Journal articles on the topic 'Digitalization and Asset Management'

Currently, the digitalization of an oil and gas company should be understood as applying new high technologies within the framework of existing business processes without changing their principles and structure. According to the author, the concept of "digital transformation" is somewhat different from digitalization. Digital transformation in an oil and gas company is a constant process of improving and transforming an oil and gas company's business model based on digital asset management. Digital assets in an oil and gas company, according to the author, are digital twins of physical assets (factories, wells, fields), which are cyber-physical systems for the most efficient management of the existing infrastructure. In digital transformation, many oil and gas executives see the potential for long-term success. Nowadays, cost competitiveness is becoming more and more critical. Key words: digital transformation, oil and gas sector, Azerbaijan, technology

Asset-management accounts for a significant share of grid operators’ influenceable costs, which are under high economic pressure due to deregulation. In asset-management, visual inspections are the main measure to determine asset conditions. In the context of digitalization, we propose a concept to acquire additional information about the condition of distribution substations and to derive flexible inspection intervals from this information, in contrast to fixed intervals that are common in scientific literature and practice. Thus, knowledge about the substations increases, inspection intervals can be expanded dynamically, and significant cost savings are possible, which we demonstrate by the example of a German distribution grid operator.

In the age of economy’s digitalization, the importance of intangible assets in the activity of enterprises increases, which is caused by the content of fundamental trends, according to which the behavior of economic entities and their way of functioning transform into a new operating model of companies, especially in banking and telecommunications sectors, aimed at increasing cost efficiency and identification of new opportunities in the market mainly on the basis of methods of analysis of large amounts of data to generate new knowledge and make effective management decisions. Accordingly, in the conditions of economy’s digitalization, intellectual property starts to play more and more significant role as a backbone asset of enterprises, causing development of the intellectual property market and the need to formalize its operation and create an efficient infrastructure for the market. This article discusses the issue of intellectual property objects’ turnover in the Russian economy in the conditions of digitalization with funds being invested into specific energy project.

Purpose As various scholars have pointed out, the exponential growth in digital technologies has resulted in significant improvements to many business processes, and has also played a significant role in the field of innovation. The purpose of this paper is to organise the contributions of this special issue according to a framework that considers three topics currently being debated extensively in literature: innovation inputs, innovation processes and innovation outcomes. Design/methodology/approach Papers in this special issue adopt both qualitative and quantitative approaches based on the purpose of the study, which gives also a methodological variety to the special issue. Findings Papers in this special issue show that because of digital technologies: first, inputs are progressively becoming interrelated, making most of innovation endeavours happening in inter-organizational ecosystems of actors; second, innovation processes are gradually being compressed, anticipating and enhancing the phases in which customer feedback is gathered and employed; and finally, innovation outputs are increasingly taking the form of platforms used to create value by matching the supply of an asset with demand. Originality/value The value of this and other papers included in the special issue consists of embracing the topic of digital innovation from a managerial standpoint, contributing to the understanding of how the innovation process and other business processes may be affected by the use of digital technologies.

Photovoltaic (PV) plant monitoring and maintenance has become an often critical activity: the high efficiency requirements of the new European policy have often been in contrast with the many low-quality plants installed in several countries over the past few years. In actual industrial practices, heterogeneous information is produced, and they are often managed in a fragmented way. Several software tools have been developed for obtaining reliable and valuable information from the PV plant’s raw data. With the aim of gathering and managing all these data in a more complex and integrated manner, an information managing system is proposed in this work—it is composed of a structured database, called the Photovoltaic Indexed Database, and a user interface, called the Digital Map, that allows for easy access and completion of the information present in the database. This information managment system and PV plant digitalization process is able to analyze and properly index the IR in the database, as well as the visual images obtained in photovoltaic plant monitoring.

Nowadays, internet and smart phone turn out to be the new challenge for print media industry. This phenomenon seems to keep on going. It is digitalization that challenges print media companies to develop the sustainable economic growth of company. This research analyses the digital media management applied by Femina Group by using dynamic capabilities. The concept of dynamic capabilities is applied in this research as the main strategy to analyse the survival of print media management in digital era. The dynamic capabilities are divided into three, they are: the capability of sensing, seizing and reconfiguring. The research finds that Femina Group has a strong dynamic capability in sensing and seizing process. Meanwhile, the reconfiguring process of the company suffers a decline in terms of asset protection quality.

Relevance. Digitalization has led to a global transformation in the field of human resource management. Modern HR professionals view their roles not as mere administrators but as strategic enablers for key organizational decisions. In this scenario, there is a need to describe a digital system for efficient HR management (HRM) which is able to improve the skills of the employees. Research objective. The purpose of this study is to analyze the current state of the labor market in the Republic of Belarus and assess how digitalization affects human resource management strategies Data and methods. The article used the method of comprehensive data analysis in the study of the labor market in Belarus. The systemic approach was used to describe the strategy of HR digitalization. The official data of the Statistical Committee of the Republic of Belarus are used as the source of information. Results. The article analyzes the labor market in the Republic of Belarus. The factors that should be taken into account in the formation of human resource management strategy have been identified. The introduction of information and communication technologies in the country's enterprises was assessed and conclusions about the prospects of digital technology in human resource management were made. This work explains a strong relationship between the technological progress and HRM in organizations and companies. The paper shows how innovation can lead to a more proficient administration in HRM and improve the overall performance of the workforce. Several main zones of digitalization and its effects on human asset development are described. Conclusion. HRM has been changed by the advancement of the digital era. HR professionals no longer have to engage in manual procedures or deal with overwhelming volumes of data. With modern innovative solutions that enhance human resource management and growth, HR teams have greater freedom to shape organizational culture and productivity. The introduction of technology in human resource management offers great opportunities to optimize company resources and maximize results.

This article discusses the digitalization efforts of 26 leading manufacturing firms, the difficulties encountered, and how they can be handled. It shows that many firms are far from ready to benefit from digitalization and are mainly focused on achieving greater efficiency through digitalization rather than pursuing a growth agenda. This imbalance is because of the difficulties related to identifying profitable configurations of competencies, assets, and data generated from digital technologies, orchestrating them, and exploiting them in an agile organization. Practical implications of digitalization are highlighted, specifically in terms of strategies for supporting the current business and embracing long-term digital transformation.

Based on the in-depth implementation of the strategy of "network power", the Internet plus thinking has been integrated into every field of social construction, especially in the field of financial management, which has provided great convenience for the depreciation management of fixed assets, and also made depreciation more and more important. Based on the digital background, this paper analyzes the problems existing in the depreciation of fixed assets in China from the aspects of acquisition, maintenance, treatment and management of fixed assets. At the same time, in order to improve the quality of fixed assets depreciation management under the background of digitization, enterprises need to scientifically select depreciation methods for digital application in fixed assets management based on conditional support, optimize fixed assets management methods with digitalization, strengthen the skills training of fixed assets management personnel, encourage enterprises to reasonably avoid taxes, and increase the management of fixed assets depreciation by the society The supervision strength.

