ИЗМЕНЕНИЯ В ДИНАМИКЕ ЭКОНОМИЧЕСКИХ ПОКАЗАТЕЛЕЙ В РЕЗУЛЬТАТЕ ЦИФРОВИЗАЦИИ ПРЕДПРИЯТИЙ

УДК 330.4.

Abstract

Digital of technologies intense development enterprises fundamental changes in the activities to the surface This is bringing in the article enterprise at the level digital the economy current of reaching many edged economic importance theoretical and empirical from aspects wide analysis Research​​ three main theoretical to the foundation based on: by Barney (1991) working issued To the resource Based Resource-Based View (RBV) theory digital of assets valuable, unique, imitative not to be and instead pressing not to be (VRIN) criteria answer to give Teece, Pisano and Shuen (1997) dynamic abilities model and of the enterprise variable technological to the environment adaptation mechanisms Porter (1985) explains the value chain model digital technologies on account of additional value create opportunities shows[1].

Empirical research based on the example of Uzbektelecom JSC digital transformation financial (EBITDA, revenue) growth), operational ( labor productivity, automation level ) and strategic ( digital) maturity ball, market share ) to indicators impact evaluated . Infrastructure investments and EBITDA​ strong correlation (r = 0.99) was determined[2]. TM Forum DMM v5.0 standard based on The company's rating is 3.18/5.0. digital maturity level In the Central Asian region second in place location shown. Research results digital transformation strategic investment as seeing exit the necessity proves.

Аннотация

Интенсивное развитие цифровых технологий выводит на поверхность фундаментальные изменения в деятельности предприятий. В статье рассматривается современное состояние цифровой экономики предприятий, достигающих многих важных экономических целей, с теоретической и эмпирической точек зрения. Исследование основано на трех основных теоретических подходах: Барни (1991) разработал ресурсную теорию (RBV), в которой цифровые активы ценны, уникальны, не являются имитационными, а, наоборот, не являются таковыми; Тиис, Пизано и Шуэн (1997) представили модель динамических возможностей предприятия и механизмы адаптации к окружающей среде. Портер (1985) объясняет модель цепочки создания стоимости цифровых технологий, показывающую, что благодаря цифровым технологиям создаются дополнительные возможности для создания ценности [1].

Эмпирическое исследование на примере АО «Узбектелеком» оценивало влияние цифровой трансформации на финансовые (EBITDA, выручка), операционные (производительность труда, уровень автоматизации) и стратегические (цифровые) показатели зрелости, долю рынка. Была выявлена ​​сильная корреляция между инвестициями в инфраструктуру и EBITDA (r = 0,99) [2]. Рейтинг компании по стандарту TM Forum DMM v5.0 составляет 3,18/5,0. По уровню цифровой зрелости компания занимает второе место в Центральноазиатском регионе. Результаты исследования подтверждают необходимость стратегических инвестиций в цифровую трансформацию.

Keywords: resource based view (RBV), dynamic skills , digital transformation, EBITDA yield, Porter value chain , TM Forum DMM, VRIN criteria , Uzbektelecom JSC.

Ключевые слова: ресурсная теория фирмы (RBV), динамические навыки, цифровая трансформация, доходность EBITDA, цепочка создания стоимости Портера, TM Forum DMM, критерии VRIN, АО «Узбектелеком».

Introduction

The world economy digital in the direction development enterprise under the management quality in terms of new Strategic approaches are required management theory and in practice digital technologies now technician tool as not, maybe independent economic resource and competitiveness source as interpretation This is being done change us traditional capital and labor productivity from the concepts outside out, digital of capital economic nature new to study encourages[3].

Over 1,500 by McKinsey Global Institute (2021) the company covered wide extensive in research digital transformation successful done increased companies to their opponents relatively 3 times on average high investment return on investment (ROI) According to the Deloitte Insights (2023) report according to and digital maturity high to the stage mature in companies expenses efficiency by 23 percent, customers satisfaction and 32 percent high to be observed[4]. These indicators digital transformation economic the impact quantitative in terms of proving main evidence as service does.

Uzbekistan Uzbektelecom JSC on this scale of the trend the most obvious sample demonstration is underway . During 2020-2025 the company annual Revenue increased from 5,200 billion soums to 22,000 billion soums — that is, by 4.23 times[5]. Employee per head calculated income indicator 14.9 thousand 53.7 thousand dollars per dollar rise and labor in fertility huge change reflection This​​ results digital to infrastructure directed investments directly effect that empirical analysis through display of the research main purpose organization will reach[4].

