INSTITUTIONAL ASPECTS OF DIGITAL TRANSFORMATION AND DEVELOPMENT OF THE DIGITAL ECONOMY OF UKRAINE
Abstract
Digital transformation is becoming one of the key factors in ensuring sustainable economic development that meets the challenges and needs of modern Ukrainian society. Currently, the state's task is to formulate a strategic vision for the digital economy and implement projects for the digital transformation of the economy and society. The aim of the article is to study the genesis, generalise approaches to managing the development of the digital economy, and define guidelines for forming the concept of development of the digital economy based on the methods of institutional analysis. The paper highlights the predicted positive results of digital transformation: increased productivity and efficiency of business processes; improved access to information; increased competitiveness of domestic enterprises; development of new business models; higher quality of life; environmental sustainability; and response to social challenges. The publication describes the main challenges and problems of further development of the digital economy that need to be addressed and resolved: digital divide in access to technology; technological hazards; data privacy and security; ethical and legal issues; labour market changes; environmental impacts; geopolitical challenges; social risks; economic risks; institutional challenges. The research proposes a comprehensive approach to the institutional development of the digital economy, which includes the institutionalisation of legal norms and standards, the development of political and economic strategies, the creation of infrastructure and educational support aimed at harnessing the potential of digital technologies, as well as international cooperation to ensure the sustainable and inclusive development of the digital economy by engaging public, private and civil society institutions in creating conditions conducive to sustainable development and the integration of digital innovations into all aspects of life. The study identifies the vectors of institutional development of the digital economy: promotion of innovation and technological development; provision of legal and regulatory certainty; creation of a favourable investment climate; improvement of digital literacy of the population; ensuring social inclusion and reducing the digital divide; adaptation to global changes and challenges. The paper identifies the key catalysts for digital progress in the economy: the introduction of Industry 4.0 principles, the concepts of "smart factory" and "cyber-physical system".
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