DIGITALIZATION OF THE WORLD BUSINESS ENVIRONMENT UNDER THE CONDITIONS OF GLOBAL INSTABILITY

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  Mariana Fedyk

  Solomiya Kudyn

  Marіia Bondarchuk

Abstract

Rapid digitalization, as a response of business to the post-pandemic consequences, has put each participant in the system of economic processes prior to the choice, the essence of which lies in the necessity to determine one’s own priorities in the new environment, as well as the formation of further strategies and tactics of life, in particular, developed either on traditional tools or on innovative mechanisms and digital technologies. On the one hand, the subjects of the economic system are ready to adopt and disseminate the practice of using digital tools in professional activity processes. However, on the other hand, both the business sector and employees have certain doubts about the advisability of a radical transformation of the business environment, although they feel the need for new models of organizing life, due to global instability, which has a destructive impact on every sector of the economy and highlights the low efficiency of traditional mechanisms and tools for ensuring business processes in the context of the post-pandemic crisis. The purpose of the academic paper lies in analysing certain aspects of digitalization of the global business environment, as well as their impact on changing the organizational framework of the global business environment in conditions of pandemic instability. Methodology. The study of the issues outlined was carried out through the use of methods of comparison, abstraction, analysis and generalization, the method of system-structural research, as well as statistical and analytical analysis, tabular and graphical modelling. Results. As a result of the research conducted, it has been generalized that digitalization cannot be determined only as a global phenomenon; it is both a strategic goal, and a large-scale social-economic phenomenon, and a progressive tool necessary for business in order to restore the level of efficiency. Summarizing the specifics of post-pandemic instability, it has been proven that the scale of the crisis of 2019-2021 is unprecedented for the modern economy; this leads to the use of unprecedented tools to combat it. Defining the COVID-19 pandemic as a precondition for global destabilization, it has been determined that digital transformation is a business response to the crisis; it also remains both a challenge and an opportunity for businesses. Digitalization has contributed to the rapid restructuring of business process models, which has helped to preserve a significant share of enterprises. Practical implications. Further digitalization strategies, tactics and practices should be used as a basis for achieving stability in the world economy. Value/originality. Thus, the academic paper is an original study of trends in the digitalization of the global business environment due to changes in the practice of entrepreneurship under the conditions of the global post-pandemic instability.

How to Cite

Fedyk, M., Kudyn, S., & Bondarchuk, M. (2022). DIGITALIZATION OF THE WORLD BUSINESS ENVIRONMENT UNDER THE CONDITIONS OF GLOBAL INSTABILITY. Economics & Education, 7(1), 34-41. https://doi.org/10.30525/2500-946X/2022-1-6
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Keywords

digital transformations, global economy, business processes, digital tools, information and communication technologies, macroeconomic instability, global crisis

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