The research scientific novelty is that the first times local telecommunications company in the example of RBV, dynamic abilities and Porter value chain theories each other the only analyst who can fill frame as application and them empirical information with confirmation done The article was practical importance and working issued methodology and recommendations Uzbekistan other large to companies implementation to be at the opportunity manifestation will be.

Digital technologies can generate productivity gains by improving the efficiency of a firm’s processes, enhancing the complementarity between workers and capital and helping to achieve higher rates of automation and robotisation. It is therefore important to have a clearer understanding of how digitalisation affects productivity growth and develop policies that maximise productivity gains.

To that aim, a group of experts from the European System of Central Banks (ESCB) have been pooling their expertise and sharing macro, sector and firm-level data as part of an Expert Group on Productivity, Innovation and Technological Change.1 Section 2 shows that the number of triadic patents linked to scientific fields is much lower in the euro area compared with the United States. Furthermore, smaller firms in euro area countries exhibit low levels of digital adoption, including relative to large firms. This could explain why (smaller) firms are not benefiting much in terms of their productivity from the changes brought about by the development of digital activities. Notwithstanding this, a counterfactual exercise in the report shows that without digitalisation-related efficiency increases, productivity growth in the euro area would have been about half of what it was between 1997 and 2018. Input-output linkages tend to be an important transmission channel for digitalisation.

Literature analysis

By Barney (1991) current RBV theory​ enterprise internal resources and abilities stable competitive of superiority main source as seeing It turns out . To the theory according to , strategic importance has resources four criteria — valuable (Valuable), rare (Rare), imitative Inimitable and​ instead pressing Non - substitutable criteria​ one of time in itself satisfaction Digital​​ transformation in the context of this theory application one row interesting to conclusions take comes : wide fibrous optical network , data center infrastructure and cloudy calculation platforms meet VRIN criteria complete answer giving strategic resources is considered[6].

Wernerfelt (1984) and Dierickx and Cool (1989) introduced the RBV theory included important additional — resources time to pass with together accumulation and their collect way spontaneously uniqueness harvest to do — digital also to the infrastructure implementation Uzbektelecom JSC years during 287,000 km of optical fiber built fibrous network that's the way is an example of a " path-dependency": one instantly again creating It won't be possible[7].

Amit and Schoemaker (1993) “strategic in the concept of "assets " resources mutual filler and together effective performance as "sets" that provide describes. Digital in transformation this concept especially important: 5G infrastructure, AI/ML platform, cloud calculation and cybersecurity systems separately without not, but a single digit ecosystem as economic value creates.

Teece, Pisano and Shuen (1997) dynamic abilities theory competitive advantage static resource from taking over not, maybe external environment to changes answer to give and new from opportunities use from the ability They are three . main the process separate shows : sensing — external opportunities and threats early identify; catch seizure — defined opportunities quickly resources with providing; transforming — business model and organizational structure new to the conditions adaptation[8].

Eisenhardt and Martin (2000) dynamic "organizational " abilities and strategic processes as a set of" determine their​ stable to be for institutional mechanisms the necessity emphasizes . Zoirov (2022) Uzbek researchers between from the first become this theory Uzbekistan digital economy in the context of analysis so, local companies the ability to " feel " for increase necessity about conclusion issued.

Helfat and others (2007) dynamic "economic " skills targeted asset base " create, expand , change " process​ through digital to transformation new impact direction open gives : digital transformation enterprise for dynamic abilities new to the stage take come out " opportunity " to get is a " creative " process .

Porter (1985) value chain model enterprise activity main ( input logistics , production release , exit logistics , marketing, service show ) and supporting ( infrastructure , HR, technology , supply ) processes will be . Digital technologies this of the chain every one joint deep change and new value create points open opportunity gives[9].

Bharadwaj and others (2013) " digital business in the concept of " strategy " traditional IT strategy and business strategy between border completely disappearing and digital of technologies himself/herself strategic direction become what remains emphasizes. This approach telecommunications in the field especially current : for Uzbektelecom JSC digital infrastructure product with one of time in itself distribution channel, production release tool and strategic resource is considered.