The main objective of this paper is to investigate the updates brought by the New Economy, especially new business models brought by digitalization, on value-based management. This objective is to see if classic value-based management and the updates brought by the New Economy conflict or are somehow harmonized or complementary. Another objective is to illustrate the updates brought by digitalization as case object on Siemens as case subject. The paper is focused on value-based management particularities for digitalization products, services, solutions. The context of the paper is digitalization technology and its impact on business and society, digital transformation. The phenomenon is new to society in all and therefore both literature review and case studies are highly relevant. The article is a case study on a top European corporation, both leader in digitalization and excellent value-based management practitioner. The case study is exploratory and descriptive, searching for the connections between digitalization and value. It relies on secondary evidence about Siemens. The questions are how New Economy value patterns work in practice and how do they relate to classic value indicators, net present value of discounted cash flow or its equivalent Economic Value Added. The paper finds a connection between innovation lifecycle and investment approval or capital budgeting. The beginning of the project lifecycle involves investment in intangible assets, business models, an open network structure and is funded by venture capital. As the idea matures close to customer contract negotiation stages, the network structure turns into a project budgeted via program management and equity and debt. The findings show how so-called new capital budgeting methods, venture capital, are reconciled with classic value-based management using equity and debt and Economic Value-Added investment appraisal. Both funding methods have their logic and place in idea lifecycle at Siemens. The paper finds a match between the lean start-up method and early stages of digital offering lifecycle, and a complementarity between venture capital funding methods and equity and debt capital funding methods given by the innovation lifecycle.

The relevance of the research topic is due to the increasing role of non-traditional financial instruments that contribute to financial instability. Therefore, various indicators are required to reflect the situation in the digital financial assets market, the volatility quotes, and the level of investor confidence. The aim of the study is to develop and test on empirical data a generalized indicator of financial instability (financial fear index) in the digital financial assets market. The novelty of the research lies in the adaptation of the classic model of building the volatility index to the cryptocurrency market.The authors use statistical methods for collecting and processing data, analyzing time series, weighing, designing economic indicators. The paper summarizes the results of modern research on the correlation between digitalization and financial instability. The authors conclude that at certain short periods of 2020 the ruble-dollar volatility was comparable or even higher than the ruble-bitcoin one. In addition, there is much less fear and uncertainty in the cryptocurrency market today than there was at the end of 2018. The main result of the study is the financial fear index model based on the method of calculating the weighted average option price of the underlying asset and hedging of price risks. The model has been tested using data on the bid and ask prices of cryptocurrencies at a specific point in time. Estimates have been obtained indicating the growing instability in the digital financial asset market. The authors offer recommendations regarding the index threshold values, which indicate the level of investors’ fear.

This study analyzes the reasons, factors and prerequisites for the development of digitalization processes in the energy industry in Russia. An overview of the Digitalization Strategy of the Russian industry, its priority goals and objectives is presented. Based on the analysis of the Energy Strategy of Russia until 2035, the main problems and threats to the development of the industry are highlighted. Among the tasks of digitalization of the energy industry in Russia, priorities are outlined: working with big data, increasing the efficiency of asset use, transforming the model of interaction with customers, optimizing the system of electricity management and distribution. The article, based on the data of the Ministry of Energy of the Russian Federation and information posted on the official websites of energy companies, collected and analyzed material on the role of digital technologies and the dynamics of their implementation in the energy complex of Russia. Energy policy priorities vary from country to country, but the role of digital technology is widely recognized. In conclusion, conclusions are drawn about the expected effects of the introduction of digital technologies in the field of operational safety of energy infrastructure facilities, an increase in the technical level of energy systems and a reduction in losses.

Purpose Little research has been done on the emergence of companies that engage in increasingly digital entrepreneurship with digitalized value-chain activities. The purpose of this paper is provide a consistent picture of how value-chain digitalization affects companies’ internationalization and international marketing (IM), and give insights regarding the influence of the degree of value-chain digitalization on the level of internationalization. Design/methodology/approach This paper takes an explorative approach based on a literature review and uses a conceptual analysis and research framework to empirically classify digitalized/-ing companies. Findings This study finds ways to classify the internationalization of companies according to the degree of digitalization of their value-chain. The more these companies use internet hardware infrastructure and web and mobile software technologies, the better they can leverage their foreign assets, achieving a higher share of foreign sales with relatively limited foreign assets. Research limitations/implications The results enrich the literature on internationalization and IM and entrepreneurship to explain companies that are distinctly digitalized across their value-chain activities. Practical implications This research provides evidence for companies regarding digitalization of the value-chain to facilitate entrepreneurial opportunities and offer rapid, efficient and affordable internationalization. Originality/value This research tackles a novel phenomenon by analyzing companies’ value-chain digitalization in relation to their degree of internationalization and IM.

The issues of classification and approaches to management of intangible assets of companies have been considered. Main features of intangible assets have been examined, as well as normative regulation of financial accounting of them. The important point of intangible assets management is their classification and distribution to homogeneous groups, that allows us create and clarify intangibles’ management policy in terms of digitalization. In addition, the authors have paid attention in the article to the issues of intangible assets valuation. Basic stages of intangible`s assessment have been analyzed, as well as current problems of estimation of true value of intangible assets.

The article analyzes the indicators of the development of the digital economy, identifies qualitative changes in the management of enterprises in the digitalization paradigm. The relevance of this study is due to the fact that these processes have been the focus of theoretical and practical research for several decades. This study allows to review the role of human resources in the activities of the enterprise. The author notes that in the paradigm of digitalization of business processes of industries, the idea of the existence of intangible assets, as a special form of the manifestation of human capital, comes to the fore. The key points and conclusions can be used by enterprises to form a strategy for managing human capital in the direction of increasing the level of digitalization.

Abstract Digital transformation requires a digital mindset and new approaches to dealing with both decision risk and decision speed. Well-entrenched companies seem to hold all the assets needed to adapt and keep succeeding, but sometimes they don’t seem to adequately react to a disruptive threat; instead, they show symptoms of innovation blindness. They might overestimate their digital skills or their learning occurs too slowly and resources are being wasted. Deep expertise that used to be an asset turns into a liability because companies are stuck in old mental models. A few things can be done proactively to avoid major pitfalls in the digitalization of a business. Facts that are taken for granted need to be challenged and checked against reality to identify strategic failure in time. Whenever somebody assumes that something is “surely” true, a company’s alarm bells should go off. Moreover, top management needs to check if their digital projects not only scratch the surface but that they grasp the essence of what makes them successful: creating new added value, dramatically increasing speed and ease of use, reducing complexity, and lowering costs substantially. Also, a new approach to innovation, such as design thinking, encourages rapid prototyping and a fast-failure culture.

Financial Planning and Forecasting is the estimation of value of a variable or set of variables at some future point. A Financial forecasting exercise is usually carried out in order to provide an aid to decision – making and planning of any line of business for future developments. This paper focuses insurance segments and tailored all the key areas of attention are such as assets, liabilities, marketing, human resources, expenditures, digitalization and technology inclusion, etc., all in one term called as wealth maximization. Financial planning and forecasting represents a blueprint of what a firm proposes to do in the future. So, naturally planning over such horizon tends to be fairly in aggregative terms. We need to focus on common elements which include economic assumptions, target forecast, proforma statements, asset requirements and the mode of financing the investments and so on. A financial plan can also be an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in an existing business. Financial forecast and financial plan can also refer to an annual projection of income and expenses for a company, division or department. This can also be an estimation of cash needs and a decision on how to raise the funds, such as through borrowing or issuing additional shares in a company. Forecasting is also used by outsiders to value companies and their securities. This is the aggregative perspective of the whole firm, rather than looking at individual projects. Growth is a key theme behind financial forecasting, so growth should not be the underlying goal of corporation – creating shareholder value is enabled through corporate growth.

