scholarly journals Corporate financial planning during the digitalization of the economy

2021 ◽  
Vol 26 (2) ◽  
pp. 126-147
Author(s):  
Denis D. TKACHENKO
Keyword(s):  
Financial Planning ◽  
Research Study ◽  
Digital Transformation ◽  
Theoretical Research ◽  
Empirical Observation ◽  
Development Patterns ◽  
Industrial Enterprises ◽  
It Resources ◽  
Financial Plan ◽  
Selection Of

Subject. Due to the current circumstances of the economic crisis, high competition, impact of the COVID-19 pandemic, enterprises decide to develop the digitalization of financial planning, since it will allow them to use new IT resources, quickly respond to market changes and manage their resources flexibly. Objectives. I herein study possible ways of developing the digitalization of financial planning for industrial enterprises. Methods. The study is based on methods of empirical (observation, collection and selection of facts and tracing their relationship) and theoretical research (study into the internal structure and development patterns of systems and phenomena, their interaction). Results. The article unveils what urged to start the digital transformation, and determined key challenges and avenues of the digitalization of financial planning for industrial enterprises. Conclusions and Relevance. During the crisis, financial planning should follow from the strategy to tactics. Strategic financial planning requires to look into the future of the development, understand the objective, analyze strengths and weaknesses, summarize strategic alternatives, and choose aspects for further optimization. Setting up a new financial plan to become more competitive and effective, in the current circumstances of the economic digitalization, the enterprise should convert into a new IT format, which would ensure the comprehensive nature of planning procedures, their continuity to make the system more flexible and adapt it to the production specifics in terms of the time horizon, type of production, and conditions of internal and external operations.

Implementaon of digital economy elements in electric power industry

2018 ◽  
Vol 11 (2) ◽  
pp. 94-102 ◽  
Author(s):  
A. G. Filimonov ◽  
N. D. Chichirova ◽  
A. A. Chichirov ◽  
A. A. Filimonovа
Keyword(s):  
Electric Power ◽  
Energy Production ◽  
Predictive Analytics ◽  
Digital Economy ◽  
Digital Transformation ◽  
Cloud Services ◽  
Small Scale ◽  
Economic Activities ◽  
Industrial Enterprises ◽  
Automation Systems

Energy generation, along with other sectors of Russia’s economy, is on the cusp of the era of digital transformation. Modern IT solutions ensure the transition of industrial enterprises from automation and computerization, which used to be the targets of the second half of the last century, to digital enterprise concept 4.0. The international record of technological and structural solutions in digitization may be used in Russia’s energy sector to the full extent. Specifics of implementation of such systems in different countries are only determined by the level of economic development of each particular state and the attitude of public authorities as related to the necessity of creating conditions for implementation of the same. It is shown that a strong legislative framework is created in Russia for transition to the digital economy, with research and applied developments available that are up to the international level. The following digital economy elements may be used today at enterprises for production of electrical and thermal energy: — dealing with large amounts of data (including operations exercised via cloud services and distributed data bases); — development of small scale distributed generation and its dispatching; — implementation of smart elements in both electric power and heat supply networks; — development of production process automation systems, remote monitoring and predictive analytics; 3D-modeling of parts and elements; real time mathematic simulation with feedback in the form of control actions; — creating centres for analytical processing of statistic data and accounting in financial and economic activities with business analytics functions, with expansion of communication networks and computing capacities. Examples are presented for implementation of smart systems in energy production and distribution. It is stated in the paper that state-of art information technologies are currently being implemented in Russia, new unique digital transformation projects are being launched in major energy companies. Yet, what is required is large-scale and thorough digitization and controllable energy production system as a multi-factor business process will provide the optimum combination of efficient economic activities, reliability and safety of power supply.

