DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT
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 present...
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| Format: | Article |
| Language: | English |
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FINTECH Alliance LLC
2021-06-01
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| Series: | Фінансово-кредитна діяльність: проблеми теорії та практики |
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| Online Access: | https://fkd.net.ua/index.php/fkd/article/view/3333 |
| _version_ | 1797703966800216064 |
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| author | O. Savytska V. Salabai |
| author_facet | O. Savytska V. Salabai |
| author_sort | O. Savytska |
| collection | DOAJ |
| description |
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.
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| first_indexed | 2024-03-12T05:12:24Z |
| format | Article |
| id | doaj.art-0e016e7ebcf243fdbf5bc871702555d9 |
| institution | Directory Open Access Journal |
| issn | 2306-4994 2310-8770 |
| language | English |
| last_indexed | 2024-03-12T05:12:24Z |
| publishDate | 2021-06-01 |
| publisher | FINTECH Alliance LLC |
| record_format | Article |
| series | Фінансово-кредитна діяльність: проблеми теорії та практики |
| spelling | doaj.art-0e016e7ebcf243fdbf5bc871702555d92023-09-03T08:26:50ZengFINTECH Alliance LLCФінансово-кредитна діяльність: проблеми теорії та практики2306-49942310-87702021-06-0133810.18371/fcaptp.v3i38.237472DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENTO. Savytska0V. Salabai1National Technical University of Ukraine «Igor Sikorsky Kyiv Polytechnic Institute»National Technical University of Ukraine "Igor Sikorsky Kyiv Politechnic Institute" 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. https://fkd.net.ua/index.php/fkd/article/view/3333digitalizationdigital-technologiesIndustry 4.0digital transformation |
| spellingShingle | O. Savytska V. Salabai DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT Фінансово-кредитна діяльність: проблеми теорії та практики digitalization digital-technologies Industry 4.0 digital transformation |
| title | DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT |
| title_full | DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT |
| title_fullStr | DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT |
| title_full_unstemmed | DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT |
| title_short | DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT |
| title_sort | digital transformations in the conditions of industry 4 0 development |
| topic | digitalization digital-technologies Industry 4.0 digital transformation |
| url | https://fkd.net.ua/index.php/fkd/article/view/3333 |
| work_keys_str_mv | AT osavytska digitaltransformationsintheconditionsofindustry40development AT vsalabai digitaltransformationsintheconditionsofindustry40development |