The article deals with human resource management. The specifics of a teacher as a human resource lies in the level of professional competencies. The study aims to substantiate the professional development management system of human resources in a kindergarten. The authors note the stages of professional development such as formation, use, and improvement of professional experience and outline the tasks of each stage. An important thesis is that each stage is aimed at optimizing the professional activities and is based on the statement “the teacher is the key asset of the organization”. The authors consider the development of a human resource management system in a kindergarten as a condition of essential characteristics of a systematic, progressive and qualitative change in the personality of teachers at various stages of professional way. Key factors for designing a human resource management system have been determined. The information component of professional development in the context of digitalization in the economy and education has been highlighted. Special attention is paid to remote and project forms of control. The scientific leadership in solving individual problems of professional development of teachers has been studied.

Digitalization and big data are currently moving many industries forward and creating value-added efficiency improvements, new services, and business models. One area in industrial digitalization is RFID (Radio Frequency Identification) and related sensor technologies with benefits in asset visibility, employee productivity, risk management, loss, and theft mitigation. This literature review article is focused on specifically looking at digitalization in the apparel industry. Due to its complex global network, it has been a challenging industry to implement such technological advancements. Recent novel RFID system integrations have included highly innovative solutions in new store concepts, business models, and product traceability in the value chain. Inventory management has been improved by using RFID technology for creating and updating and for more efficient controls. Also, chain of custody of the various products in apparel and fashion can be more traceable and efficient. Improved customer connectivity and, therefore, customization are also important benefits using these technologies. Most benefits in using RFID in the apparel industry are related to economics and efficiencies. Similarly looking at scientific literature, the majority is focused on the more business-related value creation. In this publication, results of a systematically made literature review focusing on the three dimensions of sustainability (environmental, social, and economic systems) is reported. This review is done using value chain analyses, and it focuses on reported case studies to highlight the sustainability benefits of the RFID technology. According to the literature findings, this is the first review article that reports on the broader sustainability impact of RFID in the apparel industry. The findings show a very limited number of articles and the main focus of the articles found was in environmental aspects (44%). Following that was economic benefits (36%), and only a limited amount of research articles was found in social aspects of sustainability (20%). In addition to identifying the sustainability areas that RFID technology is related to, this article shows other areas of improvements using RFID technology in different parts of the apparel value chain.

The article is aimed at studying and evaluating the theoretical provisions of the development of the accounting system in the conditions of digitalization of economic and management processes, as well as identifying changes in the basic parameters of functioning of the information system under study. The article closer defines the purpose of accounting based on the division of users of accounting information into external and internal; substantiates the possibility of using information and communication technologies, implementation on the part of the studied information system of the consolidation, creative and prognostic functions, which will ensure an increase in the relevance of accounting data. The list of accounting objects (digital data, crypto assets, intangible assets, new types of settlements, social and environmental assets, qualitative criteria for conducting certain types of financial and economic activity), the identification of which is due to the digitalization of economic and management objects, as well as a system of methods and approaches for their information processing and appropriate disclosure of information, are defined. It is proved that the use of digital technologies not only contributes to the improvement of the operational efficiency of information processing, but also ensures its reliability, because it simplifies the procedures for determining fair value, allows the management staff to operate large amounts of data when making managerial decisions. New requirements for the professional competencies of accounting employees are outlined (flexibility in training, establishing and maintaining business communications, innovative methods of processing accounting data, control and analysis with the help of software products, programming and adjusting the functioning of accounting software products in accordance with the peculiarities of conducting economic processes and user information requests) as defined by the needs of active use of information and communication technologies in accounting and management processes.

Purpose The purpose of this paper is to investigate the dynamics of digital entrepreneurship and the role of innovation ecosystem in its shaping by applying a multilevel perspective on the phenomenon. Design/methodology/approach An exploratory in-depth analysis of an IT company in Brazil is conducted using a quasi-mixed method design and three analytical techniques: pattern-matching, data exposure and social network analysis. The study is based on qualitative data, complemented by quantitative data. The case company is investigated within its time (historical development) and spatial (entire ecosystem) dimensions, providing an integrative approach to analysis. Findings The results revealed significant differences in a set of supporting innovation ecosystem’s actors and relationships throughout the development of the company from lower to higher levels of digitalization. The findings are discussed within a framework that links ecosystem’s actors at different layers with different levels of business digitalization. Research limitations/implications This research brings implications to SMEs in high-tech industries that are aiming to transform their business toward greater digitalization, and stresses the importance of strategic partners in innovation ecosystem in this process. Originality/value The novelty of this research is related to how external actors contribute to a company to adapt and create value, and how companies may exploit opportunities by configuring internal resources and external assets from strategic relationships. The study considers digital entrepreneurship in dynamics, distinguishes between different levels of digitalization and prescribes them different enablers and sets of relationships.

The current level of digitalization of enterprises is investigated in the paper. It is established that the modern economic reality in the world of business is specified by two directions of development – digital transformation of information processes or disappearance from the business sphere. In fact, the world experiences digitalization as an important strategic task and accounting is an important part of this process. It was found that digitalization in the activities of national enterprises gained special momentum during COVID-19 pandemic. Having studied the market of information process automation services, the companies actively started to implement software and to set up business processes under new conditions. The TOP-25 leaders of digitalization include national companies from various fields of activity – both specialized companies in digital products as well as successful companies in the field of business processes digitalization, affecting the competitiveness of companies and economy as a whole. The main obstacles to the rapid establishment of the information processes automation at the national enterprises are personnel policy, duration of the information processes automation introduction at enterprises, reluctance of contractors to be digitalized, the cost of the information processes automation and maintenance of this process. The solution to these obstacles is possible due to the transformation of business processes at enterprises, communication processes, automation of electronic document management, the use of the latest IT equipment, transition to the cloud technologies. It is determined that one of the important tools of digital transformation of enterprises business processes is the development of accounting while using IT technologies. The main directions of digital accounting development include: introduction of electronic document management in business processes of the enterprises; use of cloud services (IaaS, PaaS, SaaS) in information processes of enterprises; use of Blockchain technologies and artificial intelligence tools in accounting processes; technologies for working with Big Data and Internet of Things. This will increase the importance and efficiency of information for enterprise management processes. The main areas of transformation of the business sphere with digital tools include digital transformation of products and services, renewal of enterprise assets and transformation of business processes by digital tools, digitalization of logistics processes, application of the latest models of economic development, employees training. This will improve the quality of national enterprises and speed up business processes.

During the last years, the German banking sector has faced major changes due to significant progress in the technological sector and hence an increased digitalization in many areas. Changing consumer behavior and customer needs force credit institutions to adjust to these developments in order to maintain their competitiveness. An enlarged number of new financial technology (FinTech) corporations started providing financial services comparable to the ones conventional banks offer. In this context, especially the topic of robo-advice is becoming more and more relevant. Robo-advisors can be defined as digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. In our article, we investigate robo-advisors as part of the FinTech movement and in particular analyze the eligibility of digital investment advisory service as potential alternative to conventional asset management. We specifically emphasize the influence that FinTech companies and innovations have on the German banking sector.

