THE CONCEPT OF «SMART-ECONOMY»: CHALLENGES AND PROSPECTS FOR BUSINESS UNDER GLOBALIZATION
Abstract
The article is devoted to analyzing the concept of the “smart economy” as a modern paradigm of economic development based on the comprehensive implementation of digital technologies and innovations in business. The paper addresses key challenges related to the digital transformation of business entities, including the growing technological dependency, social inequality, and cyber threats. It highlights the prospects for the development of the “smart economy” through the application of advanced technological solutions that improve the efficiency of management and production processes. Particular attention is paid to the role of human capital and creativity in ensuring business competitiveness. The article outlines potential ways to minimize the adverse effects of digitalization. It emphasizes that a successful transition to a smart economy requires a comprehensive approach, including investments in digital infrastructure, enhanced cybersecurity measures, focus on sustainable development, cooperation between the public and private sectors of the economy, intensification of clusters, etc. In addition, the article discusses the importance of integrating human-centered approaches with technological advances to promote sustainable growth and social stability. The findings contribute to a deeper understanding of how innovative technologies, such as cloud computing and artificial intelligence, can be used to create flexible, sustainable and competitive businesses. Minimizing the challenges posed by rapid digitalization necessitates global cooperation and balanced development that supports innovation and its implementation. The smart economy, as a dynamic and evolving concept, offers new opportunities for business growth and sustainability by promoting the smart use of resources and fostering a culture of continuous business improvement in the digital era.
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