Industry 4.0 Technology in the Digital Economy

Abstract

The innovative development of the economy is closely connected with its digitalization. The modernization of technological cycles makes it necessary to turn to new business methods and modernize existing business models. One of the factors contributing to the IT development was the Coronavirus pandemic in 2019–2020. When the restrictions were adopted, there was a massive transition to the digital environment. The positive attitude to digital changes has increased significantly, in particular in the Russian Federation, companies have realized advantages of the digital transformation. In the course of the study, the authors analyzed publications of domestic and foreign authors, as well as popular media on the topic of digitalization of the economy in a changing external environment. The main purpose of the study was to consider the Industry 4.0 technology for the digital transformation of the economy and the modernization of business models. It was concluded that the main obstacles to successful digital transformation are the human factor, outdated IT systems, as well as the lack of knowledge and habits of the population in the area.