Improving business processes in the agricultural sector considering economic security, digitalization, risks, and artificial intelligence

Nataliia Zelisko, Nataliia Raiter, Nataliia Markovych, Halyna Matskiv and Orysia Vasylyna

Ekonomika, Journal for Economic Theory and Practice and Social Issues, 2024, vol. 31, issue 3

Abstract: The study aimed to address ways to improve the efficiency of agribusiness through the introduction of modern technologies and innovative approaches. The methods of quantitative and qualitative analysis of financial indicators, analytical reviews, and specific examples of technology implementation were used to achieve this goal. The study emphasises the impact of digitalisation of the agricultural sector on improving economic security, efficiency and competitiveness. The introduction of digital technologies, such as the Internet of Things, process automation and precision farming, is helping to optimise production processes, reduce costs and improve product quality. The study results show that the concept of smart farming significantly increases the efficiency of agribusiness. The use of Big Data, blockchain technologies, drones and satellite technologies provides better management of agribusiness, while artificial intelligence helps to predict yields and optimise agricultural processes. Risk management in the agricultural sector, including insurance and financial instruments to hedge price fluctuations, is a key factor in enhancing economic stability. The experience of leading global companies such as John Deere, Agricultural Bank of China, Fruition Sciences, TE-FOOD and FieldView has shown the effectiveness of digital technologies and innovations in improving efficiency 10. and sustainable development. Particular attention is devoted to the problems and prospects for the introduction of modern technologies in the agricultural sector of Ukraine on the example of Myronivsky Hliboproduct. An integrated model for improving the business processes of Myronivsky Hliboproduct is proposed, including the digitalisation of production processes, the introduction of blockchain technologies, the use of AI and risk management. Necessary steps to overcome existing challenges, such as insufficient funding for innovation, infrastructure constraints, staff training and cybersecurity, were determined. The implementation of the proposed measures will allow the company to become a leader in the implementation of innovations in the agricultural sector of Ukraine, increase competitiveness and ensure sustainable development in the future

Keywords: Research; and; Development/Tech; Change/Emerging; Technologies (search for similar items in EconPapers)
Date: 2024
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