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GLOBAL EXPERIENCE IN TRANSFORMING THE FINANCIAL RELATIONSHIPS OF BUSINESS ENTITIES IN THE DIGITAL ECONOMY

Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 30)

Publication Date:

Authors : ;

Page : 107-115

Keywords : transformations of financial relations of economic entities; digital economy; transformation processes;

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Abstract

The main components of transformation of financial relations of economic entities in the conditions of digital economy are considered in the article, in particular, socio-economic sphere, innovative financial ecosystem and production, information financial networks and customer orientation. This interconnected structure is based on customer orientation. Transformation of financial relationships of business entities has been proven to be a general concept that covers the whole range of competitive strategies adopted by financial institutions to achieve significant improvements in business performance. These strategies include business process reengineering, organizational development, quality management and the use of IT. The important changes in the global financial system that have emerged as a result of the digital age are highlighted. The transformation processes of financial relations of IT-supported economic entities are considered, with the extension of the concept of business transformations and the competitive potential of information technologies and their role in transformational transformations. Transformation rules and criteria for IT have been set. It has been proven that the return on digital investment differs between technologies, industries and companies. In particular, companies are focusing on maximizing value from investments in new technologies, and most companies are still trying to measure the value impact of new technologies at the company level, which seriously hinders their ability. It is determined that the following principles should be considered as the basic principles for fulfilling the key opportunities of transformation technologies: establishing a clear ownership of digital investments; investing not in technology but in use cases; adherence to a results-based approach.

Last modified: 2021-03-18 20:08:57