THEORETICAL ASPECTS OF DIGITAL TRANSFORMATION OF THE ECONOMY IN THE NEW GLOBAL REALITIES

Julia Stoyancheva Stefanova
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Julia Stoyancheva Stefanova: Economic Research Institute at the Bulgarian Academy of Sciences, Sofia, Bulgaria

Journal of Financial and Monetary Economics, 2024, vol. 12, issue 1, 252-264

Abstract: The digital transformation of the economy is associated with profound structural changes in such areas of production as the construction of new value chains with a local and regional focus based on new technologies (technological algorithms, artificial intelligence, blockchain technologies, the Internet of Things, cloud technologies, etc.), digital business models and digital investment solutions (Accelerated Digital Transformation Program, WEF, 2020). Important advantages of technological transformation include optimization of the production management process, decentralization, transparency, reduction of operating costs, etc. However, these processes pose serious challenges to SMEs, which require attracting significant financial resources for readjustment (in terms of resource productivity) to new technological realities and the new digital paradigm for business functioning in the Fourth Industrial Revolution.

Keywords: digital transformation; innovation; economic consequences (search for similar items in EconPapers)
Date: 2024
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