Instruments of the Digital Economy in the Context of Improving the Efficiency of Industrial Enterprises

Abstract

Digital transformation is becoming an integral part of the development of industrial enterprises in the modern world. The phase of transition to the digital economy is expected not only to increase the productivity and efficiency of production processes, but also to open up new opportunities for development and a competitive position in the market. The inclusion of digital instruments in the activities of industrial enterprises can greatly facilitate management, improve product quality and ensure more efficient use of resources. The aim of the article is to study and analyze the instruments of the digital economy in the context of improving the efficiency of industrial enterprises. The article analyzes the definition of «digital economy» and provides the authors’ own definition of this term. The prospects for the introduction of the digital economy in the activities of industrial enterprises are determined, among which an increase in labor productivity, an increase in product quality parameters, a decrease in costs, an increase in the level of adaptation and the level of competitiveness are allocated. The main program document for the development of Industry 4.0 in Ukraine named «Strategy 4.0» is analyzed. The main instruments of the digital economy have been identified, which should include the Internet of Things, artificial intelligence, machine learning, data analytics, cloud technologies, digital platforms, and ecosystems. It is proved that the introduction of digital economy instruments in the activities of industrial enterprises creates prerequisites for optimizing production processes. The article also states that the process of introducing digital instruments into the activities of industrial enterprises creates prerequisites for certain challenges and threats, including the threat of cyberattacks, data security breaches, large investments in the transfer of knowledge and technology and, as a result, the need to upgrade production equipment to more modern, complex integration of new technologies into existing production processes. Therefore, the development of the digital economy at industrial enterprises can help increase their competitiveness and stability in the market. Ensuring that digital instruments are correctly selected, implemented, and optimized is an important task for enterprise management and staff in the era of digital transformation.

Keywords

• digital economy
• digitalization
• industrial enterprise
• industry 4.0
• strategy 4.0
• instruments
• challenges