THE ESSENCE AND TRENDS OF CHANGES IN FINANCIAL MANAGEMENT IN THE CONDITIONS OF INCREASED DIGITALIZATION OF THE ECONOMY

Abstract

The purpose of this publication is to study the essence of the concept of "financial management" and to determine the characteristic trends of changes occurring in this field in the context of the development and implementation of information technologies. The approaches of scientists to the interpretation of the concept of "financial management" were studied, and it was noted that in the scientific literature, the approach of considering this concept as a certain set of interconnected elements that make up the system prevails. The actual vision of the defined concept is given. The structure of financial management has been studied and the directions for the development of financial management efficiency have been determined, from the information support of cash flow management to the control over the implementation of management decisions and the achievement of strategic goals. Attention was paid to the development of information technologies and it was noted that the growing role of information in all spheres of economic life, the rapid development of the latest information technologies and their significant impact on the organization of business processes, which contributes to the development of information business. The directions of influence of the fourth industrial revolution are systematized. The influence of e-commerce on possible ways of minimizing the costs of financial resources of the enterprise has been studied. Factors of cost reduction are given: reduction of labor costs, reduction of costs for external and internal communications, reduction of costs for advertising and obtaining marketing information, reduction of costs for the purchase of raw materials. It was noted that the improvement of financial management at the enterprise is one of the most important areas of activity, because the availability of a sufficient amount of financial resources is a necessary condition for the development of the business entity and the achievement of the set operational and strategic goals. In the conditions of the digital economy, some processes are simplified and make it possible to spend less financial resources to ensure functioning, but along with the advantages there are also financial risks of losses. Prospects for research are further in-depth study of this issue from the point of view of systematization of the current tools of financial management and determination of influencing factors on the expediency of using one of them.