Implementation of Digitization for Anti-crisis Management of Business Entities

ABSTRACT

Digitalization in the crisis has contributed to increasing the level of resilience of business entities to economic downturns and bankruptcy risks. The article aims to empirically study the use of digital tools and crisis management methods in business entities. The research methodology is based on a case study of companies in various sectors of the economy on the integration of technological solutions during the pandemic in 2020. Statistical analysis was used to study the state of information technology financing during the crisis. Results. During the pandemic, since the beginning of 2020, the global level of funding for information technology (IT) by companies of different sizes has been growing. Depending on the size of the business entity, investments in technological solutions and equipment differ in volume small firms invest more in hardware projects, and large firms - in commercial services. The critical digital tools for crisis management in companies are Big Data / Analytics (64%), Cloud Technology (50%), and Artificial Intelligence / Machine Learning (44%). Analysis of the volume of different segments of the Enterprise application software market in 2020 shows companies' use of different types of enterprise software for different purposes and management functions. The analysis of companies' cases in using digital technologies during the crisis shows a high return on digitalization in a short time (0.34 years). Business entities are focused on integrating technologies to solve problems related to improving relations with suppliers, and customers, optimizing business processes, personnel management, and increasing operational efficiency. Integration of digital tools into various subsystems of company management (suppliers, customers, staff, shareholders) provides instant qualitative and quantitative effects.