Digital transformation, anchored in data and powered by frontier technologies such as AI, Generative AI, and emerging agentic systems, is arguably the most widely pursued initiative among companies of all sizes worldwide. Digital natives and traditional incumbents alike are struggling to cope with the relentless pace of technological change. While successful incumbents may have mastered value creation and extraction within their established core businesses, they often continue to treat digital as peripheral to their core strategy. Yet recurring flashes of potential reveal digital as a credible source of sustainable advantage, creating ambiguity about its true scope and impact. Many organizations struggle to find a clear starting point or design a roadmap, and even when initiatives begin, ROI and change management remain major barriers. The second edition of this book offers theories and frameworks to understand and develop these elements, while updating and refining practical models for technology taxonomy, digital literacy, digital transformation, and paths-to-value. Incorporating lessons on competing in the digital era, it features real-world cases in consulting and strategy, accessible to students, instructors, and professionals without prior expertise. Designed to support teaching and learning, it remains a valuable resource for students of Business, Management and Marketing; Organizational Change; Production, Operations & Information; Management e-Business; Information / Knowledge Management; Innovation Management; Organizational Studies; and Management of Technology & Innovation.