This paper considers the issue of investment management of digital innovations in modern business. The main purpose of the research is the development of approaches to the investment management of the innovative digitalisation processes of the enterprises and justification of the economic efficiency of investment projects on innovative information technologies use in the context of their relationship with existing information solutions for enterprise management. The relevance of the research is the necessity to change the methods of doing and managing the modern business, taking into account the achievements of the Third and Fourth Industrial Revolutions, which form innovative business philosophy based on informatisation and digitalisation of manufacturing and delivery processes. The implementation of innovative digital technology in business processes requires significant costs and it raises the issue on their minimization. Systematization of literary sources and approaches for the investment management of industrial digitalisation indicates the absence of complex solutions for this problem. In this regard, based on a comparative analysis, the authors have revealed the features of business development in the conditions of the Fourth Industrial Revolution and justified the need for modern information systems integration for enterprise management on the platform of business processes digitalisation. In order to create the road map of business digital innovations, it is suggested that the Theory of Constraints should be used to determine which of the operating information systems of the enterprise (Business intelligence – BI; Enterprise Resource Planning – ERP; Manufacturing Execution System – MES; Industrial Internet of Things – IIoT) is to begin the digital transformation with. The stages of the project development for the digital transformation of an enterprise are designed based on the structural approach. The economic justification for the selection of alternative digitalisation projects is based on an assessment of the labour costs for implementing two variants of digital innovation of a business entity: a complex automation project with up-front modelling and an integration automation project with the gradual implementation of a new information system. The assessment results have shown the economic benefits of implementing the integration project as it provides 1.58 times fewer labour costs and can be realized by use of universal package solutions such as Business Automaton Software (BAS). The analysis of the results of the implemented business digitalisation projects in Ukraine and the world as well as the potential of planned ones has allowed generalising the effects of their implementation and confirmed the need for further development of the mechanisms for the investment management of business digital innovations. Keywords automation, business, digitalisation, efficiency, greening, ERP, information technology, innovation, investment management, project.
The article deals with the growing role of financialization and its impact on the financial security of Ukraine. It is emphasized that the rapid development of the stock market of Ukraine is now a potential threat to the financial security of the state. The necessity to analyze all possible factors influencing the financial security of the country, including the stock market, as one of the components of the financial and economic system, due to the low level of financial security of the state, is emphasized. One of the main internal problems of the Ukrainian economy is analyzed – the control and regulation of the balance of payments and the methods of its solution through targeted artificial policy of the state, which threatens the financial security of the country and its stability. It is justified that an additional way of regulating the balance of payments today is the expansion of the stock market of Ukraine and the issuance of high-yield T-bills. It is emphasized that the inflows of speculative funds raised by increasing debt using a financial instrument such as T-bills are not capital investments and can be drastically withdrawn from the country at any time, thus destroying the hryvnia. The dynamics of the movement of investment resources is analyzed and the disparity of financial and real investments is revealed. A GAP analysis was conducted between the volume of the real and financial sectors of the economy and it was proved that there was under-financing of the real sector of the Ukrainian economy. As a result, the authors emphasize the approach of continuous monitoring of the GAP breaks in order to obtain a conclusion on the state of financial security and prevent the uncontrolled growth of the financial sector. According to the results of the investigation, 2 key indicators for the control of the financial security of the state were identified. It is emphasized that the artificially created rapid development of the financial sector can lead to further deterioration of the financial situation in the country, vulnerability and complete dependence on the processes of globalization, financialization and global hegemons. Keywords: financial security, financialization of the economy, global financial capital, stock market, government bonds, financial globalization, disproportionality of real and financial investments, GAP analysis.
Nowadays, the search for the effective tools in a sphere of personnel management are still on, and these issues is crucial especially for the Ukrainian enterprises. The article is aimed to analyze the effectiveness of staff as an element of the business-processes system of an enterprise. Among all the approaches the authors put their attention to evolutional and revolutional approaches to reengineering of the business-processes, and the key role of the personnel in these processes. Particular attention was given to the identification of personnel management essence in terms of business-process management, the pathways of optimizations of the business-processes, .and the main problems of HR-management that can be identified under the audit process. The case methodology was used to reveal the best practices in the improvement of HR-management system. Keywords: personnel, business process, analysis, enterprise, management.
In the current conditions of capital market liberalization, developing countries achieve a faster economic growth rate by actively attracting various types of foreign investment. The steady rise in the volume of foreign investment into the country could be achieved only due to its high investment potential.Therefore, this study aims to develop the methodology for determining the dynamic changes in the country’s investment potential, and its relevant medium-term indicators identify the degree of informational technology influence on Ukraine’s investment potential. It is essential to define the position of Ukraine in the global context in terms of the level of information technologies as the catalyst for investment attractiveness.The relevant indicators defining Ukraine’s investment potential were forecasted using the Brown-Meyer exponential smoothing model. To calculate the integral indicator of the investment potential, the Hurst exponent was applied. Kohonen self-organizing maps were used to group the countries according to their informational technology parameters.Ukraine’s investment potential was found to decrease since 2019 and is equal to 0.6493 units in 2020 and 0.6407 units in 2021 due to the decline of the indicators describing the human capital, infrastructure, technological development, and socio-economic conditions. Technology has a significant influence on Ukraine’s investment potential. Its impact is rising each year from 1.70% to 5.17% and 13.04% between 2019 and 2021, respectively. According to the level of technology, Ukraine is in the group with Spain, Romania, and Poland since 2017.The decreasing investment potential forecast and the positive influence of technology level on it bring the opportunity to form the priority areas for expansion of investment potential based on the adaptation of world instruments to implement the investment policy within national economic conditions.
Around the world, lack of funds and poor choice of investors are causing the death of the vast majority of startups right from the very beginning of their existence. Research on problems and prospects for start-ups in Ukraine focuses primarily on the search and improvement of macroeconomic tools and methods, while foreign resources offer specific practical recommendations that are chaotic, aimed at solving "point" problems, and do not contain a generalized methodological framework. The article clarifies the meaningful characteristics of startups - time constraints (10 years), stages of business cycles (pre-seed, seed, startup, growth, expansion, maturity, and possible exit), and fundraising. An analysis of the structure of sources of funding for start-ups in the European Union has shown that most founders rely on their own resources and the help of friends and relatives; the least involved fundraising tools are loans, IPOs, and ISOs. On the other hand, business angels and venture capital are active mainly in the "adult" stages of startup development. These findings enabled the authors to systematize the fundraising sources according to the stages of the startup development and to identify the vulnerable elements that threaten the sustainability of the fundraising startups, which is defined as the ability to implement the program or project and maintain the positive results in the long run. An analysis of approaches to assessing the level of sustainability of funding has led to the conclusion that in order to fundraise effectively for startups, it is important not only to diversify sources of funding but to select the right types of resources that will meet the project's mission and founders' expectations. In view of this, the authors propose to divide all types of fundraising sources into three categories: internal, supportive or neutral, and external. Such a division, supported by the motivational characteristics of the startup for its founder, allows authors to take into account the individual constraints and capabilities of each source and maximize the benefit and sustainability of funding. The work identifies the most vulnerable interstage transition in the startup lifecycle and proposes to use an additional source of fundraising, to support the local community, to ensure financial sustainability. Keywords: startup, startup lifecycle, fundraising, sustainability of fundraising, public funding.
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