Adner and Kapoor (2010) " innovation in the concept of " ecosystem " value create one company within not , maybe partner , supplier giver and from customers consists of wide on the network happened to be shows . Uzbektelecom JSC cloud services, UZCLOUD and API economy through exactly so ecosystem create on the way[10].

Methodology

In the study combined methodology used is a quality and quantitative analysis methods in itself combines . In the first stage above discussion made three theoretical frame (RBV, dynamic capabilities, Porter value chain ) based on develop a conceptual model was released . The second in stages empirical analysis for Uzbektelecom JSC for the period 2020-2025 financial and operational information collected .

Efficiency indicators for three measurable analytical frame working output : (1) financial efficiency — EBITDA margin , revenue growth , employee per head income indicators ; (2) operational efficiency — automation level , first appeal solution to grow indicator (FCR), network availability ; (3) strategic efficiency — TM Forum DMM v5.0 score , market share , brand index . Regional comparative analysis for Kazaktelecom , Kyrgyztelecom and TajikTelecom information Correlation​​ and regression CAPEX investment analysis and financial results between dependency determination for used[11].

VRIN analysis methodology Barney (1991) and By Peteraf (1993) working issued assessment criteria based on done increased . Each digital asset expert assessment and quantitative indicators combination using four criterion according to TM Forum DMM v5.0 standard methodology based on six Focus : Strategy , Customers , Technology , Operations , Culture and Information according to self assessment order was held[12].

Analysis and results

A lack of strong institutions and governance structures may help to explain why digitalisation is slower than expected, why it is slower in some countries than others and why the expected productivity benefits from digitalisation have yet to be fully achieved. Recent work on institutions and governance, digitalisation and growth (Labhard and Lehtimäki, 2022) finds empirical evidence for an explanatory role of digitalisation, and its interaction with institutions and governance, in productivity growth.

Stimulating research, innovation and digitalisation in Europe without properly addressing the supply of skilled workers may lead to higher wages for high-skilled workers rather than additional innovation. Bijnens and Dhyne (2021) find a clear positive correlation in Belgium between the share of high-skilled and, more importantly, science, technology, engineering and mathematics (STEM) workers in a firm’s workforce on the one hand and its productivity on the other. Increasing the share of high-skilled STEM workers leads to significantly higher productivity gains compared with both non-high-skilled STEM workers and high-skilled non-STEM workers.

It has been shown that previous technological revolutions took time to materialise in productivity statistics and to lead to large productivity gains. Different factors are at play, including the need for successive waves of secondary innovations, each of which corresponds to the adaptation of the GPT to a specific sector of the economy, and the time needed for the development of new physical and organisational infrastructure and skills (David, 1990, in the case of the electricity). It should also be kept in mind that the sources of productivity growth depend on economic practices and institutions, which vary significantly across countries and industries.

The following in the table Uzbektelecom JSC main digital Assets VRIN criteria according to is evaluated . Each criterion "High", "Medium" or "Low" levels according to expert assessment and quantitative indicators based on specified.

Table 1.  VRIN analysis : Uzbektelecom JSC digital assets (2025)

Table analysis this shows that optical fibrous network and collected organizational knowledge stable competitive advantage source Optical​​ the network build years continue reached and huge capital investments demand did is , this asset short within the period imitation as impossible does . Other from the side , UZCLOUD platform still development in the phase is , its "I" and "N" criteria are according to low grades strategic attention demand will reach.

Interestingly, firms that adopted more digital technologies were similar in terms of LP and did not increase their TFP as much as firms that invested less in these technologies in the year of investment. Then, after one year, firms that relied more on digital technologies had a greater increase in both LP and TFP. Given the fact that the average log change in the balance sheet value of the stock of digital technologies after the event in France is close to 1.5, the estimated elasticities at time t=6 for LP and TFP are +0.06 and +0.007 respectively. 9 One could argue that these estimated elasticities are small, but it is important to keep in mind that they are micro-based elasticities at firm level, which means that spillover and general equilibrium effects are not taken into account at all (Box 1 shows the importance of input-output links when studying macro effects). It should also be taken into account that the time period of this exercise is 2000-20, so before the last generation of innovations in AI, and in particular generative AI. The impact of these technologies should not be underestimated.

