Purpose This study aims to explore the relationship between digital transformation and financial performance of enterprises. Grounded in the context of Industry 4.0 and post-COVID digital acceleration, the research identifies internal firm characteristics that influence the adoption of digital technologies and assesses how various dimensions of digital transformation impact financial outcomes. Design/methodology/approach Utilizing correspondence analysis and the nonparametric Kruskal–Wallis test on a combined data set of financial data from the Orbis database and qualitative survey data, the study provides a nuanced understanding of the specific digital ecosystem. Findings The results reveal substantial disparities in digital adoption and performance outcomes across sectors and firm types, with small and medium-sized enterprises (SMEs) often lagging behind due to limited resources and digital competencies. These findings provide critical insights into the fragmented nature of digital transformation, highlighting the need for differentiated support strategies and targeted policy interventions. Practical implications Digital technologies are indispensable to the accomplishment of corporate objectives, which is one of the primary reasons for the increased interest in digitalization among executive managers. Digitalization is not only a tool for automating operations; rather, it is a strategic facilitator of corporate innovation and growth. Digital platforms provide businesses with options to combine their data systems that have never been seen before. This allows for more effective decision-making and makes it easier for businesses to react in real time to changes in competitive markets. Social implications Discovering additional routes via which these technologies effect financial outcomes may be facilitated by investigating the ways in which digitalization influences corporate performance across different industries. ICT innovation and the enhancement of the customer experience are two examples of such channels. It is possible for businesses to surpass their rivals in terms of profitability, operational efficiency and market share if they are able to successfully use digital technologies to boost consumer interaction or optimize their information technology infrastructure. Originality/value The contribution of this research lies in addressing a critical gap in the Central and Eastern European literature, where firm-level digital transformation and its financial implications remain underexplored. The novelty stems from its national focus, sector-specific insights and integration of qualitative and quantitative data to capture the nuanced impact of digitalization. The study fills a notable research gap in the Central and Eastern European context, where digital maturity remains uneven and underexplored, particularly among SMEs.
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