The Impact of Digital Technologies on Business Planning Strategies for Firms in Highly Competitive Industries

Abstract

Digital technologies have fundamentally changed companies’ approach to strategic business planning, especially in highly competitive industries. Using new technologies, companies can assess market risks more effectively, analyze customers’ needs and create competitive advantages for a quickly adaptation to dynamic market changes. Technological developments, such as big data, an artificial intelligence, a process automation, the Internet of things and a digital marketing, are creating new opportunities for a strategic planning, a resource optimization, a flexible market adaptation, and a personalized customer service. The purpose: An impact of digital technologies on business planning strategies for firms in highly competitive industries have studied. The main task is to distinguish, how digital technologies contribute to a competitiveness and an adaptability of companies and allow them to respond to dynamic changes in a market quickly. Research methods: analysis and synthesis of literary sources, SWOT analysis, comparative analysis of modern practices. Results: the level of influence of digital technologies on the strategy of business planning for companies in highly competitive galleys is clarified and the prospects for further research in this field are outlined. Digital technologies that have the greatest impact on the strategies of business planning for firms in highly competitive galleys are highlighted: big data and analytics, divided generation, digital “twins”; precision farming, high data and forecasting, robotization and automation; automatization of management of logical processes, analytics of big data, automated transport; security, digital twins, IoT and monitoring; computer calculations, artificial intelligence and machine learning, cyber security, automation of processes (RPA; digital twins and 3D modeling, numeric; IoT and predictive maintenance, automation of production processes. Conclusions: an introduction of digital technologies significantly changes business planning strategies in highly competitive industries, providing companies with tools for a deeper understanding of a market, an optimization of operational processes and a creation of innovative business models. These technologies provide a strategic planning with a greater flexibility, help to adapt to rapid changes and provide competitive advantages through a personalization and an automatization.