APPLICATION OF DIGITAL TWINS TECHNOLOGY IN THE ACTIVITIES OF INDUSTRIAL COMPANIES

The article discusses the role of technology "digital twins" in the development of digital technologies. Analysis of the development of digital technologies reveals the relevance of the development and implementation of digital technologies in the company's business processes. The article analyzes the main modeling methods used to create digital twins. The features of the use of digital twins in the activities of industrial companies are revealed and the benefits for the company from their use are highlighted. It is noted that the use of the technology "digital twins" allows you to reduce the need for financial resources while minimizing the time spent. It has been established that the use of this technology in the activities of large Russian industrial companies will contribute to a significant increase in the efficiency of their activities and the development of the digital technologies market.

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LINKING BALANCED SCORECARD MEASURES TO SMES’ BUSINESS STRATEGY: ADDRESSING THE MODERATING ROLE OF FINANCIAL RESOURCES

International Journal of Research -GRANTHAALAYAH ◽

10.29121/granthaalayah.v3.i12.2015.2893 ◽

2015 ◽

Vol 3 (12) ◽

pp. 92-99

Author(s):

Mahshid Lonbani ◽

Saudah Sofian ◽

Mas BambangBaroto

Keyword(s):

Performance Measures ◽

Balanced Scorecard ◽

Business Strategy ◽

Business Processes ◽

Small And Medium Enterprises ◽

Financial Resources ◽

Financial Measures ◽

Medium Enterprises ◽

Moderating Role

Using financial and non-financial measures, the Balanced Scorecard (BSC) approach evaluates different aspects of firms’ performance: financial, customer, learning and growth, and internal business processes. Resource flexibility and availability of financial resources are basically highlighted as separate antecedents of company’s performance. Grounded on resource based view, the role of financial resources on business strategy has been addressed numerously in previous studies. However, there is limited study to evaluate the role of financial resources on relationship between business strategy and BSC performance measures. Especially there is no study addressing this issue according to the moderating role of financial resources among small and medium enterprises (SMEs). It is worth mentioning that such relationships and models can be more highlighted in a developing countries since financial resources has been debated to be weak in theses context. Grounded in contingency theory, an evaluation of the moderating role that financial resources plays in the relationship between SMEs’ business strategy and balanced scorecard performance measures in SMEs points to the value of providing enough resources for SMEs. External fund providers such as banks and loan providers can help SMEs in this regard since firms could pass the way from business strategy to superior BSC performance measures more successfully.

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APPROACH TO IMPLEMENTATION OF DIGITAL TECHNOLOGIES IN THE PRACTICE OF WORK OF PROJECT ORGANIZATIONS

Construction and Architecture ◽

10.29039/2308-0191-2021-9-4-61-65 ◽

2021 ◽

Vol 9 (4) ◽

pp. 61-65

Author(s):

Konstantin Postnov

Keyword(s):

Construction Industry ◽

Business Processes ◽

Digital Technologies ◽

Digital Transformation ◽

General Description ◽

Digital Twins ◽

Management Processes ◽

Project Organizations ◽

Main Production ◽

Definition Of

The specificity of the digital transformation of design companies is associated with the definition of the object and subject of management, the peculiarities of performing the main production business processes, the identification of interrelations with the external environment. The paper considers in general an approach to managing the digital transformation of design organizations of the construction industry using the tools of end-to-end digital technologies, gives a general description of the digitalization process, analyzes the possibility of using digital transformation technologies (digital twins, distributed ledger technologies, machine learning, logical-linguistic and frame models) to improve the efficiency of the main production and management Processes.

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Initial coin offerings: Linking technology and financialization

Environment and Planning A Economy and Space ◽

10.1177/0308518x20954440 ◽

2020 ◽

Vol 52 (8) ◽

pp. 1560-1582

Author(s):

Matthew Zook ◽

Michael H. Grote

Keyword(s):

Social Relations ◽

Business Processes ◽

Digital Technologies ◽

Ongoing Process ◽

Socially Constructed ◽

Initial Coin Offerings ◽

Financial Practices

This paper elaborates on the interactions between digital technologies and financial practices and how they contribute to the ongoing process of financialization. We focus on the circumstances of blockchain-based token offerings and their contribution to reshaping existing systems of investment in startups. We show how future clients become investors via the initial coin offering (ICO) process. The paper is based on interviews with blockchain and industry practitioners during 2018 and 2019 and focuses on an in-depth case study of a specific ICO in early 2018. We suggest a framework consisting of catalysts, cracks and voids to analyze the financialization process and to inform theories of how financialization advances through the new spaces afforded by socially constructed technologies upon which entrepreneurs capitalize. With this framework we provide a better understanding of the mechanics behind financialization, particularly the ways in which business processes, and larger social relations such as the role of investors and clients, are reimagined and reworked.

