Modern business development has been determined by information and communication technology. ICT has enhanced the efficiency of business processes and created new, innovative business models. These developments will enable the automation of processes and reduce the cost of information processing, becoming a key factor bolstering the efficiency of modern enterprises. This transformation is known as the fourth industrial revolution. Moreover, ICT is a fundamental determinant of business models related to the development of the sharing economy and e-commerce.
The Covid-19 pandemic has become an external factor that has exerted a major impact on the development of business over the last year. It has taken its toll on economies. Only a precious few industry have not suffered losses precipitated by this crisis. However, the situation has also forced many companies to change the way they operate. Enterprises have widely transitioned to remote working. Electronic sales channels and new forms of communication with customers have been developed. All of these have also involved the development and implementation of numerous innovations. It is to be expected that a big part of these solutions will continue to be further developed after the pandemic.
The dependence of modern business on ICT and the conditions of the socio-economic environment, including in particular the Covid-19 pandemic, have made it necessary to implement fundamental changes in many enterprises. These involve financial management, business process coordination, building customer relationships, as well as human resource management. Their implementation has encountered multiple obstacles. Overcoming them is a precondition for ensuring business development and meeting the challenges of the modern economy.
This monograph is the result of scientific cooperation between the College of Management and Quality Sciences of the Cracow University of Economics and other scientific and business circles, such as Andrzej Frycz Modrzewski Krakow University, Cavalry Captain Witold Pilecki State University of Malopolska in Oswiecim, Kyiv National University of Trade and Economics, Poznań University of Economics and Business, Jan Kochanowski University in Kielce, Witelon State University of Applied Sciences in Legnica, University of Economics in Katowice, University of Kragujevac, University of Lodz, University of Messina, University of Zielona Gora, Whise-Ukraine, LLC, Wroclaw University of Economics and Business, Wroclaw University of Science and Technology and WSB University in Dąbrowa Górnicza.
The monograph deals with the issues from both a theoretical and practical perspective.
The topics are divided into the following three complementary parts:
• Digital Transformation and Innovativeness of Business,
• Impact of Covid-19 on Business and Society Development,
• Business Management Challenges in the Digital Economy.
The first part titled "Digital Transformation and Innovativeness of Business" is concerned with issues of modern business development in conditions of digital transformation. The issues discussed in this part relate to both macro- and microeconomics. The papers deal with issues involving the global development of the IT industry, commercialisation of knowledge and technology, artificial intelligence, the use of public and social networks in business, e-business, digitisation of business processes, as well as electromobility of modern society.
The second part of the monograph titled "Impact of Covid-19 on Business and Society Development" deals with the impact of the Covid-19 pandemic on the current development of business and society. It also presents general problems involved in change management and organisation development. Its main focus is on the economic recovery after the Covid-19 pandemic, remote communication and the competitiveness of enterprises. These issues are considered from the perspective of various categories of organisations, both business and public, as well as social development.
The third part titled "Business Management Challenges in the Digital Economy" presents the challenges of managing enterprises in conditions of the fourth industrial revolution, dominated by information technologies. The issues explored in this part relate both to the contemporary conditions of corporate finance management and the importance of digital competences, creating and implementing innovations, as well as the use of modern media and information technologies to stimulate companies’ effectiveness and competitiveness.