Digital changes in the economy: advanced opportunities for digital innovation

International Journal of Management (IJM)
Volume 11, Issue 3, March 2020, pp. 457–466, Article ID: IJM_11_03_049
Available online at />Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com
ISSN Print: 0976-6502 and ISSN Online: 0976-6510
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DIGITAL CHANGES IN THE ECONOMY:
ADVANCED OPPORTUNITIES FOR DIGITAL
INNOVATION
Olga Vladimirovna Glinkina
Russian New University, 22 Radio St., Moscow, 105005, Russia
Svetlana Aleksandrovna Ganina
Russian New University, Moscow, Russia
Anna Viktorovna Maslennikova
Russian New University, Moscow, Russia
Tatyana Anatolevna Solostina
Russian New University, Moscow, Russia
Marina ViktorovnaSoloveva
Financial University under the Government of the Russian Federation, Leningradsky
Prospekt, 49, Moscow, 125993, Russia
ABSTRACT
The article considers the main changes taking place in the economy due to the
development of information technologies. Industry 4.0, the fourth industrial revolution,
the digitalization of the economy, and digital management are exactly the new realities
in management that are rapidly changing the social production and the life of society
in general. Many researchers speak of an unprecedented rate of change. But in order
to be able to take advantage of progress, one needs a flexible environment ready for
constant updates. At that, the main components of such an environment should be
innovative technological infrastructure and psychological readiness of contemporary

society, business, and the state to master advanced technologies and use them in their
activities. It is these factors that influence digitalization as a phenomenon that creates
a new level of development of the economic and social sector, the effectiveness of public
administration, corresponding to the concept of Smart State. The present study was
carried out using the methods of system approach, as well as statistical and economic
analysis. Over the past two decades, Industry 4.0, having impact on organizations,
industries, and consumer markets, has created new models of interaction between
market participants, i.e. the business environment.

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457




Olga Vladimirovna Glinkina, Svetlana Aleksandrovna Ganina, Anna Viktorovna
Maslennikova, Tatyana Anatolevna Solostina and Marina ViktorovnaSoloveva
Keywords: Artificial Intelligence, B2B, B2C, E-Commerce, Industry 4.0, Internet of
Things.
Abbreviations: AI, artificial intelligence; B2B, business-to-business; B2C, businessto-consumer; DT, digital technologies; FMCG, fast-moving consumer goods; IoT,
Internet of things; IT, information technology.
Cite this Article: Olga Vladimirovna Glinkina, Svetlana Aleksandrovna Ganina, Anna
Viktorovna Maslennikova, Tatyana Anatolevna Solostina and Marina
ViktorovnaSoloveva, Digital Changes In The Economy: Advanced Opportunities For
Digital Innovation, International Journal of Management (IJM), 11 (3), 2020, pp. 457–
466.
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1. INTRODUCTION
Due to the rapid development of information technologies at the present stage, and rapid
penetration of these technologies into the market environment, one can observe an avalanche

of changes in the business environment and the relationships between market participants. The
terms of economy digitalization, Internet of things, technological entrepreneurship, and digital
society appear increasingly in scientific publications, proceedings of scientific conferences, and
forums. The question arises as to what are the milestones, criteria, or signs which manifest the
implementation of the 4th industrial revolution today?
First of all, it is possible to distinguish modern technologies that actively penetrate into the
business. These are business virtualization, the emergence of e-commerce, the development of
B2B, B2C, and other markets, artificial intelligence (AI) technology, machine learning, the
Internet of things (IoT), blockchain, and others. The main goal is to identify the areas of the
actual application of digital technologies in the context of contemporary entrepreneurship and
business.

2. METHODS
2.1. General description
The methods of system approach, as well as statistical and economic analysis, were used for
the present study.

2.2. E-commerce tools: some ways to improve customer satisfaction
The analysis of the changes associated with the emergence of new levels of relationships
between business participants, namely B2B and B2C markets, and new ways to influence
customer satisfaction is conducted below.
Business-to-business (B2B) stands for activity in which a supplier company provides its
product or service to other businesses. In contrast to conventional trade, business-to-consumer
(B2C) stands for selling products or services to customers who will use this product or service
to meet their needs as end-users. The key difference between B2B and B2C markets is the enduser of products and services. In the first case these are companies, i.e. legal entities, while in
the second case these are ordinary consumers. Another difference is that the volume of B2B
transactions is larger than that of B2C.
When developing a marketing plan, it is necessary to consider a number of fundamental
differences between B2B and B2C markets. It is first necessary to consider the concepts of
buyer and consumer. In B2C, the buyer and the consumer are the same people who buy a

