УДК: 336:005.52
DOI: https://doi.org/10.36887/2524-0455-2021-3-10
The article analyzes the relationship between the implementation of financial analytics and increasing the competitiveness of the enterprise. The views of economists on the concept of “enterprise competitiveness” are summarized and analyzed and the author’s definition of the concept of “enterprise competitiveness” as the ability of the enterprise to ensure a high level of production and marketing efficiency of its own products to meet consumer needs and maximize profits, struggle with other firms and enterprises. Stakeholders of the company are selected and characterized, including investors, creditors, managers of the enterprise and its managers, employees of the enterprise, suppliers, consumers, public and state organizations. It has been proven that financial analysis can help businesses understand the past, assess the current state of enterprises, predict the future and provide accurate information so that the company can make the right decisions, and the financial basis is an important tool for day-to-day management. It is concluded that in times of economic recession, the most valuable qualities of corporate management are flexibility and speed of adaptation of business strategy, which is the only sustainable way for companies to continue operating or even prospering and gaining competitive advantage. It is usually difficult for an outsider, whether a tax authority, an investor or a supplier, to judge the quality of corporate management and its ability to move a company to critical times due to the asymmetric nature of the information. It is concluded that high-quality financial analytics is an extremely effective tool for building a competitive enterprise in difficult economic conditions. Financial analytics plays a key role in increasing the competitiveness of the enterprise, as it has such advantages as determining the profitability and solvency of the business, calculating expected profits, identifying potential risks, identifying market trends, determining the current state and development trends and others. All these benefits are important for business stakeholders such as investors, lenders, managers, employees, suppliers, consumers, public and government organizations.
Keywords: financial analytics, competitiveness, enterprise, management, business.
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The article was received 15.03.2021
Quote article, APA style
Ivanchenkova L. , Tkachuk H. , Tymoshenko A. , Skliar L. 15.03.2021. Financial analysis and its role in increasing the competitiveness of the enterprise. Actual problems of innovative economy and law. 2021. №3. 55-60 pp. https://doi.org/10.36887/2524-0455-2021-3-10
Quote article, MLA style
Ivanchenkova L. , Tkachuk H. , Tymoshenko A. , Skliar L. Financial analysis and its role in increasing the competitiveness of the enterprise. Actual problems of innovative economy and law. 15.03.2021. https://doi.org/10.36887/2524-0455-2021-3-10