Economic globalization, digitalization of management processes, introduction of new forms of business organization, implementation of the concept of sustainable development are factors that affect the process of capital turnover and determine the need to improve its accounting support. The purpose of the article is to search for options for improving the accounting for capital turnover at the enterprise in modern conditions of a dynamic market environment. The economic essence of capital was disclosed and the capital turnover was identified as an object of accounting. The capital turnover in the enterprise is carried out constantly and is expressed through the turnover of funds that must be reflected in the accounting system. The analysis of the presentation (classification) of assets in the reporting was carried out, and it was found that all assets of an economic entity are in economic circulation, although the order and circulation period of various assets is not the same. Therefore, the division of assets into non-circulating and circulating assets is incorrect, since it contradicts the real essence of economic phenomena. It was proposed to change the approach to the presentation of assets in the reporting and rename the sections “Non-circulating assets” and “Circulating assets” in the Balance Sheet (Statement of financial position) of Ukrainian enterprises to “Non-current assets” and “Current assets”, respectively. It was proposed to place the balance sheet asset items in descending order of liquidity of assets. In particular, the first item will be “Money and their equivalents”, and then other items depending on the liquidity of assets. Accounting for business transactions must be kept according to the stages of capital turnover. In order to accounting for the sale of goods, works and services, it is advisable to use one synthetic account, on the debit of which it shows the sold products at their cost price, and on the credit – at the selling prices.

The article examines the problem of the effective use of resource potential in agriculture. It is argued that the reasons for increasing the efficiency of resource use at the current stage of development are closely related to the digital transformation of the industry. The aim of the study is to develop a model for diagnosing the efficiency of using the resource potential of the agricultural sector of the economy, which is based on a regional industry approach that takes into account the current trends of large-scale transformations, the driver of which is the dependence on innovation and the rapid penetration of new technologies. The developed integrated territorial-industrial model allows us to link logically occurring structural changes in agriculture associated with digitalization and technical modernization of its sub-sectors, to identify the specifics of the spatial development of the agricultural sector, to determine the vector of effective management decisions. The criteria for identifying the degree of digitalization of economic resources are justified, the main of which is the percentage of: digitalization of agricultural land; employees with an IT specialty; automation and computerization of the management of the main production assets; agricultural machinery provided with the Glonas and GPS system.

Actual importance of study. At the beginning of the 2020s developed world countries and countries which are the leaders of world economic development faced up the challenges of radical structural reformation of social production (from industry to service system) which is based on digitalization. Digital technologies in world science and business practice are considered essential part of a complex technological phenomenon like ‘Industry 4.0’. Digitalization should cover development of all business processes and management processes at micro-, meso- and microlevels, processes of social production management at national and world economy levels. In general, in the 21st century world is shifting rapidly to the strategies of digital technologies application. The countries which introduce these strategies will gain guaranteed competitive advantages: from reducing production costs and improved quality of goods and services to developing new sales market and making guaranteed super-profits. The countries which stand aside from digitalization processes are at risk of being among the outsiders of socio-economic development. Such problem statement highlights the actual importance of determining the directions, trends and strategic priorities of social production digitalization. This issue is really crucial for all world countries, including Ukraine which is in midst of profound structural reformation of all national production system. Problem statement. Digital economy shapes the ground for ‘Industry 4.0’, information, It technologies and large databases become the key technologies. The main asset of ‘Industry 4.0’ is information, the major tool of production is cyberphysical systems that lead to formation the single unified highly productive environmental system of collecting, analyzing and applying data to production and other processes. Cyberphysical systems provides ‘smart machines’ (productive machines, tools and equipment which are programmed) integration via their connection to the Internet, or creation special network, ‘Industrial Internet’ (IIoT) which is regarded as a productive analogue of ‘Internet of Things’ (IoT) that is focused on the consumers. ‘Internet of Things’ can be connected with ‘smart factories’ which use ‘Industrial Internet’ to adjust production processes quickly turning into account the changes in costs and availability of resources as well as demand for production made. One of the most essential tasks for current economics and researchers of systems and processes of organization future maintenance of world production is to determine the main strategic priorities of social production digitalization. Analysis of latest studies and publications. Valuable contribution to the study of the core and directions of strategic priorities concerning social production digitalization was made by such foreign scientists as the Canadian researcher Tapscott D [1], foreigners Sun, L., Zhao, L [2], Mcdowell, M. [3] and others. Yet, the study of issues concerning social production digitalization are mainly done by the team of authors as such issues are complicated and multihierarchical. Furthermore, the problem of social production digitalization is closely linked to the transition to sustainable development, which is reflected in the works by Ukrainian scholars like Khrapkin V., Ustimenko V., Kudrin O., Sagirov A. and others in the monograph “Determinants of sustainable economy development” [4]. The edition of the first in Ukraine inter-disciplinary textbook on Internet economy by a group of scientists like Tatomyr I., Kvasniy L., Poyda S. and others [5] should also be mentioned. But the challenges of social production digitalization are constantly focused on by theoretical scientists, analytics and practitioners of these processes. Determining unexplored parts of general problem. Defining strategic priorities of social production digitalization requires clear understanding of prospective spheres of their application, economic advantages and risks which mass transition of social production from traditional (industrial and post-industrial)to digital technologies bear. A new system of technological equipment (production digitalization, Internet-economy, technology ‘Industry 4.0’, NBIC- technologies and circular economy) has a number of economic advantages for commodity producers and countries, as well as leads to dramatical changes in the whole social security system, changes at labour market and reformation the integral system of social relations in the society. Tasks and objectives of the study. The objective of the study is to highlight the core and define the main strategic priorities of social production digitalization, as they cause the process of radical structural reformation of industrial production, services and social spheres of national economy of world countries and world economy in general. To achieve the objective set in the article the following tasks are determined and solved: - to define the main priorities of digital technologies development, which is radically modify all social production business processes; - to study the essence and the role of circular economy for transition to sustainable development taken EU countries as an example; - to identify the strategic priorities of robotization of production processes and priority spheres of industrial and service robots application; - to define the role of NBIC-technologies in the process of social production structural reformation and its transition to new digital technologies in the 21st century. Method and methodology of the study. While studying strategic priorities of social production digitalization theoretical and empirical methods of study are used, such as historical and logical, analysis and synthesis, abstract and specific, casual (cause-and-effect) ones. All of them helped to keep the track of digital technologies evolution and its impact on structural reformation of social production. Synergetic approach, method of expert estimates and casual methods are applied to ground system influence of digital technologies, ‘Industry 4.0’ and their materialization as ‘circular economy’ on the whole complicated and multihierarchical system of social production in general. Basic material (the results of the study). Digital economy, i.e. economy where it is virtual but not material or physical assets and transactions are of the greatest value, institutional environment in which business processes as well as all managerial processes are developed on the basis of digital computer technologies and information and communication technologies (ICT), lies as the ground for social production digitalization. ICT sphere involves production of electronic equipment, computing, hardware,.software and services. It also provides various information sevices. Information Technology serves as a material basis for digital economy and digital technologies development. Among the basic digital technologies the following ones play the profound role: technology ‘Blockchain’, 3D priniting, unmanned aerial vehicles and flying drones, virtual reality (VR). Augmented reality (AR), Internet of Things (IoT), Industrial Internet of Things (IIoT), Internet of Value (IoV) which is founded on IT and blockchain technology, Internet of Everything (IoE), Artificial Intelligence (AI), neuron networks and robots. These basic digital technologies in business processes and management practices are applied in synergy, complexity and system but not in a single way. System combination of digital technologies gives maximal economic effect from their practical application in all spheres of social production-from industry to all kinds of services. For instance, in education digital technologies promote illustrating and virtual supplement of study materials; in tourism trade they promote engagement of virtual guides, transport and logistics security of tourist routes, virtual adverts and trips arrangements, virtual guidebooks, virtual demonstration of services and IT brochures and leaflets. Digital technologies radically change gambling and show businesses, in particular, they provide virtual games with ‘being there’ effect. Digital technologies drastically modify the retail trade sphere, advertisement and publishing, management and marketing, as well as provide a lot of opportunities for collecting unbiased data concerning changes in market conditions in real time. Digital technologies lie as the basis for ‘circular economy’, whose essence rests with non-linear, secondary, circular use of all existing natural and material resources to provide the production and consumption without loss of quality and availability of goods and services developed on the grounds of innovations, IT-technology application and ‘Industry 4.0’. Among priorities of circular economy potential applications the following ones should be mentioned: municipal services, solid household wastes management and their recycling, mass transition to smart houses and smart towns, circular agriculture development, circular and renewable energy, The potential of circular economy fully and equally corresponds to the demands for energy efficiency and rational consumption of limited natural resources, so it is widely applied in EU countries while transiting to sustainable development. In the 21st century processes of social production robotization draw the maximal attention of the society. There is a division between industrial and service robots which combine artificial intelligence and other various digital technologies in synergy. Industrial robots are widely used in production, including automotive industry, processing industry, energetic, construction sectors and agriculture Services are applied in all other spheres and sectors of national and world economies –from military-industrial complex (for instance, for mining and demining the areas, military drones) to robots-cleaners (robots-vacuum cleaners), robots-taxis, robots engaged in health care service and served as nurses (provide the ill person with water, tidy up, bring meals). Social production robotization is proceeding apace. According to “World Robotic Report 2020”, within 2014 – 2019 the total quantity of industrial robots increased by 85 %. By 2020 in the world the share of robots in the sphere of automated industrial production had comprised 34 %, in electronics – 25%, in metallurgy – 10 %. These indicators are constantly growing which results in structural reformation of the whole system of economic and industrial processes, radical changes in world labour market and the social sphere of world economy in general. Alongside with generally recognized types of digital technologies and robotization processes, an innovation segment of digital economy – NBIC – technologies (Nanotechnology, Biotechnology, Information technology, Cognitive Science) are rapidly spread. Among the priorities of NBIC-technologies development the special place belongs to interaction between information and cognitive technologies. As a material basis for its synergy in NBIC-technologies creation of neuron networks, artificial intelligence, artificial cyber brain for robots are applied. It is estimated as one of the most prospective and important achievements of digital economy which determines basic, innovational vector of social production structural reformations in the 21st century. The sphere of results application. International economic relations and world economy, development of competitive strategies of national and social production digitalization of world economy in general. Conclusions. Digital technologies radically change all spheres of social production and social life, including business and managerial processes at all levels. Digital technologies are constantly developing and modifying, that promotes emergence of new spheres and new business activities and management. 21st century witnessed establishing digital economy, smart economy, circular economy, green economy and other various arrangements of social production which are based on digital technologies. Social production digitalization and innovative digital technologies promotes business with flexible systems of arrangement and management, production and sales grounded on processing large Big Data permanently, on the basis of online monitoring in real time. Grounded on digital technologies business in real time mode processes a massive Big Data and on their results makes smart decisions in all business spheres and business processes management. Radical shifts in social production digitalization provides businesses of the states which in practice introduce digital technologies with significant competitive advantages - from decrease in goods and services production cost to targeted meeting of specific needs of consumers. Whereas, rapid introduction of digital technologies in the countries-leaders of world economic development results in a set of system socio-economic and socio-political challenges, including the following: crucial reformatting the world labour market and rise in mass unemployment, shift from traditional export developing countries’ specialization, breakups of traditional production networks being in force since the end of the 20th century, so called ‘chains of additional value shaping’, breakups of traditional cooperation links among world countries and shaping the new ones based on ‘Industry 4.0’ and ‘Industrial Internet’. Socio-economic and political consequences of radical structural reformation of all spheres in national and world economy in the 21st century, undoubtedly, will be stipulated with the processes of social production digitalization. It will require further systemic and fundamental scientific studies on this complicated and multi hierarchical process.

