Bulletin of
Vitebsk State
Technological
University

Abstract

Achieving a sustainable competitive advantage requires a modern organization to simultaneously develop both its digital and financial components, treating them as interdependent elements of a single strategy. Without adequate financial support, any initiatives to introduce digital technologies remain difficult to implement, on the other hand, without the introduction and development of information and communication technologies, financial success has objective limits. The relationship between the level of digitalization and the financial efficiency of a business is bi-directional and systemic in nature, since financial viability can be both a criterion for limiting digital technologies in an organization and a criterion for the expediency of their implementation and development.

The purpose of this study is to develop tools for quantifying the relationship between the level of digital development of an organization and the level of financial efficiency of its activities, based on comparing corporate indicators with macro-level indicators and allowing analysis of the interaction between digitalization and financial stability of a business. The proposed assessment toolkit is based on the use of information support available from the forms of state statistical observations on the activities of organizations and publications of the National Statistical Committee of the Republic of Belarus: a range of comparative analysis indicators is outlined, and criteria for attributing the achieved values of selected indicators to a high, medium or low level are proposed. Tools have been developed to compare the achieved levels of digital development indicators with financial indicators, and these have been tested in a real commercial organization. Conclusions are drawn about the coincidence of trends in the introduction of digital technologies and indicators characterizing the financial efficiency of the organization.

Digital development and financial efficiency of business: interrelation and interdependence