The role of information technologies and innovations in the management of foreign trade activities of enterprises

George Kovbatiuk
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George Kovbatiuk: State University of Infrastructure and Technologies

Economic Synergy, 2023, issue 4, 128-146

Abstract: Determining the multifaceted role of information technologies and innovations in optimizing efficiency, mitigating risks and creating strategic advantages in the international trade system is becoming practically paramount in the current operating environment. Therefore, the article carries out a comprehensive study of the current status, challenges and future prospects of the symbiotic relationship between information technology, innovation and management of foreign trade activities of enterprises. In the modern landscape of global business, the interaction between information technology and innovation is changing approaches to managing the foreign trade activities of enterprises. The role of information technology and innovation in management can be assessed through a detailed analysis of the components of information and innovation support, which include: e-commerce platforms; blockchain technology; predictive analytics; automation in logistics; artificial intelligence in decision-making; market analytics based on databases; personalized customer experience (Internet of Things). The main advantages and difficulties of applying each element are considered, and the challenges associated with the integration of information technology and innovation into the management of foreign trade activities of enterprises are outlined. At the same time, the use of information and innovation support requires additional efforts in the security component (application of cybersecurity measures) and overcoming integration barriers. With the digitization of trade processes, cybersecurity has become of paramount importance - protecting confidential information, ensuring the integrity of transactions, and protecting intellectual property. Integration barriers include: tariffs and protectionist policies that impede the free movement of goods and services; obstacles to cross-border investment; non-tariff barriers, including regulatory restrictions, licensing requirements, and complex customs procedures; and obstacles to the implementation of sustainable practices. As technological advancements continue to evolve, businesses must remain agile, implementing and adapting innovations to remain competitive in the dynamic landscape of global trade.

Keywords: foreign trade activity; information technology; innovation; international trade; components of information and innovation support; enterprise management (search for similar items in EconPapers)
JEL-codes: F10 F16 O32 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2023:i:4:p:128-146

DOI: 10.53920/ES-2023-4-9

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