Actual problems of innovative economy and law

Journal "Actual problems of innovative economy and law" is included in category B for specialties: in the field of knowledge "Management and administration": 073, 076 (order of the Ministry of Education and Science of Ukraine dated 23.08.2023 No. 1035) and 071, 072, 075 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543); in the field of knowledge "Social and behavioral sciences" 051 (order of the Ministry of Education and Science of Ukraine dated August 23, 2023 No. 1035); in the field of knowledge "Law" - 081 and "Public management and administration" - 281 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543).
Registration of an entity in print media: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1390 dated 11/16/2023. Media identifier: R30-02018
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Innovative approaches to crisis financial management in the context of digital transformation

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УДК: 658

DOI: https://doi.org/10.36887/2524-0455-2024-3-21

Badiaiev Oleksandr,
Postgraduate Student of the Department of International Economic Relations,
University of Customs and Finance,
https://orcid.org/0009-0003-6718-051X

This article explores innovative approaches to crisis financial management that facilitate enterprises’ adaptation to the challenges of the digital economy and ensure their resilience in crisis situations. The focus is on the automation of financial processes, the use of big data, artificial intelligence, and blockchain technologies. Implementing modern software solutions for financial process automation can significantly reduce the risk of human errors, enhance the accuracy and speed of financial data processing, and enable prompt responses to change in market conditions. Automation tools streamline repetitive tasks, such as data entry, reconciliation, and reporting, freeing up valuable resources and allowing financial managers to focus on strategic decision-making. The potential of blockchain technology in crisis financial management is also examined. Blockchain provides transparency and security for financial transactions, reducing the risks of fraud and ensuring the reliability and authenticity of financial data. The decentralized nature of blockchain means that data is stored across multiple nodes, making it tamper-proof and highly secure. The article emphasizes the importance of integrating innovative approaches into the strategic planning of enterprises. Digital transformation opens new avenues for crisis financial management but requires a systematic approach and constant monitoring of the external environment. While the integration of these innovative approaches offers substantial benefits, it also presents certain challenges. The article addresses these challenges, such as the initial investment costs, the need for skilled personnel, and the potential resistance to change within organizations. The article also suggests future research directions, highlighting the need for ongoing exploration of emerging technologies and their implications for financial management. Areas such as quantum computing, advanced AI algorithms, and new blockchain protocols hold promise for further enhancing crisis financial management capabilities. Future studies could focus on developing frameworks and models for the seamless integration of these technologies into existing financial systems, as well as assessing their long-term impacts on business resilience and sustainability.

Keywords: innovative approaches, crisis financial management, digital transformation, financial process automation, big data, artificial intelligence, machine learning, blockchain technology, financial resilience, strategic planning.

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The article was received 15.03.2024

Quote article, APA style

Badiaiev O. 15.03.2024. Innovative approaches to crisis financial management in the context of digital transformation. Actual problems of innovative economy and law. 2024. №3. 114-118 pp. https://doi.org/10.36887/2524-0455-2024-3-21

Quote article, MLA style

Badiaiev O. Innovative approaches to crisis financial management in the context of digital transformation. Actual problems of innovative economy and law. 15.03.2024. https://doi.org/10.36887/2524-0455-2024-3-21