product or service in order to meet their personal needs. In B2B sales, the buyer is not the enduser. Moreover, the properties that a product or service possesses are not always the only factor
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Digital Changes In The Economy: Advanced Opportunities For Digital Innovation
influencing the successful conclusion of a transaction. In the B2B, an important role is played
by the relationship between the seller and the buyer, favorable cooperation with the client.
In particular, the purpose of purchasing a product or service follows from the noted
distinction. In B2C operations, the goal is to meet the needs of the consumer, while in B2B
transactions it is further production of goods or services (Ganina, 2018). Thus, in the first case,
goods and services are purchased to meet consumer needs, while in the second  to obtain or
increase profits.
Another major difference is the way of communication. A large amount of money is
allocated for advertising of goods and services intended for end-user. Therefore, when going to
the store, the buyer usually knows what kind of product he needs, and in this case, little depends
on the seller, though in some cases seller still can affect the choice of the buyer. In cases with
the B2B market, there is not much advertising, so a qualified seller will greatly influence the
consumer’s decision.
In order to fully meet customer needs and increase profits, companies involved in B2B must
stop imitating consumer brands and understand what their own customers’ value. Senior
executives at B2B companies are committed to helping their customers increase sales and
margins. However, there is a very little systematic framework for targeting its customers. Most
of what B2B companies do depends on reworked concepts from consumer companies.
Consumer goods and services focus on consumer experience, consumer pleasure, as well as
hedonic consumption, and rightly so. But the B2B has so many utilitarian cost drivers, such as
sales, bidding, billing, and project management that go beyond the empirical aspects of cost.
Simply put, B2B customers differ from traditional consumers of goods and services (Ganina,

2019).
Thus, B2B companies differ essentially from B2C companies. Former tend to sell
complicated products and services that are purchased by customers through a systematic buying
process involving multiple stakeholders such as end-users, appraisers, and purchasing
managers. In terms of consumption, B2B cycles are longer and more complex, sometimes
lasting several decades and involving hundreds of employees. Given these differences, B2B
companies can meet the needs of their customers by developing new competencies. The CCUBESTM study has identified six client competencies related to B2B clients (C-Cubes, 2017).
Unlike functional competencies such as technology, finance, innovation or creativity related to
the core business of the company, the six client competencies are based on six specific areas of
values perceived by the B2B client.
Each of these competencies is an element of interaction focused on meeting the needs of
the client. Functional competencies are necessary to ensure the perception of the initial value
associated with these competencies. However, superiority in functional competencies is not
enough if they cannot fully meet the client’s needs.
Customer value is linked to six customer competencies. These competencies were
developed in the framework of a research project by scientists at Rice University, Texas, and
the University of Iowa (1) (Mittal, 2018). They are based on open interviews and surveys of
more than 600 managers and executives from suppliers and customers of B2B companies.
Below are six client competencies related to B2B clients.s
1. Bidding and sales process. While ordinary consumers respond primarily to prices
displayed in stores, B2B buyers typically go through a complex bidding and selling process.
Customers evaluate the accuracy of the proposals based on understanding and taking into
account all the needs of the customer, as well as the competence of the sales department. When
conducting the survey, respondents noted the importance of the sales department in the course
of developing proposals. The relationship properly established by the sales department with the

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Olga Vladimirovna Glinkina, Svetlana Aleksandrovna Ganina, Anna Viktorovna
Maslennikova, Tatyana Anatolevna Solostina and Marina ViktorovnaSoloveva
client, as well as the information collected serve the basis for the development of the offer most
optimal for the customer.
2. Quality of products and services. Products and services in B2B can be complex, ranging
from multi-year service contracts to a full-fledged power plant construction project. For B2B
companies, the quality of product and service is the main element of the developed proposals
for all customers. Respondents describe this competency as an unconditional need for the
proposal to meet the technical characteristics of the equipment and service personnel.
3. Billing and pricing refer to customers' perception of the extent to which pricing and
billing processes are fair and competitive. Therefore, the principle of low prices is not relevant.
Respondents prefer companies that offer a fair price and do not change it in the course of the
order fulfillment.
4. Communication is a key component that can reduce the perceived value of the company
to the customer. As a competence, communication represents the degree of perceptivity of a
firm. The feedback provided by the supplier, as well as the accuracy and relevance of the
information, are particularly important for customers. Respondents described companies
succeeding in this competency through business experience with firms that gave customers the
attention necessary for timely communication in the course of working on the order.
5. Security refers to the customer's perception of the extent to which the supplier ensures
the safety of products, customers, and employees. Safety is a critical competency, especially in
the context of B2B, including the oil and gas industry, manufacturing, transportation, nuclear
power, and waste management. When the security survey was conducted, clients described it
as a necessity arising in the project implementation, especially in the presence of complex tasks,
and noted the importance of maintaining a low incident rate.
6. Sustainability and social responsibility are essential elements of B2B customer value and
reflect the consumer's perception of the extent to which the supplier voluntarily addresses the
interests of society and stakeholders in its work (Maslennikova, 2016).