Digital transformation is no longer a future trend, as it has become a necessity for businesses to grow and remain competitive in the market. The fourth industrial revolution, called Industry 4.0, is at the heart of this transformation, and is supporting organizations in achieving benefits that were unthinkable a few years ago. The impact of Industry 4.0 enabling technologies in the manufacturing sector is undeniable, and their correct use offers benefits such as improved productivity and asset performance, reduced inefficiencies, lower production and maintenance costs, while enhancing system agility and flexibility. However, organizations have found the move towards digital transformation extremely challenging for several reasons, including a lack of standardized implementation protocols, emphasis on the introduction of new technologies without assessing their role within the business, the compartmentalization of digital initiatives from the rest of the business, and the large-scale implementation of digitalization without a realistic view of return on investment. To instill confidence and reduce the anxiety surrounding Industry 4.0 implementation in the manufacturing sector, this paper presents a conceptual framework based on business process management (BPM). The framework is informed by a content-centric literature review of Industry 4.0 technologies, its design principles, and BPM method. This integrated framework incorporates the factors that are often overlooked during digital transformation and presents a structured methodology that can be employed by manufacturing organizations to facilitate their transition towards Industry 4.0.

The article examines the competitiveness of Ukrainian banks influenced by economy digitalization, the dynamic spread of electronic payments and e-commerce, as well as innovative technologies aimed at providing digital services. When shifting to an Online Platform business model, a bank can expand its range of banking products, attract more customers, thereby forming a competition policy and gaining competitive advantages. The paper aims to assess the digitalization level affecting the general competitiveness of banks and its components based on Ukrainian banks. For this purpose, the following methods were used: standardized input statistical indicators, comparison and ranking, a cluster analysis, and a regression and correlation analysis. The cluster analysis confirmed the current role of digitalization as a competition driver that determines the competitive advantages of banks and creates additional opportunities to expand the customer base and the range of services. The correlation and regression dependence of the competitive position identified by the activity indicators of certain banks on the level of competitive digitalization confirmed a close direct impact on the competitive position of personal deposits arising from the development of digital banking technology; the pre-tax income, profiles of assets and personal loans, and corporate deposits are subject to a significant direct impact, while the weakest direct impact determines corporate loans. The foregoing substantiates the feasibility of large-scale introduction of innovative digital technologies by banks to maintain competitive positions in the banking sector of the economy. Applying the proposed approach based on certain regression equations, managers of Ukrainian banks will be able to assess the efficiency and make appropriate decisions concerning investing in digital tools and services.

Authors research the current problem of innovative development — digitalization of financial assets. They review the key aspects of organizing the information system operator using the distributed ledger technology. The main imperative requirements of the legislation for operators of the information system are highlighted. The main alternatives of IT-infrastructure creation are considered. Also the matters of operational risks management and organizational and economic efficiency of activities are revealed.

