INSTITUTIONALISATION OF DIGITAL TRANSFORMATIONS AND CHANGES IN BUSINESS MODELS IN THE CONTEXT OF THE DEVELOPMENT OF THE DIGITAL ECONOMY
Abstract
The article provides an analytical overview of the transformation of business models under the influence of digitalisation and develops recommendations on the priority areas of institutional development of the digital economy. The study summarises the main factors that hinder the development of digitalisation and digital transformation of the economy and consolidate Ukraine's status as a "country with catching-up digitalisation". Among the key constraints is the unreadiness of the infrastructure and institutional environment for digital transformation. It outlines the transition of science and practice to the concept of digital (platform) business models based on creating value for customers through the use of information and communication technologies, which contributes to the realisation of the potential of instant interaction between participants in economic processes. In this research, the key characteristics of digital models are identified, which play a key role in the formation and functioning of digital platforms, facilitating their integration into the modern digital economy and ensuring flexible interaction between all ecosystem participants. The publication presents a comprehensive approach to the institutional development of the digital economy, which includes the integration of digital initiatives into the economic development strategy, removal of legal and institutional barriers to innovation, and updating competition and taxation policies, implementation of state support for digitalisation, development of effective strategies to address critical issues (property rights, data privacy, international data flows, competences and expanded use of digital data, infrastructure), as well as promotion of research and establishment of new IT enterprises aimed at import substitution and growth of exports of technological services. Implementation of the approach will optimise the development of the digital economy in Ukraine and help maximise the benefits of digital transformation. The study also outlined the lower levels of institutionalisation of state support for adaptation to modern digital technologies. The development of unified digital platforms is proposed as an important factor in overcoming barriers to large-scale adaptation of digital technologies for a wide range of economic agents.
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