In relation to the client, these competencies affect the entire process of selecting a supplier.
According to the study, by focusing on these six competencies B2B companies can meet more
than 70% of their customers' needs. These competencies are integral elements of sales and gross
margin even after statistical consideration of a number of factors relevant to the customer, such
as the volume of purchases and their frequency, factors relevant to the company, such as the
company’s size and risk, as well as industry sector factors, for example, industry
competitiveness. Thus, meeting the needs of customers by mastering these six competencies
also achieves the goals of shareholders. Also, these six competencies cover a wide range of
B2B companies and play a key role in increasing sales and profitability, providing customer
value to almost all B2B firms.
Thus, B2B companies no longer have to emulate B2C companies to develop a competitive
advantage. The competitive advantage of B2B firms lies in these six specific competencies, and
despite they deceptively seem simple, developing them can be quite problematic. They cannot
be achieved just through marketing, finance, innovation, services or sales. The implementation
of each competency will require a cross-functional approach to ensure the value perceived by
B2B customers (Glinkina, 2019). To focus on these competencies, companies will need to
measure them through key processes and metrics, understand the relative importance of these
competencies to customers, and relate them to sales and margins. The development of these
competencies will help drawing up a plan to achieve significant improvements in increasing the
attractiveness of the company to customers and shareholders.
2.3. IoT on FMCG market

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Digital Changes In The Economy: Advanced Opportunities For Digital Innovation
IoT is a technology that represents a computer network of physical objects connected to each

other via the Internet, which is able to collect and exchange data. The concept of IoT considers
any organization as a certain phenomenon that has the ability to restructure economic and social
processes.
Fast-moving consumer goods (FMCG) are a group of everyday goods that have a short
cycle of turnover and are intended for private consumption.
The FMCG market is a market that unites manufacturers of fast-moving consumer goods.
According to the researchers, IoT technology can be applied in various sectors of the
economy. A good example of such a successful application of IoT in the FMCG market is
TagSmart (2). The aim of the project was to find ways to combine the IoT technology with
detailed information about goods, which, as a result, made the usual QR code smarter. This
technology is based on characters that are printed with a special ink that changes color
depending on exposure factors (for example, depending on temperature changes). To test the
development, two FMCG manufacturers were selected (meaning manufacturers of fast-moving
consumer goods): meat products manufacturer, and wine manufacturer. Smart QR codes were
attached to each product. Customers had the opportunity to scan product codes using a special
application and determine the characteristics of the product (Regent, 2019), such as, for
example, the freshness of meat products, shelf life, and others. At that, if for example, the
temperature of the good was increased up to invalid value during storage, the code indicated
the impossibility to use this item since the storage rules were violated. In addition, the smart
code contains the date of the goods production, the number of days stored on the shelf, and
other equally important characteristics. Each scan of a unit of goods gives the opportunity to
automatically send information, first of all, to the manufacturer and retailer, which makes the
product life cycle very transparent.
One more important feature is that if the product has a limited shelf life, then 1-2 days before
its expiration, a system of discounts is provided, which is formed by the system itself, while the
consumer can identify this by scanning the QR code of the product and take advantage of the
discount. In the future, this system will take into account the individual preferences of the
consumer. This will be expressed in the fact that any customer will be able to send their wishes
for the product directly to the manufacturer, using a specific unique product code. At that, it is
planned to apply such technology in different areas.

Certainly, these technologies violate the established relations in the markets between its
participants. Today, the relations between the participants in the B2B market undergo
transformation due to the implementation of IoT technology. Scientists of the Financial
University under the Government of the Russian Federation conducted a study to assess the
effectiveness of ways to regulate such relationships, as well as the main value orientations
(Trachuk, Linder, 2018).