Цифровизация экономики обусловила необходимость развития основных теоретических положений учения о собственности во взаимосвязанности с корпоративными отношениями. Целью статьи является исследование теоретических и методологических аспектов трансформации модели управления корпоративной собственностью в российских компаниях. Систематизация факторов, трансформирующих формы собственности, осуществлена на основе концептуального подхода, содержательного принципа, эволюционно-исторического, системного и процессного подходов. Новизна исследования заключается в том, что на основе анализа факторов, влияющих на трансформацию корпоративной собственности в современной российской и мировой практике, доказано, что появление новых цифровых инструментов не меняет сущности категории собственность. Собственность по своей природе представляет совокупность прав собственности и экономической власти, определяющих процессы присвоения, распоряжения и пользования объектами собственности, имеющих определенную форму существования. Сделан вывод о том, что распространение цифровых технологий приводит к тому, что цифровые активы и объекты интеллектуальной собственности переходят в разряд ведущих форм собственности, добавляя при этом новые цифровые риски. The article examines the theoretical and methodological aspects of the transformation of the corporate property management model in Russian companies. The digitalization of the economy has led to the need to develop the main theoretical provisions of the doctrine of property in the relationship with corporate relations. The article presents an analysis of the factors influencing the transformation of corporate property in modern Russian and world practice. The systematization of the factors that transform the forms of ownership is carried out on the basis of a conceptual approach, a substantive principle, evolutionary-historical, systemic and process approaches. The study shows that the emergence of a new type of didigital property does not change the essence of the category of property, which by its nature represents a set of property rights and economic power that determine the processes of appropriation, disposal and use of property objects that have a certain form of existence. It is concluded that the spread of digital technologies leads to the fact that digital assets and intellectual property objects are moving into the category of leading forms of ownership, while adding new digital risks.

Digitalization has enabled infrastructure and cities to be “smarter”; the use of physical space and energy, the transmission of information, the management of users, assets and processes, the operation of businesses and companies have been progressively digitalized. The main challenges of a Smart City is its definition, scope and interconnections; there are different approaches to Smart City implementations that vary from collaborative multidisciplinary environments, the addition of Information and Communications Technology (ICT) within its physical fabric to the use of Big Data for higher abstraction decisions. This paper presents the concept of Digital as a Service (DaaS), where any complete digitalization can be implemented independently of its associated physical infrastructure in a Cloud environment; DasS would enable an interoperable Virtual Digital Infrastructure (VDI). In addition, this paper reviews the current Digital Systems, Transmission Networks, Servers and Management Systems. The next Industrial Revolution will be founded on Artificial Intelligence that will entirely replace humans by taking production and management decisions based on the Internet of Things (IoT), the Cloud, BlockChain, Big Data, Virtual Reality and the combination of digital and real infrastructure or city. Digital as a Service would be its enabler by providing the entire interconnection, integration and virtualization of its Space, Services and Structure (3S).

AbstractBackgroundFrom the last decade, data mining techniques, employed in particular in customer relationship management, have assumed a key role in the profitability and operations of companies. To support small and medium companies (SMEs), several innovative and continuously improving tools have been developed that allow SMEs to utilize the internal and external data sources to increase their competitiveness.ObjectivesIn this paper, an analysis of the impact of digitalization, and in particular data mining techniques, in the context of SMEs development is presented.Methods/ApproachA review of various sources has been conducted, with the focus on open source tools, since in the context of the Italian economy they are used by SMEs the most.ResultsFirst, the analysis presents a brief review of the data mining techniques available and shows how they are practically employed in small companies. Second, an economical review of investments in data mining projects in Italy is presented.ConclusionsThe review indicates that data mining techniques can boost a company in the market. However, the awareness of data mining as a company asset is still not strong in Italian SMEs and most investments in Italy are still carried out by large companies.

Digital literacy is the ability to analyse, evaluate and create a teaching and learning media which enables adults and youth to understand complex communication, Aufderheide (1993). Therefore, this research study has examined how digital knowledge could provide an opportunity to learn financial capability. Fintech has transformed the history of the financial sectors and places an individual at significant advantages. However, Bankers, Teachers, Information Technology (IT) professionals and university students were selected for the research study from Bangladesh and England. Interviews were conducted with management level professionals. Survey and test questionnaires were developed and randomly directed to other participants to measure their financial and ICT knowledge. The research findings have found that present financial decision making, and the growth of assets depends on an individual adult’s financial capability.

Digitalization is creating a new model of industrial organization as online platform intermediate in multisided markets. The purpose of this article is to demonstrate how the platform paradigm provides a simple and useful framework to analyze the impact of digitalization on network industries. The first online platforms (searches and social platforms) disrupted content industries (music, newspapers, media, etc.) but as platforms proliferate, they are also disrupting industries with physical assets, such as accommodation. Disruption has reached network industries, and similar features emerge as they are all being “platformed.” On the one hand, platform-based services are replacing traditional network industry services. This is the case of electronic mail and postal service and carpooling platforms and railways. On the other hand, platforms are commoditizing network industry services, as they become mere sides in multisided markets coordinated by a platform. This is the case of telecom services and over the top providers (WhatsApp, Skype, and YouTube) and, potentially, of isolated transport services and “Mobility-as-a-Service” platforms. Regulation is becoming a key consideration. First, there is a debate on whether platforms should be subject to the same regulatory obligations as traditional network players. Second, there is a debate on whether platforms should have access to network services under regulated terms. Overall, platforms are replacing former monopolists in the central role as coordinators of the sector.

The modernization of traditional process and service industries, organization of trading and procurement procedures, related financial and logistical operations, change in the structure of consumption associated with the through penetration of information technologies and digitization of economic processes creates the basis for formation of new markets and conditions for their functioning. As employees, consumers, businesses, and manufacturing processes become increasingly related as a single digital space, digitalization offers wide possibilities for new decision-making models being the basis for ongoing global economic and social transformations which change business and consumer models, one of which is the sharing economy. The digital model of sharing economy will be developed and transformed in the next few years to achieve the main purpose – the use of unengaged or underused assets in the economy. In this regard, the search for new tools and technologies for business models development is vital. The authors present the content, advantages, current state and prospects for development of the distributed registry technology (blockchain). It is presented that it will increase transparency, security and efficiency of transactions of economic entities in various financial and non-financial fields. A transactional model of the economic system based on the blockchain technology is presented. The sharing economy features and characteristics are given.

Background. The digitalization of economic activity causes a large number of risks that threaten the financial security and continuity of enterprises. For some industries, electronic commercial information is the most valuable asset, without which the company cannot continue its business. Analysis of recent research and publications has shown that despite the availability of some scientific achievements, an important scientific and practical problem of the application of modern means of control and minimization of information risks and the potential consequences of information risks remains unresolved. The aim of the article is to substantiate the need to form a mechanism for managing information risks for a modern enterprise. Materials and methods. In the course of the research the methods of scientific abstraction, synthesis, generalization and systematization were used. Results. Modern enterprises cannot operate at a competitive level without the use of IT and access to information infrastructure, which increases the need to develop an adequate information risk management system. Such a system should contain four main components of risk management, aimed at: risk identification; risk analysis; risk minimization; risk monitoring. Thus, information security complements other components of the FS and ensures that they perform their functions through a comprehensive system of control and protection of information, which is operated by other components of financial security. Conclusion. The impact of information security on the company’s FS should be measured through the assessment of financial risks to determine the amount of direct and indirect costs of implementing a solution in the field of financial security management of the enterprise. The IS management mechanism ensures the functioning of the enterprise at a competitive level in the conditions of modern computerized information circulation. It is thanks to this mechanism that effective management of information resources and timely management decisions becomes possible. Without a well-established information security management mechanism, the company is vulnerable to external and internal threats, which in the long run may threaten its profitability and business continuity.

