Examination of digital advancements: Their influence on contemporary corporate management methods and approaches
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The academic paper examines the impact of digital innovations on the parameters of the operational, financial, economic and managerial activities of enterprises. Indicators of the formation and development of digital management practice are studied; various criteria are considered, which can be used to determine the presence of digital phenomena in the strategy and their impact on the development of the organization’s management system. In light of the developments in the theory and practice of managing social-economic systems, the academic paper outlines the unique features of the management system of contemporary businesses that should be considered. It is emphasized that the era of the digital economy creates prerequisites for improving the efficiency of enterprises. Digital innovations generate new means of social interaction between employees; they transform economic relations between the enterprise and its business partners. More rational and cost-effective methods of cooperation and coordination are emerging to jointly solve particular business problems. However, at the same time, digital innovations also generate negative effects that are informational in nature. The number of models of unfair competition based on the dissemination of deliberately planned disinformation among market participants is growing; the number of economic crimes in cyberspace is increasing dramatically. That is precisely why modern innovative technologies such as blockchain and artificial intelligence provide for open, secure collaboration within the digital information space, and the application of analytics to the data obtained allows for increasing the competitiveness of the business. The rapid development of technology and the emergence of artificial intelligence (AI) have had a significant impact on the formation of digital innovations. The introduction of AI can significantly increase the effectiveness of any company’s HR strategies and facilitate the work of its managers by helping to collect and analyze large amounts of data.