5G infrastructure is " temporary " in the category " advantage " located : 8,500 base units in 2024 to the station achieved although , competitors also this technology current enough starting because of this advantage storage for permanent investments necessary RBV point​ from the point of view this situation For Uzbektelecom JSC dynamic investment strategy working exit demand will reach[10].

Table 2.  Digital technologies economic Result : global benchmark and Uzbektelecom experience (2020-2025)

From the table visible It is clear that Uzbektelecom JSC global benchmark with comparison results mainly positive: ERP current to grow expenses efficiency index −18% global in the middle bottom to the border right coming, RPA/ automation according to and +61 percent growth global from benchmark exceed gone. This situation the company automation in the field especially effective results caught is entering indicates.

To do so, we identified “automation events” at firm level as the largest relative annual investment in industrial equipment (as in Aghion et al., 2020). We then restricted our treated sample to firms for which the two events are not contemporaneous and the largest digitalisation event does not correspond to the largest automation event. The intuition is the following: if there were only a contemporaneous demand shock, the firm would increase all its types of capital and not only digital technologies. Thus, firms for which the two events are not simultaneous are less likely to have experienced a contemporaneous demand shock. Chart 8 reports estimations for LP (panel a) and TFP (panel b) for this subsample of firms. We observe that the results are very similar to the ones presented for the whole sample in Chart 7, with a positive correlation between digitalisation and productivity. In fact, the majority of firms (267 out of 359 treated firms) experienced non-simultaneous investment events and belong to this subsample. This last result tends to support the fact that the effect previously identified between digitalisation and increased productivity is causal.

Attention worthy aspect it is cloudy calculation still in pilot phase is, this in the field potential −30–40% cost saving opportunity complete to come true not released[11]. UZCLOUD platform goods as activation level digital transformation of the program main weakness is considered and this the situation discussion in the department in detail seeing Let's go out.

Table 3. TM Forum DMM v5.0 results and regional benchmark (2025)

DMM profile analysis one how many important to the conclusion take First , the strategy​ direction (3.8/5.0) company of the management digital to the direction clear and consistent attention reflection Secondly , culture​​ and employees in the direction of the most low score (2.6/5.0) organizational of changes technological from changes behind that it is staying Third , it is lower than the global average (3.26 ) The company's overall score (3.18) still potential opportunities working below the limit indicates[12].

Digital investment comprises both tangible (ICT equipment) and intangible (computer software and databases, and R&D expenditures) components. Furthermore, in order to account for how the relative price of digital technologies affects digital investment intensities and to assess whether some sectors exhibit digital investment intensities that are higher or lower than expected given the relative investment price of digital technologies, Anderton et al. (2023) use as a measure of digitalisation the intensity of digital investment that is not induced by variations in the relative price of digital technologies.

While digital investment boosts TFP growth at firm level on average, not all firms and sectors experience significant productivity gains. Digitalisation seems to be a productivity game-changer only for some firms, while it is more like a productivity sideshow for other firms which invest in digital technologies but are not able to adequately reap the productivity benefits from digitalisation. Therefore, firms should not simply regard digitalisation as a gamechanger or as a “one-size-fits-all” strategy that can deliver productivity gains for all firms alike.

AI breakthroughs include advancements in robotics, supervised and unsupervised learning, natural language processing, machine translation and image recognition, among many other activities that enable automation of human labour in non-routine tasks, both in manufacturing and also services (e.g. medical advice or writing code). AI is thus a GPT that could affect work in virtually every occupation.

By contrast, some recent work for France highlights that the introduction of automation can also have a positive effect on the employment of unskilled industrial workers. The benefit for lowskilled workers is mostly driven by aggregate productivity gains in the French manufacturing sector that are shared between workers and firm owners, as shown in Aghion et al. (2022).

Table 4.  Porter value chain : Uzbektelecom JSC digital integration level (2025)

Value chain analysis main operations (85%) and entrance in logistics (75%) the most high digital integration level existence showing . However technology development (55%) and human Resources (60%) sections in the fields digitization slower is happening[13]. This indicators in the DMM results " culture and employees ' score low to be with right comes and both methodology mutual confirms .

Discussion

Research results three main news and important critical conclusion own inside takes . First news : RBV theory realistic telecommunications company to assets application this shows that only physicist infrastructure not "the way" "due to dependency" collected experience and knowledge also stable competitive advantage source to be It is possible . conclusion For Uzbektelecom JSC employees knowledge and organizational to culture investment to do the necessity theoretical in terms of justifies .