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The Role of the CFO of an Industrial Company: An Analysis of the Impact of Blockchain Technology

Future Internet ◽

10.3390/fi12080128 ◽

2020 ◽

Vol 12 (8) ◽

pp. 128 ◽

Cited By ~ 1

Author(s):

Philipp Sandner ◽

Anna Lange ◽

Philipp Schulden

Keyword(s):

Business Processes ◽

Organizational Structures ◽

Industrial Companies ◽

Blockchain Technology ◽

Business Ecosystems ◽

Strategic Role ◽

Considerable Impact ◽

The Impact ◽

Industrial Company

This qualitative multiple case study explores the influence of blockchain technology on the chief financial officer (CFO) of an industrial company. Due to the advancing digitalization of business sectors and increasing competitive pressures, industrial companies are forced to promote their own digital transformation to sustain on the market. Here, the literature regards the CFO as a key corporate function to induce digitization initiatives within organizations. The blockchain technology, due to its features of transparency, immutability and cryptography combined with its ability to coordinate data flows of e.g., the Internet of Things (IoT) or Artificial Intelligence (AI), constitutes a suitable instrument for the CFO to meet the requirements of Industry 4.0. This paper provides a contribution to address existing research gaps regarding the application side of blockchain technology. Thus, the objective of this work is to provide corporate financial functions, such as the CFO of an industrial company, with an understanding of the extent to which blockchain technology can be used for the role-specific responsibilities. Therefore, the underlying qualitative study explores the influence of blockchain technology on the CFO-function of an industrial company. Thus, intending to address a research gap on the application side, it asks (1) What is the impact of blockchain technology on the financial as well strategic role of the CFO? (2) What is the impact of blockchain technology in convergence with the Machine Economy on the key performance indicators (KPIs) of the CFO? (3) What is the impact of blockchain-enabled integrated business ecosystems on the role of the CFO? Based on a review of literature, semi-structured expert interviews were conducted with 23 participants. Analysis of the responses demonstrated a considerable impact of blockchain technology on the CFO-function. The results indicate improvements of business processes in regard to efficiency and automation, a relocation of the CFO’s strategic role, improvements of CFO-relevant KPIs through integrating machines into payment networks as well as the emergence of integrated business ecosystems facilitating new forms of inter-organizational collaboration. Necessary prerequisites for adoption include digital competences of the CFO, appropriate organizational structures, digital currencies and identities on the blockchain, a change of the competitive mindset as well as standardized platforms with a neutral governance.

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Evolution of traditional banks' business models

International Review ◽

10.5937/intrev2102148p ◽

2021 ◽

pp. 146-152

Author(s):

Galina Panova

Keyword(s):

Factor Analysis ◽

Business Models ◽

Business Processes ◽

Digital Technologies ◽

Point Of View ◽

Economic Science ◽

Digital Platforms ◽

Bank Business Models ◽

Definition Of

The article considers topical issues of how banks are developing in the new realities of the digital economy, and presents the results of research on theoretical and practical aspects of banks' business models evolution. The methodology uses such approaches as scientific abstraction, system and factor analysis, methods of grouping, detailing, and synthesis. The topic is relevant for banks first of all from the economic science point of view, since until now the conceptual apparatus of not only the types of bank business models but also the definition of bank business models and their ecosystems remain controversial. However, in practice the applying of new strategic solutions is needed to solve the triune task: to ensure profitability of banks' business while maintaining liquidity and minimizing risks. The obtained results allowed us to reveal the important role of the banks' business models innovative transformation, as well as to reveal the tendency of improving the intermediary function of banks on the modern stage of digital technologies' development. The article substantiates the need to develop new approaches to administering business processes, expanding banking activities using digital platforms, and reveals the problem that requires the speediest solutions in developing regulation standards for financial ecosystems.

