Abstract:Process digitization is a crucial part of the digital transformation of manufacturing enterprises and plays an important role in creating enterprise value. Based on the theory of dynamic capabilities, this study takes Fast as the case study object to explore the process mechanism of enterprise process digitization driving value creation, and analyze the important role of data element circulation in the process of process digitization. Research has found that: (1) Fast achieves process digitization through four stages: craft closed-loop, production closed-loop, logistics closed-loop, and quality closed-loop, and further promotes the realization of value creation; (2) Process digitization is an effective entry point for manufacturing enterprises to achieve digital transformation, transforming digital thinking into digital processes which is practical and feasible ; (3) Data closed-loop is an important factor in the success of process digitization, it can break down data barriers between departments, effectively promote the improvement of enterprise dynamic capabilities, and obtain more competitive advantages. The research results have enriched the understanding of the driving paths for enterprise value creation in the digital context, providing useful insights for manufacturing enterprises to carry out digital transformation from top to bottom to create greater value.