Business digitalization as a strategic tool for financial and economic security

Snishchenko Roman
Doctor of Economic Sciences, Associate Professor, Professor of the Department of Finance, Accounting and Audit, Khmelnytskyi Cooperative Trade and Economic Institute, Khmelnytskyi, E-mail:Rosnishchenco@gmail.com, ORCID ID: https://orcid.org/0000-0003-2857-0980

Cite this article:

Snishchenko R. (2023) Business digitalization as a strategic tool for financial and economic security. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Didzhytalizatsiia biznesu yak stratehichnyi isntrmuent finansovo-ekonomichnoi bezpeky; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 3-4 (304-305), pp. 79-86.

Abstract

Introduction. The coronavirus pandemic and the war in Ukraine accelerated the digital transformation of business processes, made adjustments to existing business models and caused a radical redistribution of markets. The introduction of modern innovations in business activity in most cases brought a positive effect, prompting entrepreneurs and scientists to develop new technologies and tools to strengthen it. The digitalization of economic activity has become a catalyst for the technological and economic breakthrough of mankind in a new period of its development, creating at the same time new challenges for the financial and economic security of business. Problems.While increasing the economic efficiency of business, the implementation of digital technologies simultaneously makes it vulnerable to risks and threats accompanying the digitalization of business processes. Goal. Identification of the main factors of the impact of digitalization on the financial and economic security of enterprises, determination of priority directions for the use of digital technologies to minimize losses in business activities. Materials and methods. The research used general scientific and special research methods: the method of critical analysis, scientific abstraction and generalization of scientific experience of modern theoretical studies, SWOT analysis methods, system-complex approach. Practical importance. The materials presented in the article highlight the strategic impact of Digital restructuring of business on its financial and economic security. They can be applied in practice when developing strategies for digitalization of business activities. Digitization of business processes inevitably gives rise to new tasks of ensuring financial and economic security. Feedback between economic processes and processes of threat minimization determines the need for digitalization of financial and economic security systems.

Keywords

financial and economic security, digitization, digitalization, business entities, entrepreneurship, processes, technologies.

JEL classification: F360, G200; DOI: 10.32680/2409-9260-2023-3-4-304-305-79-86

UD classification: 338.14: 338.22.021.4

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