Analyzing International Business Operations in the Post-Pandemic Era Taking Into Account Industry 5.0 Realities

Introduction

International business is one of the main components of globalization and is a process of exchange and sharing of economic, cultural, and other achievements worldwide, which brings countries and even continents closer together. Globalization itself is a process that reflects the search for common ways to solve the problems faced by different countries of the world, which covers almost all areas, although it has manifested itself most clearly in economic and business processes. Globalization forces each state to do business in the international market. Companies are no longer focused only on the domestic market, they try to use the given opportunities as much as possible and produce products outside the country instead of only the domestic market. International business reaches the highest level of development especially in those companies that include almost all forms of international trade, including international trade, foreign direct investment, etc. Companies that enter the international market are called transnational corporations. They play one of the most important roles in the globalization process, they are even considered the driving force of global processes. Today's globalization processes are a subject of constant discussion, especially economic globalization and the processes developed around it. Economic globalization is the process of integration and interdependence of commercial, productive, and financial activities between countries. It opens up financial markets around the world, facilitates the exchange of goods and services, and increases the variety of products available in every part of the planet. International business and economic globalization is a dynamic and irreversible world process. First of all, it implies the process of growing economic integration, liberalization of international trade and capital movement, accelerated technological progress, formation of information society. The main feature of globalization is the continuous expansion of the world market of certain types of products, goods or services, due to which there is little space left for the development of human, public or natural values. One of the positive aspects of the globalization of the economy is the promotion of international trade, which allows each country to specialize in the production of goods and services that it produces more efficiently under conditions of rational use of existing resources. Business organizations carry out their economic activities in different states. The so-called transnational corporations are created, in which people of different cultures, nationalities, values ​​and mentality are employed. The intensity of economic globalization in different parts of the world is uneven and is related to the level of economic development of the countries. In economically strong countries, it gives much better results. Free trade allows for the equalization of the capabilities of different producers and countries so that they are free to create the goods and services they bring to market. Transnational corporations make good use of these advantages. The basis of their effectiveness is the advantage of possessing and accessing production resources all over the world, horizontal diversification in various fields, economy of production scale, the possibility of choosing when locating the company's enterprises in different countries, taking into account the size of their national markets, economic growth rates, prices, availability of economic resources, as well as political resources in advance Calculation (Khozrevanidze, 2021).

Discussing International Business in the modern time, we should point out Industry 5.0, which is also known as the Fifth Industrial Revolution and is a new and emerging phase of industrialization that sees humans working alongside advanced technology and A.I.-powered robots to enhance workplace processes. This is coupled with a more human-centric focus as well as increased resilience and an improved focus on sustainability.

Encompassing more than just manufacturing, this new phase builds upon the fourth industrial revolution (Industry 4.0) and is enabled by developments in I.T. that include facets such as artificial intelligence, automation, big data analytics, the internet of things (IoT), machine learning, robotics, smart systems, and virtualization.

Broadening the concepts of Industry 4.0, this new industrial revolution is described by the European Union as providing, “a vision of an industry that aims beyond efficiency and productivity as the sole goals, and reinforces the role and the contribution of industry to society.”