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Global Trends in the Business Processes Management of Enterprise

Business Inform ◽

10.32983/2222-4459-2020-10-407-412 ◽

2020 ◽

Vol 10 (513) ◽

pp. 407-412

Author(s):

Dongcheng Wang ◽

Keyword(s):

Business Processes ◽

Business Management ◽

Digital Technologies ◽

Modern World ◽

Digital Revolution ◽

Global Trends ◽

Process Systems ◽

Wide Range ◽

Significant Interest

The article is aimed at researching and making a generalization of modern world-wide trends observed in the sphere of the business processes management of enterprise. The article stipulates the need to study modern trends in the sphere of the business processes management of enterprise. The dynamics of interest in the sphere of the business processes management and its nature in modern enterprises is examined. The projects that are of more significant interest among entrepreneurs in the sphere of development of management of own business processes are defined. The rating of the most common factors that act as the driving force for the focus of the enterprises’ activity on changing business processes has been built. The costs of managing changes in relation to the total costs associated with the implementation of ERP projects at enterprises are analyzed. The approaches to building up the architecture of business processes used in modern organizations are researched. The modern attitude of companies to the role of process manager in changing the business processes of enterprise is studied. It is determined how the vast majority of business processes management professionals approach to expanding their competencies and researching modern world trends. The generalization of modern world trends in the sphere of the business processes management is specified. The role of the digital revolution and the corresponding emergence of new types of business management technologies have been defined. Examples of the combination of modern digital technologies and business processes management instruments are provided. The essence of the intellectualization of process systems and the introduction of low-code platforms for the elaboration and development of the enterprise’s business processes management system are considered. The directions of possible development of business processes management systems are defined, which will provide the possibility of free combination of a wide range of digital technologies, namely: creation of integrated digital business platforms.

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Digitalization of the Human Resource Management Mechanism in Integrated Corporate Entities

Economics and Law ◽

10.31483/r-86146 ◽

2020 ◽

pp. 107-125

Author(s):

Liudmila Sergeevna Vereshchagina ◽

Larisa Anatolevna Olkhova

Keyword(s):

Corporate Governance ◽

Human Resources ◽

Human Resource ◽

Business Processes ◽

Human Resources Management ◽

Digital Technologies ◽

Business Analytics ◽

Management Mechanism ◽

Hr Management

The role of the management mechanism digitalization, including human resources management, the essence and content of digitalization of business processes are defined; an analysis of digitalization of production and management systems, HR management in Russia and abroad as well as constraints and conditions for successful digitalization of the economy is presented, the business analytics tools, including the field of personnel management, are systemized; the directions of corporate governance digitalization are substantiated; methods for assessing the effectiveness of the digital technologies application in the HR systems of corporations are considered.

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THE DOMESTIC AUDIT DIGITALIZATION: TRENDS AND PROSPECTS

Market Infrastructure ◽

10.32843/infrastruct52-34 ◽

2021 ◽

Author(s):

Valentyna Panasyuk

Keyword(s):

Financial Reporting ◽

Business Processes ◽

Digital Technologies ◽

Market Participants ◽

Current Trends ◽

Large Databases ◽

Discrete Nature ◽

Development Assessment

In the context of economic globalization, expansion of international relations, creation of a single economic information space, rapid changes in external and internal environment, devastating effects of economic crises, increasing the role of digitalization, the number of market participants interested in obtaining reliable information and reducing information risks work. That is why today there is a growing demand for audit services to identify and further analyze the distortions of financial and economic performance, as well as to assess promising areas of business development. The purpose of this article is to analyze the stages of audit development, assessment of current trends, problems and prospects for digitalization of audit in Ukraine. The article identifies three evolutionary stages of audit development, during which it acquired a confirmatory, system-oriented and risk-oriented nature. Emphasis is placed on changing the passive function of modern audit to active, associated with the expansion of its tasks and facilities. The author found that the new objects of audit are indicators of non-financial reporting and business processes of the client company. The main advantages of non-financial reporting are identified and classified into external and internal. Innovative areas of audit development have been studied and three have been identified, each of which can change the system of modern auditing: digitalization of business, the ability to work with large databases, accounting and reporting in real time. The necessity of digitalization of audit and the need for the use of digital technologies, which mark a new revolutionary stage of its development, are substantiated. It is indicated that the audit acquires a fourth digitally-oriented form, which will change the discrete nature of the audit to a continuous one and will cause new audit risks. It was found that the audit using digital technologies will improve the quality of services provided on the basis of the transition from sample to continuous research. The author proved that digital technologies can simplify and streamline the organization of the audit, taking into account the characteristics of the client, but associated with the emergence of new audit risks.

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