Abstract
Abstract. The article considers and analyzes the importance and main scientific approaches to determining the essence of digital transformation in the conditions of Industry 4.0 development. The opinions of domestic and foreign scientists on the definition of the essence of this concept are presented and it is determined that digitalization has an important role in the activities of modern enterprises. The definition of «digitalization» is proposed, that means the process of transition to digital business, which is the use of digital technologies to change business processes in the company and provide new opportunities for additional income and development prospects of business entities. It is determined that digitalization is a very popular and necessary process of transition to new business models in the activities of companies. The essence of the category «Industry 4.0» is considered and the main technologies and tools that contribute to the gradual transition to digitalization are presented. It is noted that Industry 4.0 is part and a leading trend of the Fourth Industrial Revolution. It is investigated that the transition to Industry 4.0 using digital tools is quite a trend, as these key technologies such as IoT, Big Data, cloud services, artificial intelligence today play a key role in the process of digitalization of companies. The main recommendations for adapting the business to digital transformations are given. The key directions of the development of digital technologies of Industry 4.0 are considered and presented. The industries that need digital transformation and those areas of business that are actively implementing digital products in their activities are identified. It was also found that the use of digitalization processes allows companies to optimize existing business models, gain new opportunities for business development, expand the scope of activities, and have tools to increase their efficiency and competitiveness. Keywords: digital transformation, digitalization, digital technologies, Industry 4.0. JEL Classification O39, O33 Formulas: 0; tabl.: 1; fig.: 2; bibl.: 16.
Highlights
Every year, digital transformation takes an increasingly important place in our lives
Digitalization penetrates almost all areas of industry and services, makes irreversible changes in the management of companies, improving their financial and economic activities, and making them more flexible and competitive in the market. This is the use of powerful software, hardware, and digital tools which forms the company’s competitive advantages in the market
Digital transformation — the process of transition to digital business, which is the use of digital technologies to change business processes in the company and provide new opportunities for additional income and development prospects
Summary
Digital transformation takes an increasingly important place in our lives. Industry 4.0 (the main purpose of which is to establish interaction between the real and virtual world, improve the quality of work, services, business activities, increase the competitiveness of economic entities and save resources) promotes the emergence of new technologies, artificial intelligence, robotics and smart products, etc. Based on these forecasts, we see the importance and necessity of the transition to digital technology now. Companies need to invest in the development of their digitalization processes to be competitive and more developed in the future
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