DEVELOPMENT OF BUSINESS DIGITALIZATION IN THE CONVENTION OF THE COVID-19 PANDEMIC

Keywords: digitalization, business, development, advantage, COVID-19

Abstract

The article examines the state of business during the pandemic. The coronavirus pandemic is a crisis that has catalyzed global economic, social, personal and corporate change. Their number, the speed with which they occur, suggest that companies are facing changes that may occur once a generation. Difficult economic prospects and long-term uncertainty require managers not only to make tough and unpopular decisions, but also to use adaptive intelligence and creative thinking. After all, only the application of decisive measures by top managers will make companies even stronger when the crisis is over. The basis of such measures is the digitalization of business, which has become a necessity without which it is simply impossible to maintain market position. The purpose of the article is to study the state of business during the pandemic and to determine the benefits of business digitalization after COVID-19. In the process of writing the article, the following trends emerged: with the advent of quarantine, most consumers became poorer; a decrease in income does not always lead to a reduction in costs; With the onset of the pandemic, the business began to adapt to new realities by introducing innovations in ways of communicating with customers and mastering new sales channels. It is established that the COVID-19 pandemic complemented the picture of massive changes in business and being "Digital" became a mandatory and a real leader in digital transformation, not CEO, not СТО, but COVID-19. The use of adaptive intelligence, combined with creative thinking, has helped many business owners not only to stay in the market, but also to open new horizons. The "Three Horizons" approach to business growth is considered, the idea of which is to describe and analyze opportunities for growth, as well as to find specific ideas and place them in the right horizon. In a pandemic, companies did not have the opportunity to slowly change horizons. To maintain market positions, and sometimes survival, it is necessary to make quick decisions, look for new opportunities, creative approaches and put into practice the practice of adaptive management. Therefore, significant success in the last year and a half has been achieved by enterprises that have been able to move to horizons 2 and 3 and maintain their market position. The advantages of business digitalization development after COVID-19 are determined, namely: advantage in efficiency; advantage in productivity; security advantage; advantage for customers; the advantage of flexibility.

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Published
2021-02-23
How to Cite
Zhosan, H. (2021). DEVELOPMENT OF BUSINESS DIGITALIZATION IN THE CONVENTION OF THE COVID-19 PANDEMIC. Economy and Society, (24). https://doi.org/10.32782/2524-0072/2021-24-40
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MANAGEMENT