DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT

Authors

  • O. Savytska Національний технічний університет України «Київський політехнічний інститут імені Ігоря Сікорського», Ukraine https://orcid.org/0000-0002-1053-209X
  • V. Salabai National Technical University of Ukraine «Igor Sikorsky Kyiv Polytechnic Institute», Ukraine https://orcid.org/0000-0002-6369-7381

DOI:

https://doi.org/10.18371/fcaptp.v3i38.237472

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.

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Published

2021-06-30

How to Cite

Savytska, O., & Salabai, V. (2021). DIGITAL TRANSFORMATIONS IN THE CONDITIONS OF INDUSTRY 4.0 DEVELOPMENT. Financial and Credit Activity: Problems of Theory and Practice, 3(38), 420–426. https://doi.org/10.18371/fcaptp.v3i38.237472

Issue

Section

The social-humanitarian context of transformational finance-economical processes