Digital Transformation of Zhongtian Iron and Steel Group

Abstract

The overall traditional business model finds it challenging to suit customer expectations and the market for businesses as a result of the advancement of current information technology. Hence, digital reform is well-liked in the financial community. In order to fulfill the demands of customers and the market, many businesses at the forefront of the global economy have engaged in digital innovation, focusing on scientific and technology forces and working in a variety of ways for different branches including manufacturing, sales, and management. According to a brief analysis of the Chinese steel market, there is still much room for development in China's steel industry, especially in the digital transformation of China's private steel enterprises. By digitizing Zhongtian Iron and Steel Group, it can improve efficiency, increase production, and reduce costs. This paper will provide several suggestions based on the welfare analysis of digital transformation, through the three elements of digitization and in combination with the digital transformation stage of Zhongtian Iron and Steel Group itself.