Digitization of the Economy Under the Influence of the COVID-19 Pandemic

Authors

  • Iryna Stoianenko University of Trade and Economics
  • Oksana Kondratiuk University of Trade and Economic
  • Anastasiia Mostova Varna University of Management
  • Ruslana Pikus Taras Shevchenko National University of Kyiv
  • Hanna Kachan National Pedagogical Dragomanov University
  • Viktoriia Ilchenko University of Customs and Finance

DOI:

https://doi.org/10.18662/po/13.4/510

Keywords:

Information technology, innovation, COVID-19 pandemic, Industry 4.0, big data, blockchain, digital transformation of the government agencies

Abstract

This article examines the issues of digital transformation of the contemporary economy.

The digital transformation of the contemporary economic system determines the general contours of development of all sectors of the economy. New digital technologies, platforms and infrastructures have significantly transformed economic life and contemporary entrepreneurship.

The article examines the digital transformation of the contemporary economy at the micro and macroeconomic level. Significant positive impact of contemporary technological means on the activities of enterprises is noted. At the state level, digitalization provides an opportunity to increase the efficiency of public administration, ensure the convenience of public institutions, implement government functions online, users to cooperate and implement civic responsibilities in a convenient way. At the macroeconomic level, the economy has undergone significant digital transformations under the influence of the COVID-19 pandemic.

Author Biographies

Iryna Stoianenko, University of Trade and Economics

Candidate of Science in Economics, Associate Professor, Associate Professor of the Business Economics and Finance Department State

Oksana Kondratiuk, University of Trade and Economic

Candidate of Science in Economics, Associate professor, Associate professor of the Business Economics and Finance Department State

Anastasiia Mostova, Varna University of Management

Doctor of Science in Economics, Associate Professor, Economics and Management Department

Ruslana Pikus, Taras Shevchenko National University of Kyiv

Candidate of Science in Economics, Professor, Professor of the Department of Insurance, Banking and Risk Management

Hanna Kachan, National Pedagogical Dragomanov University

Candidate of Science in Economics.,  Associate Professor, Department of Management, Information and Analytical Activity and European Integration

Viktoriia Ilchenko, University of Customs and Finance

Candidate of Science in Economics (PhD), Associate Professor, Department of Entrepreneurship and Economics of Enterprises

References

Akter, S., Michael, K., Uddin, M., McCarthy, G., & Rahman, M. (2020). Transforming business using digital innovations: the application of AI, blockchain, cloud and data analytics. Annals of Operations Research, 308, 7-39. https://doi.org/10.1007/s10479-020-03620-w.

Avram, M. G. (2014). Advantages and challenges of adopting cloud computing from an enterprise perspective. Procedia Technology, 12(0), 529-534. https://doi.org/10.1016/j.protcy.2013.12.525

Babenko, V. O., Fedorova, G. Y., & Pokhodenko, B. O. (2021). Spozhyvcha cinnist tovariv v umovah cyfrovіzacіji ekonomіky [Consumer value of goods in the context of digitalization of the economy]. Bulletin of VN Karazin Kharkiv National University, Series: International Relations. Economy. Local lore. Tourism, 13, 38-49. https://doi.org/10.26565/2310-9513-2021-13-04

Belozertsev, V. S., Kharakoz, L. V., Karminov, Y. S., Sokolova, O. I., Sulima, G. A., & Khudyakova, G. V. (2021). Rozvytok informacijnyh system ta tekhnologіj v svіtovіj ekonomіcі pіd chas COVID-19 [Development of information systems and technologies in the world economy during COVID-19]. Bulletin of Khmelnytsky National University Series: "Economic Sciences", 105-109. https://www.doi.org/10.31891/2307-5740-2021-296-4-17

Bunduchi, R., Crişan-Mitra, C., Salanţă, I.-I., & Crişan, E. L. (2021). Digital product innovation approaches in entrepreneurial firms – the role of entrepreneurs’ cognitive frames. Technological Forecasting and Social Change, 175, 121343. https://doi.org/10.1016/j.techfore.2021.121343

Evans, C. (2020). The coronavirus crisis and the technology sector. Business Economics, 55, 253–266. https://doi.org/10.1057/s11369-020-00191-3

Fletcher, G., & Griffiths, M. (2020). Digital transformation during a lockdown. International Journal of Information Management, 55, 102185. https://doi.org/10.1016/j.ijinfomgt.2020.102185.

