What it takes for business to survive/succeed in the digital age?

On Thursday, November 22, the second lecture of Professor Yulia Paramonova on the topic «What it takes for business to survive/succeed in the digital age» was held.

Today Internet has become an indispensable part of our existence, both at the level of the individual and on the world economy scale. Yulia Paramonova shared with the students her state-of-the-art ideas about how business depends on politics and economics nowadays, as well as the secrets of success for small and medium businesses in the digitalization era.

According to the professor, the shift from industrialization to digitalization, like any other cardinal change, promises companies, along with great potential, considerable difficulties, and to successfully overcome the challenges you need to keep in mind current trends and be able to test advanced technology in your own business. The abundance of information and the steady development of technology obliges the modern leader to constantly be “alert” in order to withstand the growing competition in a permanently improving market, as well as timely respond to such security risks as cybercrime and so-called “identity theft”.

To what extent are companies with physical presence (restaurants, shops) able to compete with Internet sites? What risks is the viability of traditional producers of goods and service providers exposed to in the conditions of similar online platforms existence that significantly reduce costs and require only awareness from their consumers? What is the Porter's Five Forces analysis? What is the essence of lean production and which qualities should a modern leader have? Students and a the professor tried to find answers to these and many other questions during joint discussions. We invite all fans of progress, brainstorming and advanced ideas for the next lecture!