Technological restructuring during COVID-19 pandemic

Abstract

PURPOSE: The main research problem of this paper is to present the use of the restructuring process as a way of improving the situations of enterprises on the market with the use of technology. The paper's primary goal is to investigate whether or not companies were prepared for the COVID-19 crisis in terms of technology. The auxiliary aim of the paper is to indicate the directions of any changes that enterprises take when under the influence of a turbulent environment and, with the use of a restructuring process, help control crises. The results of surveys and numerous analyses or reports that have been prepared before and during such crises as the Black Swan and Gray Rhinoceros will be used in the search for answers to these goals.

DESIGN/METHODOLOGY/APPROACH: The article will use the following research methods to fully present the issues of companies' struggling with a crisis: a literature analysis, questionnaire research, a review of reports, and comments.

FINDINGS: As an outcome of the paper, it shall be indicated that any problems related to the impact of the COVID-19 crisis can be solved by restructuring through the use of digital technology.

PRACTICAL IMPLICATIONS: The use of these solutions enables better communication in B2B and B2C, which coincides with the Fourth Industrial Revolution based on the systematic connection of all entities by technical means.

ORIGINALITY/VALUE: The paper is an initial effort with a high level of novelty based on current economic situation cases.