The impact of business digitization on the three pillars of sustainable development

Abstract

The world is currently facing great challenges generated by the fourth industrial revolution. If the first three major industrial revolutions took place over several centuries, the current revolution, in full swing, is characterized by an alert rhythm, having an exponential evolution, rather than a linear one. Many specialists consider that this is a continuation of the third industrial revolution, started in the sixties of the last century, but the permanent need to adapt and change the business models that characterize daily life determines us to appreciate that they represent the elements of a new, unusual revolution, which will greatly change the face of humanity. Digital technology will bring about essential changes in business, social organization and even current governance models. In this sense, we will approach the digitization of the business from the perspective of the three pillars, social, economic and environment, to conclude to what extent, this new and last revolution adheres to the principles of sustainable development. In this study, we aim to analyze the economic links between the digitization of business and sustainable development in Romania, through an econometric analysis. The results of the econometric analysis will determine to what extent the defining elements of sustainable development will be influenced by this phenomenon. Furthermore, we would like undeline that the fourth industrial revolution, by digitizing business, will affect the three pillars of sustainable development, without mitigation measures which the decision makers should consider, amplifying the phenomenon of social inequity, deepening economic imbalances as a result of the polarization of economic activities, concentrated only in certain regions and irreparably affecting the environment and natural balance, becoming a danger to biodiversity conservation.