Radio frequency identification (RFID) has become a key technology in the logistics and management industry, thanks to distinctive features such as the low cost of RFID tags, and the easiness of the RFID tags’ deployment and integration within the items to be tracked. In consequence, RFID plays a fundamental role in the so-called digital factory or 4.0 Industry, aiming to increase the level of automatization of industrial processes. In addition, RFID has also been found to be of great help in improving the tracking of patients, medicines, and medical assets in hospitals, where the digitalization of these operations improves their efficiency and safety. This contribution reviews the state-of-the-art of RFID for e-Health applications, describing the contributions to improve medical services and discussing the limitations. In particular, it has been found that a lot of effort has been put into software development, but in most of the cases a detailed study of the physical layer (that is, the characterization of the RFID signals within the area where the system is deployed) is not properly conducted. This contribution describes a basic RFID system for tracking and managing assets in hospitals, aiming to provide additional details about implementation aspects that must be considered to ensure proper functionality of the system. Although the scope of the RFID system described in this contribution is restricted to a small area of the hospital, the architecture is fully scalable to cover the needs of the different medical services in the hospital. Ultra high-frequency (UHF) RFID technology is selected over the most extended near-field communication (NFC) and high-frequency (HF) RFID technology to minimize hardware infrastructure. In particular, UHF RFID also makes the coverage/reading area conformation easier by using different kinds of antennas. Information is stored in a database, which is accessed from end-user mobile devices (tablets, smartphones) where the position and status of the assets to be tracked are displayed.

The purpose of the article is to consider the problems of investment stimulation of economic growth in Russia during the implementation of the digitalization project for the management of electric and heat power assets using intelligent cyberphysical systems. The subject of the study isthe organizational and informational aspects of improving the management of the electric and heat energy sectors in the Russian energy sector. The necessity of “pushing” the Russian economy out of the crisis cycle due to investment stimulation of economic growth is substantiated. The electric and heat energy sector in the Russian energy sector has been proposed as a sectoral driver of eco-nomic growth and investment applications, since it is in this sector that competitive conditions for most Russian businesses are formed, which are energy-dependent and often energy-intensive. The main directions of digital restructuring of the entire system for managing electric and heat power assets are formulated. The basic principles of risk-based management based on intelligent cyber-physical systems are developed. The result is an automated control of each ruble along the chain of technological operations during operation and maintenance, which will ensure the receipt of investments from internal sources for the purpose of modernization.The article is aimed at managers and specialists of government and corporate management bod-ies, and may also be useful for researchers, postgraduates and students.

The challenge of globalization process is the emergence of “new economy” in which the knowledge-based economy is of great importance. The factor of the knowledge-based economy is growing under the influence of scientific and technological revolution and involvement in globalization. The article analyzes the relationship of changingtechnological paradigms of social-economic development with sustainable development of urban infrastructure. The challengesof the Sixth (according to the classification of S. Yu. Glaziev)paradigm of the technological revolution with widespread introduction of digitalizationare specified. Up-to-date aspects of management of urban infrastructure development with use of “Smart City” advanced intellectual information technologies are considered. The study provides a reinterpretation of modern methods of management of urban infrastructure development in connection with the emergence of digital information and communication technologies. Knowledge management, including human capital assets management, representing the creative potential of people, plays an important role for “smart management”. It is proved that intellectual resources have greater value and competitive advantages than material resources. It is justified that with the development of globalization and digitalization of society, sustainable development of urban infrastructure is based on the use of knowledge-based capital.

Abstract. Monitoring and digitalization are key to improve the resilience of the infrastructure network in the context of assessing its disaster management cycle. SAFEWAY is a project funded by the H2020 framework that aims to assess infrastructure resilience integrating multiscale information attending to all modes of disaster management cycle. This work presents the methodologies developed in the project for road and rail infrastructure monitoring and modelling, using remotely sensed data from Mobile Mapping Systems (MMS). First, 3D point clouds of both road and rail infrastructure are heuristically processed, obtaining geometric and semantic information from the most relevant assets, as well as the alignment, which is a key entity for generating information models. Such models are computed following the specifications of the Industry Foundation Classes (IFC) 4.1 schema, considering its current limitations and future potential for linear infrastructure modelling. Finally, the information is centralized in a core software platform where a user interface has been developed to aid visualization and interpretation of the resulting data.

This article examines the processes of formation of financial strategy within the system of corporate management in the conditions of digitalization. Implementation of digital technologies in all spheres of life opens new opportunities for socioeconomic development of the companies. In the nearest future, scientific research in the sphere of digital economy will be especially relevant due to heightened risk of being in arrears of global trends. Rapid changes taking place in engineering, technology, and organization of production increase the importance of corporate financial management. The digital age changes the traditional models of sectoral markets, enhances competitiveness between  the participants of economic processes. The theoretical and methodological framework of this research contains the works of economists on the problems of finances, financial management, and planning. The subject of this research is the combination of economic, organizational and management relations developed in the process of strategic activity of corporations in the conditions of digital economy. Enterprises that are adapted to modern economic conditions set new priorities in the process of formation of management models: the role of fixed assets decreases, while intangible assets and information become the key business engines. The effectiveness of management decisions, and thus, the effective functioning of the enterprise overall depends on the availability of accurate, timely and exhaustive information. Prompt responsiveness to the changes of external environment is the primary factor for ensuring effective management of the economic entity. The novelty of this research lies consists in the original concept of corporate financial strategic planning in digital economy in the context of the corporate management system of the industrial enterprise.

Subject. The article investigates the specifics of strategic financial planning of enterprise operations in conditions of digitalization processes, as well as the introduction of advanced technologies in all spheres of social and economic life. It determines unique opportunities for company development in the international market. Objectives. The study aims at reviewing a set of economic relations and problems emerging in the process of strategic financial planning of enterprise performance in the digital economy, and developing recommendations to improve the financial strategic planning of economic entities. Methods. We employ methods of economic analysis and synthesis, and comparison. The paper rests on works by academic economists on the problems of finance, financial management, and planning. Results. We investigated the most important features and problems of strategic financial planning of enterprises in the digital economy, and how the digital era increases the level of competition of participants for economic dominance. Identified features of financial strategic planning of the corporation's activities in the digital economy are recommended for use in the corporate management system of an industrial enterprise. Conclusions. Improving the strategic management process is a stage of transformations in the digital economy. Enterprises create new priorities through using management models. At the same time, the role of fixed assets is reduced, and intangible assets and information accelerate the business. The effectiveness of company operations is often determined by the availability of accurate and timely information that reflects the necessary aspects of financial and economic practice.

Insurance industry is one of the cornerstones of both the financial system and the economy as it undertakes global risks and minimizes losses. The compensation of major losses by insurance companies means rapid recovery and resumption for investors. The insurance sector is very important for the development of the country's economy as it contributes premium volume and its support to investors as for compensation of the losses. However, the insurance sector faces a great deal of risks. Therefore, it is of importance for insurance companies to have a robust risk management system to constitute a basis for the growth of economy. Risk management enables insurance companies to identify measuring and analyzing risks, safeguard their assets, minimize potential risks and take them under control. The aim of this study is the evaluation of the risks assumed by insurance companies in Turkey and their risk management perspectives to struggle such major risks through a survey. This survey makes an evaluation about how insurance companies’ risk management departments are structured, risks that insurance companies foresee, their strategies to deal with such risks. Among the important findings of the survey; Top 10 risks for insurance companies are: “interest rate and foreign exchange rate fluctuation, political risks, economic slowdown, economic crisis, regulations, cyber-attacks, incompliance with the applicable legislation, increasing competition, digitalization/insurtech, business continuity interruption” and the second finding is Turkish insurance industry’s risk management set-up has a robust structure even though it has a small share in global insurance market and Turkish financial sector.

