ADVANTAGES AND CHALLENGES OF IMPLEMENTING INTERNET OF THINGS TECHNOLOGY IN INTERNATIONAL BUSINESS

Анотація

The article explores the essence of the Internet of Things technology in international business in the context of digitalization of the economy, defining its key characteristics, namely connectivity (integrated devices that combine digital and “real” environment), collection (sensors collect data), monitoring (remote, real, automated), monetization (the ability to increase revenue and minimize costs) and optimization (business processes, costs, time). In recent years, despite a number of obstacles and problems, the introduction of Internet of Things technologies in international business has become increasingly relevant and effective. The intensity of the development of IT technologies in the healthcare sector in the context of the COVID-19 pandemic is considered. For the widespread introduction of Internet of Things technologies, the necessary conditions must be created for both companies and consumers, namely technological, social, legal, financial and business. The main advantages of the implementation of “Internet of Things” technologies in the international trade and marketing activities of companies are identified, namely: optimization of data exchange and instant feedback; personalization; modernization of goods/services; increasing the competitiveness and quality of customer service, transforming the company’s communication policy, increasing brand awareness on the international arena. A number of key obstacles to the implementation of IoT technologies in international business have also been identified, namely: lack of standards and interoperability; confidentiality and cybersecurity; imperfection of digital infrastructure; lack of resources and highly qualified IT specialists. Obstacles to the development of the IoT industry are caused by too many devices, imperfect communication between the physical and digital worlds, open systems, and privacy and security issues. However, this technology will help increase the competitiveness of companies, efficiency in international markets by providing energy optimization, monitoring, supply chain optimization, inventory and labor management, and more.

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