An Analytical Study On Financial Planning And Strategy Formulation

2019 ◽  
Vol 118 (9) ◽  
pp. 28-34
Author(s):  
Dr P. Govindasamy ◽  
Dr.H. Premraj
Keyword(s):  
Financial Planning ◽  
Product Line ◽  
Financial Forecasting ◽  
Strategy Formulation ◽  
Wealth Maximization ◽  
Corporate Growth ◽  
Financial Plan ◽  
New Business ◽  
Future Income ◽  
A Company

Financial Planning and Forecasting is the estimation of value of a variable or set of variables at some future point. A Financial forecasting exercise is usually carried out in order to provide an aid to decision – making and planning of any line of business for future developments. This paper focuses insurance segments and tailored all the key areas of attention are such as assets, liabilities, marketing, human resources, expenditures, digitalization and technology inclusion, etc., all in one term called as wealth maximization. Financial planning and forecasting represents a blueprint of what a firm proposes to do in the future. So, naturally planning over such horizon tends to be fairly in aggregative terms. We need to focus on common elements which include economic assumptions, target forecast, proforma statements, asset requirements and the mode of financing the investments and so on. A financial plan can also be an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in an existing business. Financial forecast and financial plan can also refer to an annual projection of income and expenses for a company, division or department. This can also be an estimation of cash needs and a decision on how to raise the funds, such as through borrowing or issuing additional shares in a company. Forecasting is also used by outsiders to value companies and their securities. This is the aggregative perspective of the whole firm, rather than looking at individual projects. Growth is a key theme behind financial forecasting, so growth should not be the underlying goal of corporation – creating shareholder value is enabled through corporate growth.

Methodological approaches to assessing the digitalization scale in types of economic activity in the region and the potential of digital technologies for the real economy

2021 ◽  
Vol 17 (8) ◽  
pp. 1519-1541
Author(s):  
Vitalii V. PECHATKIN ◽  
Liliya M. VIL'DANOVA
Keyword(s):  
Methodological Approach ◽  
Import Substitution ◽  
Digital Technologies ◽  
Industrial Sector ◽  
Digital Transformation ◽  
Real Economy ◽  
Economic Activities ◽  
The Real ◽  
Industrial Enterprises ◽  
Methodological Approaches

Subject. As digital technologies spread across all industries, active processes of digital transformation need to be managed both nationally and regionally. Assessing the extent of digitalization across types of economic activities is the key issue for setting up the socio-economic development strategy of the region and evaluating its efficiency. Objectives. The study is aimed to formulate and test methodological approaches to assessing the digitalization in types of economic activities and the potential of digital technologies for the real economy. Methods. The study relies upon the dialectical method, systems approach, questionnaires, expert approach, interpretation of empirical facts through tables, etc. Results. We devised a methodological approaches to assessing the extent of digitalization in types of economic activities across regions. The approach combines the quantification and evaluation of the process and helps determine the extent of local digital transformation at the regional level. We devised and tested the methodological approach to rating digital technologies, which have the high potential for raising the competitiveness and resilience to competition of the industrial sector in the Russian regions. As opposed to the existing approaches, the approach accounts for the current scale of digital technologies in the national economy, the potential for growth in the demand and supply in the domestic and foreign markets, and the potential for import substitution with respect to foreign technologies and products. Conclusions and Relevance. What makes the proposed methodological approaches more preferable is that they help assess not only the extent of digitalization in types of economic activities and the predominance of certain types in industrial enterprises, but also determine their potential for import substitution in terms of digital security.

scholarly journals ESTIMATION OF BUSINESS VALUE AS AN ELEMENT OF FORMATION OF BUSINESS MODELS OF INDUSTRIAL ENTERPRISES AND AGRICULTURAL COMPLEX IN THE CONDITIONS OF DIGITALIZATION OF THE ECONOMY

2020 ◽  
Author(s):  
Maksym Odnorog ◽  
◽  
Mykhailo Pivtorak ◽  
Oksana Zagorodniuk ◽  
◽  
...  
Keyword(s):  
Best Practices ◽  
Business Models ◽  
Business Processes ◽  
New Technologies ◽  
Digital Technologies ◽  
Economic Security ◽  
Digital Transformation ◽  
Enterprise Management ◽  
Industrial Enterprises ◽  
Digital Management

