IDEAS home Printed from https://ideas.repec.org/a/vrs/econom/v11y2023i2p209-223n12.html
   My bibliography  Save this article

Enhancing Economic Management with Information Technology: Insights from Covid-19 in Bosnia and Herzegovina Through the Lens of Machine Learning Methods

Author

Listed:
  • Salkić Hadžib

    (University College “CEPS- Center for Business Studies” Kiseljak, Bosnia and Herzegovina)

  • Omerović Aldijana

    (College of Finance and Accounting- FINra, Tuzla, Bosnia and Herzegovina)

  • Salkić Almira

    (College of Finance and Accounting- FINra, Tuzla, Bosnia and Herzegovina)

  • Kvasina Marija

    (University “Vitez”, Vitez, Bosnia and Herzegovina)

Abstract

This paper explores the role of information technology in enhancing the efficiency of economic management during the COVID-19 pandemic. The research aim was to investigate how the integration of information technology, data usage, and analytics, digital transformation of the financial sector, ensuring digital inclusion and cyber security can contribute to improving economic management in times of crisis. The research methodology involved data collection through a questionnaire that asked participants a series of questions about their attitudes and perceptions regarding the integration of information technology and its impact on the efficiency of economic management during the pandemic. The data were analyzed using the chi-square statistical method to determine the existence of significant relationships between variables. The results indicate that information technology is a key factor in strengthening economic management during the COVID-19 pandemic. The integration of information technology, data usage, and analytics, digital transformation of the financial sector, and ensuring digital inclusion and cyber security can enhance efficiency, transparency, and stability during crisis times. The research emphasizes the need for investment in information technology, the development of implementation strategies, strengthening cyber security, and ensuring digital inclusion as key steps towards building a more resilient economic environment during the pandemic. Further research and implementation of these technologies in practice are recommended to achieve sustainable economic development and successful crisis management.

Suggested Citation

  • Salkić Hadžib & Omerović Aldijana & Salkić Almira & Kvasina Marija, 2023. "Enhancing Economic Management with Information Technology: Insights from Covid-19 in Bosnia and Herzegovina Through the Lens of Machine Learning Methods," Economics, Sciendo, vol. 11(2), pages 209-223, December.
    • Handle: RePEc:vrs:econom:v:11:y:2023:i:2:p:209-223:n:12
    DOI: 10.2478/eoik-2023-0048
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/eoik-2023-0048
    Download Restriction: no
    File URL: https://libkey.io/10.2478/eoik-2023-0048?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Nawal Abdalla Adam & Ghadah Alarifi, 2021. "Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support," Journal of Innovation and Entrepreneurship, Springer, vol. 10(1), pages 1-22, December.
    2. repec:dar:wpaper:128819 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Amoa-Gyarteng, Karikari & Eserifa, Oyin-Emi, 2024. "Innovation Strategy and SME Survival: The Role of Organizational Adaptability," EconStor Conference Papers 298864, ZBW - Leibniz Information Centre for Economics.
    2. Norbert Bajkó & Zsolt Fülöp & Kinga Nagyné Pércsi, 2022. "Changes in the Innovation- and Marketing-Habits of Family SMEs in the Foodstuffs Industry, Caused by the Coronavirus Pandemic in Hungary," Sustainability, MDPI, vol. 14(5), pages 1-17, March.
    3. Wang, Zankai & Le, Thanh Tiep, 2022. "The COVID-19 pandemic’s effects on SMEs and travel agencies: The critical role of corporate social responsibility," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 46-58.
    4. Myriam Raymond, 2024. "Accessing and navigating reliable health-related information for African SMEs during the pandemic Insights from an empirical study in 5 African countries," Post-Print hal-04634750, HAL.
    5. Agus Syarip Hidayat & Wee Ching Pok, 2025. "Empowering SMEs innovation through intangible factors," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-25, December.
    6. Harmon Chaniago, 2022. "The effect innovation cloning to small business success: entrepreneurial perspective," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-18, December.
    7. Josphat Nyoni & Manoneka Sithole & Pfumaindisu Rebecca Anesu Mutyambizi, 2022. "Concept paper on the Leadership capabilities to grow female owned enterprises in the clothing sector post COVI-19 pandemic period. Achieving gender equity through business growth," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(9), pages 735-741, September.
    8. Jorge Luis Tonetto & Josep Miquel Pique & Adelar Fochezatto & Carina Rapetti, 2024. "Survival Analysis of Small Business during COVID-19 Pandemic, a Brazilian Case Study," Economies, MDPI, vol. 12(7), pages 1-21, July.
    9. Ioana Alexandra Horodnic & Colin C. Williams & Oana Țugulea & Iuliana Claudia Stoian Bobâlcă, 2022. "Exploring the Demand-Side of the Informal Economy during the COVID-19 Restrictions: Lessons from Iași, Romania," Sustainability, MDPI, vol. 14(12), pages 1-16, June.
    10. Ibraheem Saleh Mokbel AlKoliby & Haim Hilman Abdullah & Norazah Mohd Suki, 2024. "Linking Knowledge Application, Digital Marketing, and Manufacturing SMEs’ Sustainable Performance: The Mediating Role of Innovation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 6151-6177, June.
    11. Dinu Mihai & Mănescu Cătalin Octavian & Spiridon Carmen Elena & Mogoş Liliana & Ganea Otilia, 2024. "The Competitiveness of Financial Support Measures in the Context of the Pandemic," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 770-778.
    12. Kuo-Ming Chu, 2024. "Innovation Practices of New Technology Adoption for the Business Survival Strategy of Online Travel Agencies During the COVID-19 Pandemic: Two Case Studies in Taiwan," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9556-9575, June.
    13. Dr. Ishtiyaque Ahmed, 2023. "An Overview on the Crucial Nature of Innovation Strategies for Sustainable Businesses," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 14(3), pages 21-29, September.
    14. Juying Zeng & Jiehui Li & Qianqian Yang, 2024. "Policy involvement and policy consistency identification of supportive policies for SMEs," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 2901-2937, December.
    15. Samuel Godadaw Ayinaddis, 2022. "Exploring firm-specific deterrents of innovation in micro and small enterprises in Ethiopia," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-13, December.
    16. Broto Rauth Bhardwaj & Aakriti Jain, 2024. "Sustainable Export Competitiveness of SMEs Through Circular Economy and Digital Economy," International Journal of Global Business and Competitiveness, Springer, vol. 19(2), pages 120-134, October.
    17. Tran Thi Van Trang & Mai Ngoc Khuong, 2023. "The role of risk factors, partner compatibility, organizational creativity and co-creation value on firm performance: evidence from SMEs in Vietnam," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 41(2), pages 449-475.
    18. Shanshan Wu & Long Cheng & Changcheng Huang & Yaoyao Chen, 2024. "The impact of open innovation on firms’ performance in bad times: evidence from COVID-19 pandemic," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 14(3), pages 657-694, September.
    19. Gemechu Abdissa & Abebe Ayalew & Anna Dunay & Csaba Bálint Illés, 2022. "Determinants of Sustainable Growth of SMEs in Developing Countries: The Case of Ethiopia," Economies, MDPI, vol. 10(8), pages 1-16, August.
    20. Gezim Jusufi & Donat Rexha & Besime Ziberi, 2024. "Innovations and Entreprises Performance in Transition Countries, with Special Emphasis on Kosovo: CDM Model Approach," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 77-91.

    More about this item

    Keywords

    information technology; machine learning; COVID-19 pandemic; data usage and analytics; digital trans-formation; digital inclusion; cyber security;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:econom:v:11:y:2023:i:2:p:209-223:n:12. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.