Second news : dynamic abilities frame according to held analysis Uzbektelecom JSC 's " sensing " capability ( with 5G and UZCLOUD) related opportunities early determination ( strong) that, but the ability to " change " — that is organizational culture and processes update — most weak syllable that showed . This status DMM v5.0 results with also coordinating.

Third news : infrastructure investments and EBITDA​ strong correlation (r = 0.99) was determined although this​ correlation cause and effect direction only one-sided interpretation from doing escape necessary . In reality this attitude mutual impact to the feature has : high income further more to investments opportunity gives , this and own in turn income again increases . Such mutual amplifying communication company for also positive  beneficial) spiral ), both dangerous ( many investment to do coercion ) to the parties has[14].

Important critical point as this highlight It is necessary that in 2023 Uzbektelecom JSC will be the first there is pure damage saw — this situation high CAPEX/ Revenue ratio (40%) and currency on the course changes combination result was . This event RBV theory one limitation — infrastructure investments his/her own known value to the border has that is — manifest Next​​ research optimal CAPEX level for determination important direction become service does[15].

Digitalisation seems to boost productivity only for a minority of selected firms that are able to use digital technologies to become substantially more productive over time. These selected firms are among the most productive, with only 30% of the most productive laggard firms benefiting on average from investing in digital technologies. However, higher digital intensity is not enough to turn highly productive laggard firms into frontier firms. Firms also need more structural innovation compared with their peers, which can be achieved through digital technologies but is not a direct consequence of higher investment in digital technologies. Furthermore, the impact of investment in digital technologies is similar for both laggard and frontier firms, but the latter are better equipped to reap the full benefits of the digital revolution in terms of productivity gains.

Conclusion

This research digital the economy enterprise at the level current of reaching economic The importance of RBV, dynamic abilities and Porter value chain theories based on every one-sided based on gave and empirical information with confirmed.

First conclusion : Uzbektelecom JSC optical fibrous network and organizational knowledge such as assets meet VRIN criteria complete satisfactory stable competitive advantage source UZCLOUD platform​ and still at a " developing " level is huge​ strategic to the potential has.

Second Conclusion : Empirical information digital technologies 15–50 percent of expenses reduce and increase efficiency by 20–60 percent increase opportunity to give The experience of Uzbektelecom JSC in 2020–2025 within this global benchmark will be placed.

Third Summary : TM Forum DMM v5.0 analysis culture and employees low score in the field (2.6/5.0) transformation the most weakness that " Buying " technology​ " can get " but organizational culture change time , personnel potential and targeted requires programs .​

Fourth Conclusion : Infrastructure investments and EBITDA correlation r = 0.99 digital investments financial the effect However , the optimal CAPEX level determination and the loss in 2023 not to return for investments portfolio diversification to do necessary.

Next research direction as : optimal numerical investment portfolio determination for many criterion optimization model , speaker abilities measurement for special index , and organizational culture to digitize readiness level assessment methodology working exit recommendation is being done.

Studies differ in terms of approach and, most importantly, in how they measure firm-specific digitalisation, given the scarcity of available data. The order of magnitude of estimates in this report indicates that a 1% increase in digital technologies leads to an almost 0.01% increase in TFP level after five years. Similarly, a 1 percentage point increase in digital investment is associated with an acceleration in the average firm’s TFP growth by roughly 0.02 percentage points. This average impact is, however, different across countries, sectors and firms because it depends on complementary investments.

Because productivity is an important determinant of the potential growth, it contributes ECB Occasional Paper Series No 339 40 significantly to the size of the output gap and, therefore, to the assessment of inflationary pressures. An underestimation of the effect of digitalisation on potential output could lead to an overestimation of the risks of inflationary pressures and contribute to an overly restrictive monetary policy stance. Productivity growth also affects monetary policy indirectly, through its effect on the natural rate of interest. Depending on the future impact of digitalisation on productivity, monetary policy will have more or less room for manoeuvre: if productivity growth were to rise with increasing digitalisation in the following years, it would raise the natural rate of interest and give monetary policy more room for manoeuvre. That is why it is crucial to understand these channels of impact and how to maximise them.

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