Improving international business efficiency with digital technologies

Olena Pakhnenko and Kuan Zhang
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Olena Pakhnenko: Sumy State University
Kuan Zhang: Sumy State University

Economic Synergy, 2024, issue 3, 49-62

Abstract: he rapid advancement of digital technologies is reshaping international business, offering new opportunities for growth and efficiency. Technologies like AI, Big Data analytics, blockchain, and IoT are revolutionizing business processes, enhancing decision-making, and enabling more effective execution of international projects. The adoption of these technologies has accelerated due to their ability to streamline business operations, improve coordination, and foster collaboration. In the face of intense global competition, businesses increasingly turn to digital solutions to stay ahead. The COVID-19 pandemic further underscored the importance of digital technologies in reducing costs, saving time, and facilitating global trade during times of crisis. While digital technologies offer significant benefits, they also bring challenges, such as the need to balance old and new values within organizations. However, the potential to reduce production and sales costs, improve capacity utilization, and streamline processes outweighs these challenges. Additionally, digital technologies enable direct online interactions with international customers, reducing the need for intermediaries and lowering the cost of sales. The study aims to examine how specific digital technologies impact the efficiency of international business operations. For this purpose, a survey of 101 respondents with experience in international business was conducted. The processing of survey results using regression analysis methods revealed that the implementation of cloud technologies had the greatest impact on increasing the efficiency of operational processes in international business; blockchain technology also played an important role. In addition, the use of digital technologies in international business has a substantial impact on the cost structure due to a significant reduction in operating costs.

Keywords: International business efficiency; Digital technologies; Supply chain management; Financial management; Collaboration; Cost reduction (search for similar items in EconPapers)
JEL-codes: M2 O1 O3 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2024:i:3:p:49-62

DOI: 10.53920/ES-2024-3-3

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