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Digitalization Risks in the Bioeconomy: An Enterprise-Level Perspective

Author

Listed:
  • Sandija Zeverte-Rivza

    (Institute of Economics and Finance, Latvia University of Life Sciences and Technologies, 2 Liela Street, LV-3001 Jelgava, Latvia
    Research Department, Celteh Ltd., Purviņi, Naudites pag., Dobeles dstr., LV-3701 Dobele, Latvia)

  • Ieva Brence

    (Division of Agriculture and Forestry Sciences, Latvian Academy of Sciences, LV-1050 Riga, Latvia
    Department of Tourism and Hospitality, Turiba University, LV-1058, Riga, Latvia)

  • Ina Gudele

    (Research Department, Celteh Ltd., Purviņi, Naudites pag., Dobeles dstr., LV-3701 Dobele, Latvia
    Faculty of Science and Engineering, Liepaja University, LV-3401 Liepaja, Latvia)

  • Baiba Rivza

    (Institute of Economics and Finance, Latvia University of Life Sciences and Technologies, 2 Liela Street, LV-3001 Jelgava, Latvia)

  • Peteris Rivza

    (Institute of Computer Systems and Data Science, Latvia University of Life Sciences and Technologies, 2 Liela Street, LV-3001 Jelgava, Latvia)

Abstract

The swift adoption of digitalization and transformation within enterprises and their operations had commenced prior to the onset of COVID-19, characterized by the shift towards Industry 4.0 and subsequently progressing towards Industry 5.0. However, mandated restrictions significantly amplified the necessity and drive to utilize digital tools for both businesses and consumers. New opportunities previously not utilized have arisen yet are hand in hand with several risks linked to the use of these new digital tools. The bioeconomy sector is not an exception. The study aims to consider the sector representatives’ opinions on the significance of the risks related to digitalization. The empirical results of this study stem from a survey of enterprises in the bioeconomy sector carried out in 2020 and 2021 in Latvia. The research results prove that there are many factors influencing the development of digitalization. The results notably affirm that both entrepreneurs and employees in SMEs recognize the considerable importance of these risks, particularly emphasizing the significance of security and technology risks. While the Chi-Square Test of Independence indicates a notable association between risk evaluation scores and the education level of respondents before the COVID-19 outbreak in 2020, this association diminishes in 2021. Contrary to the hypothesis that individuals with higher education levels are more attentive to risks, the evidence shows inconsistency in their perception, particularly regarding professional challenges of the entrepreneur and employees to use digital tools and other risk categories. However, the relationship between higher education levels and the significance of risks pertaining to security risks, technology risks, and the skills of the clients to use digital tools is partly affirmed.

Suggested Citation

  • Sandija Zeverte-Rivza & Ieva Brence & Ina Gudele & Baiba Rivza & Peteris Rivza, 2024. "Digitalization Risks in the Bioeconomy: An Enterprise-Level Perspective," Sustainability, MDPI, vol. 16(2), pages 1-17, January.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:2:p:524-:d:1314742
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    References listed on IDEAS

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    1. Ricardo Pereira & Neri dos Santos, 2023. "Neoindustrialization—Reflections on a New Paradigmatic Approach for the Industry: A Scoping Review on Industry 5.0," Logistics, MDPI, vol. 7(3), pages 1-21, July.
    2. Watanabe, Chihiro & Naveed, Nasir & Neittaanmäki, Pekka, 2019. "Digitalized bioeconomy: Planned obsolescence-driven circular economy enabled by Co-Evolutionary coupling," Technology in Society, Elsevier, vol. 56(C), pages 8-30.
    3. Felicitas Hoppe & Nadine Gatzert & Petra Gruner, 2021. "Cyber risk management in SMEs: insights from industry surveys," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 22(3/4), pages 240-260, July.
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