2.4. Algorithm
Standard characteristics were taken to assess the system of relationship (Figure 1):

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Olga Vladimirovna Glinkina, Svetlana Aleksandrovna Ganina, Anna Viktorovna
Maslennikova, Tatyana Anatolevna Solostina and Marina ViktorovnaSoloveva
ASSESSMENT OF RELATIONS
WITH PARTNERS

The qualitative aspect

The value of the relationship

Trust of the parties

Financial profit

Product quality

Nonfinancial profit-trust

Level of satisfaction

Commitment to the relationships

Conflict resolution

Investment readiness, etc.

Figure 1 Criteria to assess the effectiveness of relationships regulatory methods in the B2B market

Studies have revealed a rather skeptical attitude of Russian top managers to the results of
the implementation of new technologies that is quite understandable, because if these changes
would concern the entire production, the industry in general, then the effect of increasing
productivity, profitability, higher product quality, and therefore the satisfaction of partners in
terms of levels of relationships will be higher.
At that, scientists and entrepreneurs, as well as top managers understand that changes have
already begun, and first of all they affect technologies such as big data, blockchain,
cybersecurity, and smart manufacturing. It is them that form the basis of economy digitalization,
and each country already has its own experience and the first results in this direction (Shpilkina,
Zhidkova, Rybyakova, 2018). The leaders are countries such as the USA, some Western
European countries, and China. According to analysts, Russia still has modest achievements:
thus, in the structure of GDP, the proportion of the digital economy is estimated at about 3.9%.
It should be noted that there are also changes in the marketing field under the influence of
the rapid development of IT technologies, as well as new forms of communication interactions.
Consumer research is moving to a new level based on the use of more objective methods.
Neuromarketing, as an applied branch of neuroeconomics, makes it possible to study human
psychophysiology in the implementation of consumer choice.

Furthermore, the financial market is another promising area to implement neuromarketing
technologies (artificial neural networks, machine learning, social scoring, etc.). Based on the
assessment of the Neuronet(3) industry union, prospects for the neurotechnologies development
and promotion in Russia, as well as neurotechnology research market may amount to more than
100 bln USD by 2020, while about 1.8 trillion USD – by 2035. In addition, these technologies
are also taken into account in strategic planning at the state level, in particular, in the National
Program "Digital Economy of the Russian Federation" (Cifrovaya ekonomika Rossijskoj
Federacii, 2017), where emphasis is made on neurotechnology and AI. In this regard, the
analysis of the state and possible options for the neuromarketing research markets development,
both international and Russian, is of particular interest. The results of such an analysis can
become the basis for research (applied and fundamental) aimed at not only solving problems
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Digital Changes In The Economy: Advanced Opportunities For Digital Innovation
related to the promotion of products of Russian manufacturers but also increasing their
competitiveness through deeper understanding of consumer preferences.

3. RESULTS AND DISCUSSION
In fact, digital technologies (DT) influenced the creation of the second economy, i.e. virtual,
autonomous economy, which in essence, had changed the modern era. Since the 1970s, with a
periodicity of about 20 years, digital technologies produce a qualitatively new change
associated with the emergence of key technologies that cause specific changes in the economy.
One can trace conditionally stages of the occurred economic revolutions in IT sector.
The first "economic revolution" (1970-1990) is associated with the appearance of the first
integrated circuits, miniature processors, and memory blocks on tiny devices – microchips,
which significantly increased the computing speed. This enabled managers to monitor real-time

inventory at enterprises, and engineers – to automate design processes using the software, as
well as to get other possibilities (Glinkina, 2014). That is, for the first time, the economy
received the support in form of advanced computational technology that allowed fundamentally
changing the quality of life.
The second "economic revolution" (1990-2010) made it possible to communicate with
digital processes by means of local and global computer networks. This contributed to the
formation of the virtual commercial space of the Internet, the emergence of web services, and
cloud technologies. Now the computing resources shared by all became available through the
cloud, which has created the possibility of communication for all network elements. During this
period, a virtual economy of interconnected systems (machines, software) and processes
appeared that contributed to the emergence of another feature – the implementation of physical
actions in the digital environment.
In addition, the geographical location of business entities (manufacturers, suppliers, and
consumers) gradually lost its importance. Therefore, it became possible for moving production
to cheaper countries, abroad, with a concentration of plants in Mexico, China, or Ireland. This
resulted in the economic globalization process.
The third "economic revolution" (2010 to date) is associated, at first glance, with minor
changes – the emergence of cheap, widely used sensors that instantly deliver a huge amount of
data. The development of AI systems has led to the creation of smart algorithms which are able
to recognize objects, make it possible to implement computer vision, voice and facial
recognition systems, the ability to communicate with a computer (based on the natural language
processing system) as a person, as well as take advantage of a digital assistant both in business
and everyday life.
It was unique that such algorithms were created not on the basis of symbolic logic with rules
and grammar (taking into account all exceptions), but by forming associations through the use
of large data arrays, and smart statistical methods. Naturally, that currently these techniques are
adapted to a specific area – for example, the algorithm which recognizes human speech by lips
cannot recognize faces. But most importantly, computers – these technical devices – have begun
to do what was previously thought only a living person could, namely, create associations.
The emergence of associative intelligence in machines, on the one hand, characterizes the

