Regional development: organizational and economic mechanism in the context of the fourth industrial revolution

Relevance of the research topic. The information and knowledge flow management is an important component for regional development in the context of the fourth industrial revolution. It allows taking advantage of the opportunities hidden in the digital transformation of the business community and providing the transformations necessary to reorient development towards inclusive and sustainable growth. Formulation of the problem. Managing the process of introducing Industry 4.0 technologies based on effective state and collective strategies opens up opportunities for regional development, but requires the development of special decision support tools, scientific substantiation of the model of systemic transformation of the region, identification of the main stakeholders and the mechanism of their interaction. Analysis of recent research and publications. The works of such researchers as Yasheva G. A. and Fateev V. S. (Belarus), Lenchuk E. B. (Russia), Götz M. and Jankowska B. (Poland), Ciffolilli A. and Muscio A. (Italy) and others are devoted to the issues of territorial and regional development in the context of the fourth industrial revolution. Selection of unexplored parts of the general problem. The mechanism of small businesses involving in the process of the necessary systemic transformation in the context of the fourth industrial revolution has not been sufficiently studied. Setting the task, the purpose of the study. The purpose of the study is to analyze the theories of regional development in the context of the fourth industrial revolution and to propose an organizational and economic mechanism for the digital transformation of the regional business community, including the SMEs’ sector. Method or methodology for conducting research. The research used the methods of analogies, analysis and synthesis, sociological survey. Presentation of the main material (results of work). The article analyzes the main concepts of regional development, concludes that it is necessary to consolidate regional actors according to the ‘Quadruple Helix’ model based on inter-organizational information systems in order to introduce Industry 4.0 technologies. An algorithm for the development of an electronic platform from a cluster site to an information system of integrated supply chains is proposed on the example of the Novopolotsk innovative and industrial petrochemical cluster. The field of application of results. The results of the research can be used by companies providing activity in regional development and small business support, in scientific and educational institutions, in public administration. Conclusions according to the article. Networked connections between regional actors, innovation networks based on the open innovation paradigm and integrated supply chains promote region development in the context of the fourth industrial revolution, this requires appropriate institutional conditions