HOW TECHNOLOGIES CONTRIBUTE TO INCREASED PROFIT IN ENTERPRISES - Scientific conference
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Рік заснування видання - 2014

HOW TECHNOLOGIES CONTRIBUTE TO INCREASED PROFIT IN ENTERPRISES

22.10.2024 09:38

[1. Economic sciences]

Author: Bondarenko Anna, student, State Tax University




Economic development is important for the normal functioning of the state, because with the development of the economy, the production of services and goods increases, the country undergoes economic growth, which leads to a decrease in poverty and an increase in the well-being of the citizens of this country. Economic development, in turn, helps to improve the quality of goods and services of the enterprise, through the penetration of technologies into production.

Technology has a huge impact on every aspect of our lives. From everyday tasks to the functioning of society, technology serves as a catalyst for change, and economic development is no exception[1]. Technologies are changing consumption patterns, workplaces and production methods. Innovations introduced into production speed up and improve production, even help to create new types of goods, thereby increasing profits for entrepreneurs who pay taxes, that is, the state budget of the country increases.

Profit is a powerful lever of development, therefore the main task of the administrative apparatus of every enterprise is to develop an effective strategy of profit management and increase the profitability of the enterprise[2].

In a competitive market, many companies need to invest in competitive advantage to improve profitability and improve efficiency. For this, it is necessary to invest in new technologies. Usually, technology tools help in business management and provide a number of other benefits.

For example, social networks, which are also technologies in their own way, help companies establish relationships with customers, buyers, they also help promote the company's product or services, through social networks companies learn the latest trends, which helps them invent new consumer products, thereby always stay in first place with your customers.

Electronic programs, such as electronic personnel management systems, can help a company manage personnel documents, automate the calculation of wages and benefits, and help schedule the company's employees. These programs can also help with recruitment and retention strategies and employee development.

Digital skills go beyond just a firm's marketing or IT department. People play a critical role in driving digital transformation. Digital technologies that are included in production contribute to the company's exit to a new level. For example, the Tesla company is expanding the boundaries of electric cars and renewable energy sources and revolutionizing the automotive industry. Some examples of innovations include high-performance electric vehicles (EVs), autopilot, solar panels and energy storage, a network of superchargers, and Tesla's unique and stylish vehicle design, which makes these cars extremely popular and comfortable and differentiates the brand from its competitors. The introduction of new production technologies and the implementation of a new technological product at Tesla increased the company's profits and generally made it world famous.

For example, Domino's pizzeria, which is the most popular pizzeria in the world, because Domino's Anyware allows customers to order their favorite pizza through dozens of channels. This makes it very convenient for people to place orders no matter where they are. Namely, you can order via Smart TV, Facebook Messenger and even Twitter! The company does this with the help of artificial intelligence and chat bots. Domino's has also found a way to adapt during the pandemic. They offered the so-called Carside Delivery option. It is the delivery method that allows customers to choose the side of the car where their order will be delivered. If, for example, the customer is sitting in the front seat, the courier will place the order in the back seat. That is, the company adapts very quickly by introducing new technologies, which in turn increase the profitability of the enterprise.

That is, the introduction of the latest technologies and the use of social networks increases the profitability of enterprises.

LITERATURE:

1. How technology is changing the landscape of economic development. URL: https://researchfdi.com/resources/articles/how-technology-is-changing-the-landscape-of-economic-development/

2. Партола, А. С. "Шляхи підвищення прибутковості підприємства." (2017). URL: http://repository.hneu.edu.ua/jspui/bitstream/123456789/16483/1/%D0%A8%D0%BB%

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%BF%D1%80%D0%B8%D1%94%D0%BC%D1%81%D1%82%D0%B2%D0%B0.pdf

3. How does technology help increase the company’s profitability? URL: https://myabcm.com/how-does-technology-help-increase-the-companys-profitability/

4. How to use technology to improve your profits. URL: https://www.bdc.ca/en/articles-tools/technology/invest-technology/business-software-improve-your-profitability

5. How digital transformation can and will boost your profits. URL: https://digileaders.com/how-digital-transformation-can-and-will-boost-your-profits/

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Research supervisor: Liudmyla Volkova, Ph.D., Associate Professor Department of foreign languages





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