Increasing the Competitiveness of Enterprises Under the Conditions of Digitalization

Abstract

The problem of competitiveness of firms, industries, and countries is one of the most urgent and dynamic in the world economy. This is explained by the fact that its analysis is influenced by many factors, but first of all the change in the rates of economic growth of countries, the level of unemployment, the place of a country or firm (enterprise, organization) in the world economy, etc. The significance of this problem is especially growing in the conditions of growing global economic competition for the right of each country to occupy a worthy place in the system of the world economy. The transition of the modern economy to a qualitatively new level involves the creation of innovative industries, technologically developed business, a change in the institutional conditions of the functioning of economic entities, improvement of the living environment, an increase in labor productivity, and, finally, the transformation of the chains of creation by enterprises. The practice of recent decades shows that concepts of competitiveness can differ significantly depending on the technological structure, which is based on the level of development of productive forces. In the process of digital transformation, enterprises are transformed into organizations with digital thinking. The product moving to the market becomes digital. The quality of the products and services provided is achieved through personalization, individualization, improved functionality, system integration of transport and logistics activity, current revenue models, modern design, application development. The competitiveness of the enterprise can be defined as the ability of the enterprise to better provide the supply of goods or services, compared to competitors, by providing goods or services with differentiated properties while complying with quality standards. Digitization makes it possible to find partners anywhere on the planet, to effectively build commodity and money chains, and to conduct profitable foreign economic activities. Strengthening the competitiveness of the enterprise will depend on how quickly and effectively digital solutions will be implemented in business, since digital technologies have become the driving force of the socio-economic development of many countries of the world, determining the basis of sustainable development in the future.

Budget, Finance, Economy and Management: The Latest Trends in Business and Startup Development

“…Digitization makes it possible to: optimize business processes; create new products and services thanks to the Internet of Things technology, virtual reality, cloud services, artificial intelligence; reduce costs (savings on people thanks to automation and robotics, accounting automation, "smart" supply and fleet management, fuel consumption control); offer completely new business solutions: new insurance models, P2P systems, alternative services to banking services, mobile applications for training, an individual approach to the online buyer, personal advertising [253].…”

Development of a product quality improvement strategy

“…I. Kotelnikova (2022) paid more attention to the innovative component of enterprises in the context of increasing their competitiveness. The researcher described in sufficient detail the digital products that can be used for these purposes, but also did not give any practical examples.…”