To date, digital technologies and their widespread practice have formed the potential for completely new business models. However, most organizations are either in the early stages of the digital transformation process, or do not yet dare to form a digital business model that will provide real benefits from digital technologies. In any case, taking into account the enormous pace of global digitalization, it is extremely important to adapt the best practices of digital transformation to the improvement of the Ukrainian economy as soon as possible. Based on this, consider the process of researching new and adapting existing management models. Digital transformation – the introduction of modern technologies to radically change the business models of enterprise management today is considered the most important topic for organizations around the world. The requirements of the new digital economy represent the digital transformation as a conscious strategic process of business modification through adaptive management and implementation of digital technologies, ie the restructuring of existing business models. The same happens at industrial and agro-industrial enterprises, the analog period of which is coming to an end. Industries are entering the digital age, thanks to which enterprises are developing in accordance with the new focus. For this reason, it is very important for the formation of digital models of enterprise management to strategically understand the possibilities of digital technology development in their connection with business processes and business models. The analysis of the main traditional models of effective management of enterprises was carried out and their fundamental differences from the Ukrainian approach to management were revealed, the possibilities of implementation of the principles of existing business models by Ukrainian enterprises were considered. In addition, a roadmap for the transition from a traditional to a digital enterprise was proposed for consideration. The process of modeling the digital management system of the enterprise is revealed. Currently, a prerequisite for the prosperity of the economy of industry and agriculture and, consequently, the economy of Ukraine, is adaptive digital management as a basis for economic security of the enterprise. It was found that the relentless introduction of digital technologies, «copying best practices» can later be in reality as dangerous as the refusal to master new technologies. Therefore, choosing the direction of your own digitization, you must first study everything thoroughly, so as not to miss the moment and not to remain in the ranks of the latter or in the past.

scholarly journals A method and a model framework for planning R&D changes in manufacturing enterprises

2021 ◽  
Vol 16 (91) ◽  
pp. 59-68
Author(s):  
Olga V. Stoianova ◽  
◽  
Valeriia D. Moskaleva ◽  
Keyword(s):  
Enterprise Architecture ◽  
Quantitative Estimation ◽  
Digital Transformation ◽  
Model Framework ◽  
Stakeholder Satisfaction ◽  
Manufacturing Enterprises ◽  
Industrial Enterprises ◽  
Number Of Factors ◽  
Planning Methods ◽  
Transformation Processes

This paper presents a method and a model framework for R&D changes planning in manufacturing enterprises, implementing digital transformation projects. The relevance of development of such method is evident because of growing number of factors, influencing the decision-making process and simultaneously the complexity of such influence estimation increases. Classical changes planning methods in such cases do not ensure required level of estimation objectivity and credibility. The objects of research are industrial enterprises, actively engaged in research, design and engineering. The subject of research are methods and models for R&D process changes planning in context of digital transformation endeavors, being implemented in the companies. The research objective is to develop a R&D process planning method, enabling to account for corporate changes, related to digital transformation processes. The proposed method is based on the analysis of the discrepancies between the actual enterprise architecture and the target one and search for possible solution to rectify these discrepancies. For quantitative estimation of the changes, an integral indicator "stakeholder satisfaction level" is proposed. This indicator is calculated using a set of models (a model framework), those preparation and application sequence is defined by the considered method. The paper describes the concept of the method, the problems, being solved within each stage, tools used and final outcomes. The example of planning R&D changes in manufacturing enterprise illustrates the method in work and provides for better understanding of the concepts, presented in the paper.

scholarly journals CONCEPTUAL MODEL OF ORGANIZATIONAL AND ECONOMIC MECHANISM OF DIGITAL TRANSFORMATION OF INDUSTRIAL ENTERPRISES OF THE REPUBLIC OF BELARUS

2019 ◽  
pp. 267-277
Author(s):  
I. Zubritskaya
Keyword(s):  
Conceptual Model ◽  
Manufacturing Industry ◽  
Digital Transformation ◽  
Economic Mechanism ◽  
Industrial Enterprises ◽  
Institutional Features ◽  
The Republic

The article presents a conceptual model of the organizational and economic mechanism of digital transformation of the manufacturing industry of the Republic of Belarus. Institutional features of digital transformation of manufacturing industry, interrelations of subjects of organizational and economic mechanism of its development, regulatory methods and tools of their interactions are revealed.

scholarly journals BUDGETING IN INDUSTRIAL ENTERPRISES

2021 ◽  
Vol 2021 (1) ◽  
Author(s):  
Ya. Samusevych ◽  
A. Temchenko
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Planning Process ◽  
Minimum Cost ◽  
Cost Effective ◽  
Planning Stage ◽  
Industrial Enterprises ◽  
Planning And Control ◽  
Rational Organization ◽  
Internal And External Factors

