This article presents a comprehensive analysis of the broad, diversified, and fragmented literature on digital transformation (DT), aiming to delineate boundary requirements for examining the phenomena via the lens of organizational change. Based on 279 articles, we present a multi-dimensional framework that synthesizes existing knowledge about digital transformation (DT) and identify two significant thematic patterns: DT is prompting organizations to adopt flexible structures that facilitate ongoing adaptation, a transition that is both rooted in and propelled by digital business ecosystems. Based on these two patterns, we may see four different ways of looking at the phenomena of DT: technological influence, compartmentalized adaptation, systemic change, and holistic co-evolution. By connecting our results and interpretations to previous research, we discover that traditional theories on organizational transformation only partly address the nature of DT. From this approach, we formulate a research agenda and provide managerial implications for strategy and organizational transformation.