EVOLUTION OF ENTERPRISE FINANCIAL MANAGEMENT SYSTEMS IN THE ERA OF DIGITALIZATION AND GLOBAL MARKET CHANGES
Abstract
Purpose. The article is devoted to the study of the transformation of enterprise financial management systems in the context of digitalization and globalization of the economy. The main purpose is to identify the key vectors of financial management evolution, particularly the impact of FinTech, artificial intelligence, and ERP solutions on the efficiency and flexibility of an enterprise's financial system. Research methodology. The study employs a systemic approach, methods of scientific literature analysis, comparative analysis of modern digital financial management tools, and synthesis of practical experience in implementing financial technologies across enterprises of various scales. Empirical data from international consulting agencies (McKinsey, PwC, Salesforce) were also used to ensure the validity of the conclusions. Results. The study establishes that modern financial management systems are based on the integration of digital technologies, including FinTech solutions (robo-advisors, crowdfunding platforms, mobile applications), artificial intelligence (cash-flow analytics, credit scoring, budget forecasting), and next-generation ERP systems (SAP S/4HANA, Oracle NetSuite, Microsoft Dynamics 365). The implementation of these tools allows for reducing forecast errors in financial flows by up to 30%, increasing transparency, automating reporting, and lowering operational costs. ERP systems ensure end-to-end management of financial processes in real time, while cloud-based solutions make these technologies accessible to SMEs. Practical significance of the results. The results are valuable for financial management practitioners, entrepreneurs, and strategic analysts. The recommendations provided can be applied to modernize enterprise financial systems, improve budgeting processes, enhance risk management, and ensure the digital transformation of businesses in highly volatile environments. The article offers practical insights into the adoption of modern technologies for financial management, particularly for small and medium-sized enterprises.
References
Becker, W., & Schmid, O. (2019). The potential of digitalization for controlling: The role of cloud computing and business intelligence. Journal of Management Control, 30(1), 25–52. DOI: https://doi.org/10.1007/s00187-019-00279-1
Brynjolfsson, E., & McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. W.W. Norton & Company.
Christensen, C. M., Raynor, M. E., & McDonald, R. (2020). What is disruptive innovation? Harvard Business Review, 93(12), 44–53. URL: https://hbr.org/2015/12/what-is-disruptive-innovation
Salesforce (2022). State of Sales Report. URL: https://www.salesforce.com
Tapscott, D. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin. URL: https://www.amazon.com/Blockchain-Revolution-Technology
Tian, L., & Xu, Y. (2018). Marketplace, reseller, or hybrid: Strategic analysis of an emerging e-commerce model. Production and Operations Management, 27(8), 1595–1610. DOI: https://doi.org/10.1111/poms.12885
Chen, D. Q., Mocker, M., Preston, D. S., & Teubner, A. (2010). Information systems strategy: reconceptualization, measurement, and implications. MIS Quarterly, 34(2), 233–259. DOI: https://doi.org/10.2307/20721426
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118–144. URL: https://www.sciencedirect.com/science/article/abs/pii/S0963868717302196
Bresciani, S., Ferraris, A., & Del Giudice, M. (2018). The management of organizational ambidexterity through alliances in a new context of analysis: Internet of Things (IoT) smart city projects. Technological Forecasting and Social Change, 136, 331–338. DOI: https://doi.org/10.1016/j.techfore.2017.03.002
Kraus, S., Palmer, C., Kailer, N., Kallinger, F. L., & Spitzer, J. (2019). Digital transformation in business and management research: An overview of the current status quo. International Journal of Information Management, 52, 101994.
Müller, J. M., Buliga, O., & Voigt, K. I. (2018). Fortune favors the prepared: How SMEs approach business model innovations in Industry 4.0. Technological Forecasting and Social Change, 132, 2–17. DOI: https://doi.org/10.1016/j.techfore.2017.12.019
Wamba, S. F., Gunasekaran, A., Akter, S., Ren, S. J. F., Dubey, R., & Childe, S. J. (2017). Big data analytics and firm performance: Effects of dynamic capabilities. Journal of Business Research, 70, 356–365. DOI: https://doi.org/10.1016/j.jbusres.2016.08.009
PwC. (2023). Emerging technologies in financial services: Global FinTech survey 2023. PricewaterhouseCoopers. URL: https://www.pwc.com/gx/en/industries/financial-services/assets/pwc-global-fintech-survey-2023.pdf
McKinsey & Company. (2022). How AI is reshaping financial planning and analysis. URL: https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/how-ai-is-reshaping-financial-planning-and-analysis