Gerasymova, I., Maksymchuk, B., Bilozerova, M., Chernetska, Yu., Matviichuk, T., Solovyov, V., & Maksymchuk, I. (2019). Forming professional mobility in future agricultural specialists: the sociohistorical context. Revista Romaneasca pentru Educatie Multidimensionala, 11(4), 345-361. http://lumenpublishing.com/journals/index.php/rrem/article/view/1604/pdf

Haseeb, M., Hussain, H., Ślusarczyk, B., & Jermsittiparsert, K. (2019). Industry 4.0: A Solution towards Technology Challenges of Sustainable Business Performance. Social Sciences, 8, 154. https://www.mdpi.com/2076-0760/8/5/154/pdf

Heyets, V., Voynarenko, М., Kholodenko, А., & Stepanok, N. (2019). Modeling state regulation of the labour market. CEUR-WS, 2019, 2422, 308–319. https://ceur-ws.org/Vol-2422/paper25.pdf

Humenna, Y. G., Tyutyunyk, I.V., & Tverezovska, O.I. (2021). Efekty vplyvu cyfrovizacіji na makroekonomіchnu stabіl'nіst' v umovah pandemії COVID-19: praktyka ES [The effects of digitalization on macroeconomic stability in the context of the COVID-19 pandemic: EU practice.] Bulletin of VN Karazin Kharkiv National University. Series: International Relations. Economy. Local lore. Tourism, (13), 70-77. https://doi.org/10.26565/2310-9513-2021-13-07

Iivari, N., Sharma, S., & Ventä-Olkkonen L. (2020). Digital transformation of everyday life – How COVID-19 pandemic transformed the basic education of the young generation and why information management research should care? International Journal of Information Management, 55, 102183, https://doi.org/10.1016/j.ijinfomgt.2020.102183

Jackson, N. C. (2019). Managing for competency with innovation change in higher education: Examining the pitfalls and pivots of digital transformation. Business Horizons, 62(6), 761-772. https://doi.org/10.1016/j.bushor.2019.08.002.

Khan, A.K., Khalid, M., Abbas, N., & Khalid, S. (2022). COVID-19-related job insecurity and employees’ behavioral outcomes: mediating role of emotional exhaustion and moderating role of symmetrical internal communication. International Journal of Contemporary Hospitality Management, 34(7), 2496-2515. https://doi.org/10.1108/IJCHM-05-2021-0639

Krasota, T., Lisienko, S., Bedrina, S., Firsova, E., & Bazhenov, R. (2020). Technological Dynamism And Digital Transformation Of Modern Economics. In D. K. Bataev (Ed.), Social and Cultural Transformations in the Context of Modern Globalism» Dedicated to the 80th Anniversary of Turkayev Hassan Vakhitovich, vol 92. European Proceedings of Social and Behavioural Sciences (pp. 1443-1449). European Publisher. https://doi.org/10.15405/epsbs.2020.10.05.190

Liu, L., Li, F., & Qi, E. (2019). Research on Risk Avoidance and Coordination of Supply Chain Subject Based on Blockchain Technology. Sustainability, 11(7), 2182. https://doi.org/10.3390/su11072182

Matthess, M., & Kunkel, S. (2020). Structural change and digitalization in developing countries: Conceptually linking the two transformations. Technology in Society, 63, 101428. https://doi.org/10.1016/j.techsoc.2020.101428.

