THE IMPACT OF DIGITAL TECHNOLOGIES ON BUSINESS DEVELOPMENT AND THE COUNTRY'S ECONOMY

Relevance. Problem statement. Digital technologies have become one of the crucial factors determining business and economic development in the modern world. Due to the extensive implementation of innovative solutions, enterprises have been able to optimize their processes, reduce costs and increase productivity. Digitalization in its turn contributes to the creation of new markets and business models, stimulating economic growth. Furthermore, modern digital platforms have significantly facilitated access to information and global markets for entrepreneurs. Nevertheless, the development of digital technologies creates new challenges related to cybersecurity, digital economy regulation and labor market adaptation. Thus, the impact of digital technologies is complex and covers all areas of economic activity. The purpose of the study is to highlight the impact of digital technologies on the development of business and the economy in general, as well as to identify key aspects of their practical application to improve the efficiency of entrepreneurial activity and economic systems productivity. Methodology. The research methodology is based on the analysis of the digital technologies impact on business processes and the economy, in particular through the integration of such tools as ERP systems, CRM and IoT, which allows assessing the effectiveness of their use to increase competitiveness of enterprises. The methodological basis is a systematic approach to assessing digitalization processes in various economy sectors, as well as the use of statistical data to compare the level of e-commerce implementation among Ukrainian enterprises from 2018 to 2023. Results. The study results show that the introduction of digital technologies into business processes allows enterprises to significantly improve the efficiency of resource management, optimize costs and increase productivity. In particular, ERP, SCM and CRM systems contribute to improving transparency, reducing risks and optimizing supply chains and customer relationships. In addition, e-commerce and mobile applications open up new opportunities for expanding markets and improving communication with end consumers. The practical significance of these results suggests that enterprises can use digital technologies to reduce costs, increase competitiveness and improve interaction with customers, which contributes to their sustainable development in global markets. Further research prospects. Prospects for further research should include a deeper analysis of the digital technologies impact on various economy sectors, in particular in the context of their implementation in small and medium-sized businesses, as well as studying the effectiveness of digital tools for the sustainable development of enterprises.

Authors

Publication Details

Journal
BULLETIN OF CHERNIVTSI INSTITUTE OF TRADE AND ECONOMICS
Published
2024-10-23
DOI
https://doi.org/10.34025/2310-8185-2024-3.95.01
Primary Topic
Economic Growth and Development
Type
article
Field-Weighted Citation Impact
0.00
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article

THE IMPACT OF DIGITAL TECHNOLOGIES ON BUSINESS DEVELOPMENT AND THE COUNTRY'S ECONOMY

Kateryna Hildebrant, Olha Vdovichena
BULLETIN OF CHERNIVTSI INSTITUTE OF TRADE AND ECONOMICS
Economic Growth and Development
article

THE IMPACT OF DIGITAL TECHNOLOGIES ON BUSINESS DEVELOPMENT AND THE COUNTRY'S ECONOMY

Kateryna Hildebrant, Olha Vdovichena
article en

Abstract

Relevance. Problem statement. Digital technologies have become one of the crucial factors determining business and economic development in the modern world. Due to the extensive implementation of innovative solutions, enterprises have been able to optimize their processes, reduce costs and increase productivity. Digitalization in its turn contributes to the creation of new markets and business models, stimulating economic growth. Furthermore, modern digital platforms have significantly facilitated access to information and global markets for entrepreneurs. Nevertheless, the development of digital technologies creates new challenges related to cybersecurity, digital economy regulation and labor market adaptation. Thus, the impact of digital technologies is complex and covers all areas of economic activity. The purpose of the study is to highlight the impact of digital technologies on the development of business and the economy in general, as well as to identify key aspects of their practical application to improve the efficiency of entrepreneurial activity and economic systems productivity. Methodology. The research methodology is based on the analysis of the digital technologies impact on business processes and the economy, in particular through the integration of such tools as ERP systems, CRM and IoT, which allows assessing the effectiveness of their use to increase competitiveness of enterprises. The methodological basis is a systematic approach to assessing digitalization processes in various economy sectors, as well as the use of statistical data to compare the level of e-commerce implementation among Ukrainian enterprises from 2018 to 2023. Results. The study results show that the introduction of digital technologies into business processes allows enterprises to significantly improve the efficiency of resource management, optimize costs and increase productivity. In particular, ERP, SCM and CRM systems contribute to improving transparency, reducing risks and optimizing supply chains and customer relationships. In addition, e-commerce and mobile applications open up new opportunities for expanding markets and improving communication with end consumers. The practical significance of these results suggests that enterprises can use digital technologies to reduce costs, increase competitiveness and improve interaction with customers, which contributes to their sustainable development in global markets. Further research prospects. Prospects for further research should include a deeper analysis of the digital technologies impact on various economy sectors, in particular in the context of their implementation in small and medium-sized businesses, as well as studying the effectiveness of digital tools for the sustainable development of enterprises.

BULLETIN OF CHERNIVTSI INSTITUTE OF TRADE AND ECONOMICSVol. III(95)
Openalex Percentile: Top 54%
Economic Growth and Development
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