The digital transformation leads to changes in technology, the nature of work and value creation, which affect the competency requirements for IT professionals who play an active and formative role in this change process. Consequently, they are compelled to further develop their competencies initially necessitating an examination of the status quo of competency requirements. Through a structured literature review of 82 studies, we examine the state of research regarding the competencies of IT professionals and abductively derive a Competency Transformation Process Model. The model embeds the process of transforming competencies into the digital transformation process. This framework describes the interdependencies between (1) the influencing factors, (2) the competency reassessment process, (3) the required actions and strategies, (4) the resulting outcomes, and (5) the individual and social competency-enhancing factors.