The documentation of Cultural Heritage asset is the basis for all the interventions and policies on Cultural heritage conservation and management. The documentation is mainly based on historic knowledge and metric survey. As far as historic knowledge is concerned many information are still recorded and preserved inside written documents that are usually not easy to reach and correctly understandable by all the experts that have specific responsibilities on Cultural Heritage. <br><br> The digitalization of documents (hardly faced in the last years) is not sufficient to guarantee the effective access to the historical information useful inside a documentation process. The documentation always needs an historical interpretation based on a critical reading produced by linking heterogeneous materials. Iconography also is an important source when it is correctly interpreted and linked to other sources. IT development and digital technology diffusion allowed offering new way to record, organize and share historical information: GIS and 3D modeling can be used as standard approaches to transfer the historical knowledge in a proper way to specialists involved in Cultural Heritage conservation and management. They have been generally used as tool to represent information for different targets, the ones mostly for specialized users, the others for edutainment. GIS are largely diffused yet in the Cultural Heritage management, and 3D modeling is wide spread used in museums communication. Nevertheless, both of them have more potential. They could be integrated in order to manage different data set related with the same matter. They could be used to make new research by surveying and improving interpretation in a way ready to transmit the outcomes. To produce a new generation of affordable digital historical products is necessary that the GIS and 3D modeling design and realization would be developed in a multidisciplinary approach that must be explained and demonstrated to the people that in the future will offer to the community this expertise. <br><br> The paper describes a teaching and research training experience started two years ago at the Politecnico di Torino in the master course on Architecture (Conservation).

Modern society is characterized by rapid increasing the information volume and increasing its role in various fields of activity: economic, political, social and public ones. The rapid spread and introduction of information technologies, the growth of information data flow pose new challenges to the modern society. Global informatization dictates the need to form an infrastructure for processing and managing Big Data - an array of data, the processing of which requires special skills, knowledge and applications. The formation of the digital economy through the penetration of ICT and the digitalization of production processes contributes to the modernization of traditional industries, trade and procurement procedures, related financial and logistics operations, as well as markets with other sources of added value. Big Data as a new tool for analytics, forecasting and management decision making is becoming a leading asset and resource of the state, business and society as a whole. At the same time, the absence of physical boundaries in the digital space opens up access to big data for all participants in the global space. The national program “Digital Economy of the Russian Federation” is aimed at creating the necessary institutional and infrastructural conditions for the development of high-tech businesses, increasing the competitiveness of the national economy, the quality of life of citizens, and ensuring economic growth. One of the federal projects “Human Resources for the Digital Economy” is aimed at ensuring the training of highly qualified personnel for a modern society with high professional qualifications, skills and abilities to develop and introduce competitive products. Therefore, a Data Science specialist is a profession shaped by the needs of the Russian economy. In this regard, new challenges and methodologies for training IT specialists with the necessary knowledge and skills that meet the requirements of high-tech business are being formed.

The article is aimed at determining the consequences of digitalization and development of the fintech sector for the financial services market. According to the results of the analysis, a number of transformational trends for the financial services market are identified and characterized, among which the major ones: disintermediation in the financial services market – as a process of «cutting out» the classical financial institutions from the direct process of financial asset exchange; democratization of financial services processes – as a process of expanding the range of financial products; disaggregation of financial services – as a process of splitting financial services into separate financial products; increasing the inclusiveness of financial services, which provides better availability for different categories of customers; emergence of decentralized finances – as a concept and ecosystem of financial services, in which the provision of financial services and products is carried out directly without traditional financial intermediaries within the public open and decentralized blockchain network; development of automation and virtualization of financial services, which involves the widespread use of artificial intelligence technologies, algorithmic assessment of customer creditworthiness, autonomous risk management, automated trading on the exchange, the work of virtual assistants, robo-advisers and security systems against fraud; appearance of built-in financial products as part of services outside of the applications of financial institutions. The consequence of these trends is a reduction in the demand for financial services as a separate product of classical financial institutions; reducing the profits of traditional financial service providers; expansion of new business models of financial services provision in cooperation with technology companies; increasing the need to update the regulatory support of financial services processes, as well as the integration of mass financial products into the client offers of non-financial companies within a single ecosystem of products and services of a digital company.

Competition is an integral part of the insurance market in Ukraine. That is why it is a key factor in the strategy of the insurance company, and marketing policy is an integral part of it. The competition of insurance companies is aimed at expanding its insurance market share. The purpose of the paper is development of theoretical foundations and practical recommendations for insurance company competitiveness management in the context of its marketing policy. Currently, there is a significant reduction in the number of insurance companies at the insurance market in Ukraine. 79 insurance companies left the market from the beginning of 2018 to the third quarter of 2020. Competition encourages insurance companies to invent innovative insurance products, implement new marketing tools, and optimize cost structures. The author performed a cluster analysis of insurers in the field of two factors – the volume of assets and the amount of net earned premiums. Economic and mathematical methods were used to analyze the impact of sales costs (X) on the amount of net earned insurance premiums (Y). The high value of the correlation coefficient indicates a close linear relationship between the factor and the resulting indicator. The digitalization of the world economy has significant impact on the effective marketing activities. The main directions of development of insurance companies are the ability to remotely sell the insurance product on the website or via a mobile application, the correct choice of target audience for targeted advertising, the presence of the insurance company on social media and so on. On the one hand, costs of marketing and advertising make it possible to increase the amount of net earned premiums of the insurance company, and on the other hand, the introduction of the latest tools for selling insurance products makes the insurer closer to its customer.

Abstract In the paper the topic of Building Information Technology BIM is investigated. It is new in Polish circumstances technology for construction and for building product industry, which contribute to change and develop level of industrialization. Especially challenge raising from the information and introducing IT technology into daily practice is considered to provide changes in construction branch of economy. In Poland there is the hot need of start to introduce BIM as the common technology for owners of assets, facility management, construction entities, design offices, administration officers and many other players relative to construction data and processes. BIM technology introduction, basing on foreign case studies, results in cost savings, control and time reduction of investment processes and some more advantages. The perspective of digital buildings, digital infrastructure, digital roads, digital railways and digital cities is outlined at the perspective of technology challenge, but simply transfiguration of many fields of personal everyday life, where digitalization is already present and with the question when it will be common in professional activity, particularly in civil engineering.

The concept of «Industry 4.0», which is actively developing in Russian companies, involves the end-to-end digitalization of assets and their integration into the digital ecosystem, developing the chain of creating the actual value of a product (service). As digital ecosystems develop, marketing, including strategic marketing, is also being modernized. SMM is being transformed from «page management in social networks» to one of the main marketing tools of our time. The choice of social platforms for the company’s presence is an important moment in the formation of the SMM-strategy. Companies implementing SMM should create optimal marketing content that will strengthen relationships with consumers and ensure not only long-term and favorable communications, but also create sustainable results in the activities of companies. Today, more than 25% of the working-age population of Russia is accounted for by generation Z, which has replaced millennials, which has its own characteristics and specifics of consumer behavior. For a deeper understanding of Generation Z consumers, the authors conducted a study of the factors that influence the model of consumer behavior in the B2C market.