of the corona pandemic

when entrepreneurs were well-positioned for mobile

systematic process of digitalisation that happened

bit by bit and developed out of external necessities”

(interview with RS, 23.02.2023.). TJ rated the

digitalization of the company also as very good by

saying that “the firm is already a remote-first

company, as it can work one hundred per cent from

customers, sometimes by a letter that does not allow

(interview with TJ, 01.02.2023.) About growth and

scaling, entrepreneurs are noticing the streamlining

of processes that are already digital, but that are

nevertheless indispensable in terms of

and the information is also available at very short

the main benefit, that “you have the information you

managers and employees have a clear vision of

this reason, all experts interviewed rated the impact

of strategy on the business model very highly,

noting that the strategy must be “regularly updated

and adapted to changing market conditions and

23.02.2023.). Some experts described it as partially

implemented and justified it by the lack of

competencies involves “different talents and

25.02.2023.) For employees to evaluate their

performance and learn about the potential for

improvement, the experts believe that regular

feedback should be provided to gather good and bad

practices (interview with OC, 25.02.2023) and

aspects contribute to a shared sense of curiosity and,

as a result, to improved performance.

about the company's ability to adapt to the existing

market conditions by rating it from 1 to 5 where

1(irrelevant); 2(unimportant); 3(moderate);

4(important); 5(very important). One expert (OC)

rated the aforementioned ability as important, but

two (TJ, RS) as very important saying that the

company can't just accommodate customers all the

significantly beneficial for the growth of the

company” (interview with TJ, 25.02.2023., with RS.

opportunities as not relevant for us” (interview with

OC, 25.02.2023.), argued the experts, because

“otherwise there is a risk to deviate from our

makes the conclusion possible that if you make a

well-founded decision in advance in the direction of

strategic growth, not every market development

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