<![CDATA[Main Objectives: To synthesize 35 Scopus-indexed publications (2023–2025) and explain how digital technology and digital transformation reshape firms' business models, particularly in small and medium-sized enterprises (SMEs). Background Problem: Many firms fail to obtain proportional returns from digital investments (the digital paradox). Existing literature remains fragmented across leadership, external enablers, and cross-contextual perspectives. Novelty: Provides an integrated conceptual framework connecting triggers, capabilities, digital leadership, BMI pathways, outcomes, and boundary conditions, complemented by six testable research propositions. Research Methods: A thematic literature review analyzing abstracts, keywords, and metadata exported from Scopus across 35 recent journal publications (2023–2025). Findings and Results: Digital transformation positively influences BMI and performance, with BMI acting as a key mediator. Organizational capabilities, dynamic learning, and digital leadership determine whether digital paradox is overcome. Conclusion: Digital business value emerges when technology is translated into business model innovation through capabilities and leadership, rather than merely adopting technological tools.]]>
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