expansion of digital technology capabilities, while on the other hand, the concept of intelligence
in relation to computer systems does not mean conscious thinking, but only a certain ability to
perceive the situation and produce appropriate actions. For example, if an intelligent algorithm
helps the aircraft to avoid a collision in the air, then, in fact, a perception of the situation
becomes possible by means of special sensors that compute the possible consequences,
selecting one of them and performing the appropriate actions to change the aircraft trajectory.

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Olga Vladimirovna Glinkina, Svetlana Aleksandrovna Ganina, Anna Viktorovna
Maslennikova, Tatyana Anatolevna Solostina and Marina ViktorovnaSoloveva
There is no need to have a controller at the center of this intelligence since the necessary
actions are likely to be a property of the entire system. There is already a lot of talk about a
driverless transport system using smart AI-based technology. At that, this smart technology is
based on the system of autonomous cars moving along special lanes that will be able to interact
with each other and avoid accidents. It is supposed to place special markers, or sensors along
the road, which, will transmit the necessary information as the car approaches the sensor. In
this case, due to the constant dialogue of such devices, the emergence of collective actions will
occur, which is considered by scientists as intellectual actions and is interpreted as associative
intelligence. This type of intelligence is characterized as dynamic, adaptable, self-organizing
and, to a certain extent, autonomous system (dialogues and resulting actions will be carried out,
to a certain extent, without human intervention). This is exactly a phenomenon, where
intelligence no longer belongs to individual people, i.e. operators, while becomes a part of the
virtual economy, that is, external to the person. Such system creates a lot of opportunities but
also makes one think about the possible consequences.
Thus, the world faces a symbiosis of different types of economy, namely, the physical

economy, which is focused on requirements and requests, as well as the virtual economy, which
deals with verification, communication, external calculations, and reporting to the physical
economy, which responds and performs specific actions (Agentstvo strategicheskih iniciativ,
n.d.). At that, the virtual economy is not only the IoT but a source of intellectual actions,
external to working people, and the transition from internal to external intellect is of great
importance for the future of the economy in general.

4. CONCLUSION
How will this affect the business?
Already today, companies have begun to use logistics management technologies such as
telematics, computer telephony, voice technology, and other technologies to automate services,
products, and value creation and supply chains. It is assumed that more radical transformations
will emerge when companies start to combine elements of external intellect, and creating new
business models. Today’s businessmen, when searching created virtual structures in the toolkit
or the library, can use them to build new, progressive business models like educational designer
kit. For example, one of these structures is blockchain technology (a digital system that
performs and registers financial transactions), while the other structure is bitcoin (an
international digital currency). These structures are external accessible building elements that
are created from the basic elements of intelligent algorithms and data [6]. Their use will result
not just in the automation of industries and the replacement of people by machines, but the very
architecture of process execution will change, which will either make industries modern, or
they will simply cease to exist.
Large enterprises have an opportunity to build systems of external intellect by themselves,
for example, to create databases for storage of confidential information, or to develop
autonomous air traffic control systems (especially because many companies already declared
possibility of serial production of flying cars in the next five years), or to carry out medical
diagnostics at a qualitatively new level, thus providing intellectual behavior with their help. But
the advantages associated with the size of the company or early entry into the market are still
limited since it is difficult to become the sole owner of the components of external intellect,
which will gradually still become common property. Besides, owning big data is quite

problematic, especially if data can be collected from accessible sources. Therefore, it is
predicted that the future is associated with the emergence of large technology companies and
shared free autonomous resources. Also, absolutely new industries that will radically change
the business environment architecture will emerge.

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