THE IMPACT OF BUSINESS EXCELLENCEON COMPANY COMPETITIVENESS INTHE DIGITAL AGE

Georgi Kondev ()
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Georgi Kondev: University of Chemical Technology and Metallurgy, Sofia, Bulgaria

Economic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 55-69

Abstract: In today's economic environment, digital technologies are changing the way businesses develop and evaluate their business, as well as the way they measure return on investment (ROI). Today, in order for a company to be competitive, with sustainable profits and strong business positions inone or more sectors of the economy, it is crucial to use well-known self-assessment models that lead to organizational excellence. It is essential that all stakeholders are aware of the value of 'knowledge' as an asset to fierce competition. A number of companies in the 21st century have already recognized and appreciated the accumulated knowledge for which they have invested not a small part of their hard-earned equity. Therefore, they are probably already taking action to improve processes based on the valuable knowledge they have gained and the self-assessment experience that is beneficial to the whole company. There are other market actors that have not taken such steps. In this situation, they are probably losing resources to rediscover already known knowledge, wasting unnecessary time overcoming difficulties in their processes, or unsuccessfully absorbing the increasing volumes of new knowledge that is coming in every day.The current development of digital technologies for processing and analyzing information, combined with a process of self-assessment and access to high-speed networks, provides the company with unparalleled opportunities to conquer new markets and strong competitiveness. To achieve this, innovative software systems and processes are developed that are quickly integrated into existing ones and successfully distributed within the company. Thus, having a knowledge management system coupled with periodic self-assessment would lead to effective continuous improvement and sustainable competitiveness.

Keywords: Business excellence; competitiveness; digital technologies (search for similar items in EconPapers)
JEL-codes: A12 (search for similar items in EconPapers)
Date: 2020
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