The key to successful and cost-effective activities of enterprises is the rational organization of the planning process, which concerns financial indicators and involves writing budgets. The article summarizes the theoretical and practical aspects of the organization and implementation of budgeting in industrial enterprises. The study of approaches of different scholars to the interpretation of the essence of the concept of budgeting allowed defining it as a complex economic process of the management cycle. It is developed at the discretion of the enterprise by determining the amount and composition of the costs of individual units of the entity and ensuring coverage of these costs by the resources of the enterprise to achieve the ultimate goal of the entity – to obtain maximum profit at minimum cost, taking into account both internal and external factors. The role of budgeting for industrial enterprises, its main purpose, the list of entities involved in budgeting, as well as the fundamental criteria for budgeting were clarified. Based on the generalization of a number of the most important criteria for the company, the possible types of budgets as well as their advantages and specifics of use depending on the objectives of the entity were generalized and described. The analysis of the basic stages of budgeting which are carried out in the course of activity of the is enterprise carried out, terms of writing and representation of budgets on an example of the monthly, quarterly and annual financial period are considered. It is determined that the budgeting system is a tool of internal financial planning and control, which significantly increases the efficiency of financial management of the enterprise, preventing the irrational use of financial resources both at the planning stage and at the stage of control over their use. Given the lack of established norms and rules for budgeting in the enterprise, optimizing the organization of the budgeting process and the effectiveness of financial planning are the tasks of the internal system of corporate governance.

scholarly journals Selection of optimal thickness of thermal insulation of modular buildings on the basis of multicriterial analysis

2020 ◽  
pp. 82-91
Author(s):  
V. Zhelykh ◽  
◽  
Yu. Furdas ◽  
S. Shapoval ◽  
M. Rebman ◽  
...  
Keyword(s):  
Thermal Insulation ◽  
Multicriteria Analysis ◽  
Theoretical Research ◽  
Expert Assessment ◽  
Insulation Material ◽  
Modular Construction ◽  
Optimal Thickness ◽  
Short Period ◽  
Modular Buildings ◽  
Selection Of

Today modular construction is gaining popularity in the arrangement of production facilities. The purpose of the research is the theoretical substantiation of the choice of the optimal thickness of thermal insulation for external protections of modular buildings taking into account the evaluation criteria based on the method of hierarchy analysis. The article reflects the possibility of using modular buildings for residential and public needs. Given the peculiarities of the use of thermal insulation materials, such structures are erected in a short period of time due to the use of ready-made modules. It is also proposed to use multicriteria analysis to compare different thicknesses of thermal insulation of a modular building. The obtained results are presented in the form of petal diagrams and diagrams of global priorities, which made it possible to make an in-depth assessment of several thicknesses of thermal insulation. When conducting theoretical research, it should be noted that the importance of each of the criteria was taken into account for the selection of thermal insulation. An expert assessment was performed to determine the thickness of thermal insulation, which can be used for lightweight prefabricated structures of modular buildings. As a result of research, it was found that the most suitable thermal insulation material is polyurethane.

scholarly journals Assessment of the impact of emigration on the origin economy

2019 ◽  
Vol 20 ◽  
pp. 187-195 ◽  
Author(s):  
Rita Remeikienė ◽  
Ligita Gasparėnienė
Keyword(s):  
Vocational Training ◽  
Negative Impact ◽  
Positive Impact ◽  
Labour Force ◽  
Theoretical Research ◽  
Health Improvement ◽  
Monetary Transfers ◽  
The Unemployed ◽  
The Impact ◽  
Selection Of

Our article concentrates to the main aim – to assess the impact of emigration on an origin economy. This topic was chosen because the theoretical research has disclosed that the positive impact of emigration usually manifests through monetary transfers to a native country while the negative impact mainly emerges as a reduction in the labour force, which, in its turn, causes deterioration of a country’s demographic and economic situation. It has been found that the growing flows of emigration significantly reduce Lithuanian population and cause “brain drain”. High emigration rates also have a negative impact on Lithuanian national economy, in particular, its unemployment rate (the opposite effect). To reduce the rates of emigration from the country, Lithuania must develop and improve such ALPM’s elements as combination of work and dual vocational training, targeted selection of the industries for arrangement of an apprenticeship, manual training, dual vocational training and workplace training, segmentation of the unemployed by the indications of employment impediment, individual work with the unemployed to restore their basic skills (motivation, practice, health improvement), vocational guidance of young people (students) and early involvement of students into the labour market by combining studies and work.

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