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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
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    References listed on IDEAS

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    1. Wendt, Charlotte & Adam, Martin & Benlian, Alexander & Kraus, Sascha, 2021. "Let’s Connect to Keep the Distance: How SMEs Leverage Information and Communication Technologies to Address the COVID-19 Crisis," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 128819, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. 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.
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    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

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