The article examines the economic effects of digital transformation in industrial enterprises, focusing on both global developments and the specific context of Russia. The purpose of the study is to identify the conditions under which digitalization leads to tangible improvements in efficiency and productivity, and when it instead generates excessive costs, risks, or limited returns. Methodologically, the work relies on a comprehensive review of contemporary academic research from European, American, Korean, Chinese, and Russian scholars, complemented by comparative analysis of statistical data at the micro- and macroeconomic levels. The findings show that the deployment of Industry 4.0 technologies, industrial IoT, data analytics systems, and artificial intelligence generally results in higher labor productivity, reduced operational costs, improved product quality, and enhanced export potential. At the macro level, industrial digitalization contributes to faster economic growth and strengthened national competitiveness. However, the study also highlights significant challenges, including the high failure rate of digital transformation projects, substantial capital expenditures, cybersecurity threats, widening gaps between “digital leaders” and lagging firms, and structural shifts in the labor market. In Russia, the potential economic benefits of digitalization are considerable, yet remain only partially realized due to low digital maturity across many enterprises, shortages of skilled personnel, financial constraints, and technological restrictions intensified by sanctions. The article concludes that the economic impact of digital transformation is not automatic; it depends on effective change management, institutional quality, and strategic alignment between government initiatives and corporate priorities.