Transformation of the business models in the context of achieving sustainable development

Abstract

The deepening of crises and pandemics, the growth of armed conflicts actualize the ability of business to adapt to these changes, as well as the repurposing of industries in accordance with the goals of sustainable development. Industry 4.0 also creates a business environment based on innovation and adaptability to change. The lack of conflict identification in business leads to the creation of the wrong strategy and tools, losses and unprofitability. The article presents the results of a comparative analysis of the business models transformation for enterprises from different industries in the context of achieving sustainable development. The aim of the study is to identify factors that change the key elements of the business models under the influence of Covid-19 and Industry 4.0, as well as to adapt to meet the conditions of the sustainable development triangle. In the process of describing business models of enterprises, the authors proposed an approach based on the concept of sustainable development. Characterization of individual transformations of business models is based on the results of generalization of enterprises performance indicators by five sectors of the economy according to GICS. This allows for international comparability of research results. The authors found that business models of enterprises were transformed under the influence of COVID-19 and Industry 4.0. The analysis of CANVAS models allowed to identify the main transformational changes: an open system with multiple inputs and outputs, an interactive-innovative environment, a customer-oriented approach with a focus on millennials, the formation of a full range of End-to-End solutions in three areas (Operations, Solutions Delivery, Innovations). The authors confirmed the hypothesis that the business models of enterprises in the consumer and energy sectors have not adapted to the negative impact of COVID-19 and are difficult to adapt to Industry 4.0. Enterprises in other sectors of the economy have adapted to change and transformed their own business models as a result of the impact of COVID-19 and Industry 4.0.