Nerubasska, A., & Maksymchuk, B. (2020). The Demarkation of Creativity, Talent and Genius in Humans: a Systemic Aspect. Postmodern Openings, 11(2), 240-255. https://www.lumenpublishing.com/journals/index.php/po/article/view/2625

Nerubasska, A., Palshkov, K., & Maksymchuk, B. (2020). A Systemic Philosophical Analysis of the Contemporary Society and the Human: New Potential. Postmodern Openings, 11(4), 275-292. https://doi.org/10.18662/po/11.4/235

Nosova, S., Norkina, A., Makar, S., & Fadeicheva, G. (2021). Digital transformation as a new paradigm of economic policy. Procedia Computer Science, 190, 657-665. https://doi.org/10.1016/j.procs.2021.06.077.

Ordóñez de Pablos, P., & Labra Gayo, J. E. (2019). Rethinking key issues for understanding the new challenges of disruption and digital transformation in companies and economies. Behaviour & Information Technology, 38(9), 873-875. 10.1080/0144929X.2019.1641663

Pavlyshyn, Z. (2016). Strukturno-funktsionalʹnyy analiz vykorystannya informatsiynykh tekhnolohiy i system u derzhavnomu upravlinni (Structural and functional analysis of the use of information technologies and systems in public administration). Efektyvnistʹ Derzhavnoho Upravlinnya. 3(48), 1, 162-166. https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjfxf2P0tH0AhVHiIsKHWFwCiMQFnoECAIQAQ&url=http%3A%2F%2Fwww.lvivacademy.com%2Fvidavnitstvo_1%2Fedu_48%2Ffail%2F19.pdf&usg=AOvVaw2dvc3XKVI_k6-Uv-lPqR7M

Pham H., Tran, Q., La, G., Doan, H., & Wu, T. (2021). Readiness for digital transformation of higher education in the Covid-19 context: The dataset of Vietnam's students. Data in Brief, 39, 107482. https://doi.org/10.1016/j.dib.2021.107482.

Prikhno, I., Kuksa, V., & Mihaylov, I. (2021). The Use of Information Technology in Financial Management. SHS Web of Conferences, 100, 01007. https://doi.org/10.1051/shsconf/202110001007

Singh, S., Sharma, M., & Dhir, S. (2021). Modeling the effects of digital transformation in Indian manufacturing industry. Technology in Society, 67, 101763. https://doi.org/10.1016/j.techsoc.2021.101763

Sharma, V., Singh, A., & Rai, S.S. (2022). Disruptions in sourcing and distribution practices of supply chains due to COVID-19 pandemic: a sustainability paradigm. Journal of Global Operations and Strategic Sourcing, 15(2), 235-261. https://doi.org/10.1108/JGOSS-02-2021-0020

Tavera Romero, C. A., Ortiz, J. H., Khalaf, O. I., & Ríos Prado, A. (2021). Business Intelligence: Business Evolution after Industry 4.0. Sustainability, 13(18), 10026. https://doi.org/10.3390/su131810026

Tortora, D., Chierici, R., Farina Briamonte, M., & Tiscini R. (2021). ‘I digitize so I exist’. Searching for critical capabilities affecting firms’ digital innovation. Journal of Business Research, 129, 193-204. https://doi.org/10.1016/j.jbusres.2021.02.048.

Yanovska, V., Levchenko, O., Tvoronovych, V., & Bozhok A. (2019). Digital Transformation of the Ukrainian Economy: Digitization and Transformation of Business Models. SHS Web of Conferences, 67, 05003, https://doi.org/10.1051/shsconf/20196705003

Zafary, F. (2020). Implementation of Business Intelligence considering the role of information systems integration and enterprise resource planning. Journal of Intelligence Studies in Business, 10, 59–74. https://ojs.hh.se/index.php/JISIB/article/download/563/234

Downloads

Published

2022-11-29

How to Cite

Stoianenko, I., Kondratiuk, O., Mostova, A., Pikus, R., Kachan, H., & Ilchenko, V. (2022). Digitization of the Economy Under the Influence of the COVID-19 Pandemic. Postmodern Openings, 13(4), 127-141. https://doi.org/10.18662/po/13.4/510

Issue

Section

Postmodern Economy

Most read articles by the same author(s)


Publish your work at the Scientific Publishing House LUMEN

It easy with us: publish now your work, novel, research, proceeding at Lumen Scientific Publishing House

Send your manuscript right now