New digital technologies are becoming widespread and have radically redefined business processes and practices. Simultaneously, numerous companies are implementing sustainable business models (SBMs), expecting to integrate sustainability considerations and increase competitive advantage. These two megatrends — digitalization and sustainability — are radically changing firms. However, the relationship between digitalization and the implementation of SBMs is yet to be investigated in detail. This is a key issue, as digital tools could assist companies in transforming their current business models toward sustainability. Through a literature review, we explore the link between digitalization and SBMs, illustrating the main potential impacts of digitalization for each block of SBM and propose a list of the potential benefits that digitalized SBMs can bring. We identify these potential benefits and elaborate on them considering their economic, social, and environmental impacts. Moreover, our study identifies a potential virtuous circle generated by digitalization, while highlighting the necessary alignment of digital tools and key business factors to attain economic, social, and environmental value.
