Transformation of Financial Relations Under the Digital Economy in the Forest Industry

Snezhana N. Bareyko, Tatyana S. Bazhaeva, Kseniya A. Kozhukhina and Elena V. Ivanova ()
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Snezhana N. Bareyko: Luga Les LLC Group of Companies
Tatyana S. Bazhaeva: Leningrad State University named after A.S. Pushkin
Kseniya A. Kozhukhina: University at Interparliamentary Assembly of EurAsEC
Elena V. Ivanova: St. Petersburg University of Management Technologies and Economics

A chapter in Challenges and Solutions in the Digital Economy and Finance, 2022, pp 339-349 from Springer

Abstract: Abstract The problems of conservation and use of forests are becoming more and more diverse and complex. Digitalization and informatization of the forest industry mean the introduction of innovations into all business processes. Currently, most Russian companies in the timber industry are thinking about the benefits of automating the system for managing the movement of wood stocks, digitalizing supply chains. This article considers the question of the possibilities of using digital technologies, defines the tasks of the forestry digitalization. Practice shows that investments in the modern technologies introduction ultimately bring cost saving and risk reduction, allow making more accurate plans and increasing the efficiency of business processes, making them more transparent, help reduce losses due to equipment downtime, contribute to increasing the volume of products and expanding the boundaries of influence. The introduction of efficient forestry is impossible without high-quality, accessible, and complete information about forest resources. Now the share of processing in the forestry of Russia is 60–70%, and it will increase. The timber industry has great potential in the domestic market. Currently, the investment attractiveness of the forest industry is underestimated, and its growth is expected in the future. The sustainable development of the Russian economy is inextricably linked with the digital economy. The main objective of the “Program for the Development of the Digital Economy in the Russian Federation until 2035” is to make a system of support and incentive measures that provides motivation for financial and economic entities to digital innovations and research in the field of digital technologies. The purpose of the study is to identify key digital trends that will contribute to the timber industry development. To achieve this goal, such methods as the method of comparative analysis, synthesis, grouping of data, statistical methods were used. As a result of the study, it was revealed that the development and widespread use of digital technologies in forest inventory can improve the accuracy and completeness of information about forests, as well as make it more accessible and reduce the number of errors that lead to inefficient use of forest resources. The use of digital technologies will bring forest industry enterprises to a new qualitative level of business process organization.

Keywords: Financial relations; Forest industry; Business activity; Business processes; Digital economy; Digital transformation (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-14410-3_35

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DOI: 10.1007/978-3-031-14410-3_35

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