Customer value management of digital transformation: literature review and conceptual synthesis

Management of value creation through digital technology is becoming an essential part of the company strategy. Organizations are seeking to transform their core operations with digital technologies and create value for customers in new ways. Digital transformation phenomena have been explored from different perspectives. Still, many organizations are not happy with the outcomes of their digital investments. Both managers and researchers would benefit from models covering multidimensional approaches to the topic. Existing literature does give theoretical guidance on concepts related to customer value management. Still, customer value management is only limitedly explored in the context of modern digital technology development. As the role of digital services in customer interactivity is becoming dominant in many business fields, there is a need to understand better the factors impacting customer value creation. This study integrates the existing theoretical models of customer value management. Existing literature is reviewed by establishing the theoretical foundation of customer value management and followed by a literature review of customer value management of digital transformation activities. In this review, customer value literature is summarized from the perspective of value suppliers and value receivers. In addition, the interactions and value delivery models are covered. Customer value management literature specific to digital transformation is being reviewed and summarized. Finally, different theories are integrated into one conceptual model summarizing different customer value management activities relevant to the digital transformation. This study presents a theoretical contribution to the body of marketing and strategic management literature.