Revista
de la
Universidad
del Zulia
Fundada en 1947
por el Dr. Jesús Enrique Lossada
DEPÓSITO LEGAL ZU2020000153
ISSN 0041-8811
E-ISSN 2665-0428
Ciencias
Exactas,
Naturales
y de la Salud
Año 14 N° 40
Mayo - Agosto 2023
Tercera Época
Maracaibo-Venezuela
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Innovative and Informative Provision for the Economic Security of
Enterprises under COVID-19 challenges
Maryna Shashyna*
Olena Yushkevych**
Serhii Savchenko***
Oleksandr Chereshnevyi****
Nataliia Popyk*****
ABSTRACT
The COVID-19 pandemic, in the current conditions of globalization challenges, turned out to be
one of the general reasons for a significant decrease in the level of economic security of economic
systems, including at the level of companies. This updates the issue of guaranteeing the economic
security of companies. The study aims to develop the conceptual and methodological
foundations of the innovative and investment provision of the economic security of companies
in the conditions of the challenges of COVID-19. The methodological principles of innovative
and informative provision of the economic security of companies are based on a systemic
approach, which allows considering the company as an open system in which economic security
is one of the determining subsystems. It has been shown that the economic security of the
company must ensure the achievement of the socio-economic goals set for the company in the
conditions of the challenges of the COVID-19 pandemic, protecting the company from adverse
factors and the negative impact of internal and external changes. It is emphasized that
innovation is a determining factor of the economic development of the company, and therefore
of economic security. The staggering of systematic steps to make management decisions is
suggested to ensure the economic security of the company in the conditions of the challenges of
COVID-19.
KEY WORDS: Economic Security, enterprises, innovations, investments, informatization,
digitalization, globalization, innovative activity, COVID-19 pandemic.
* Professor, Department of Economics and Entrepreneurship, National Technical University of Ukraine "Igor Sikorsky
Kyiv Polytechnic Institute", Ukraine. ORCID: https://orcid.org/0000-0001-6676-3316. E-mail:
shashyna.marіna@gmail.com
** Associate Professor, Department of Management, Business and Marketing Technologies, Zhytomyr Polytechnic State
University, Ukraine. ORCID: http://orcid.org/0000-0002-6906-5799. E-mail: elenastrateg@ukr.net
*** Associate Professor, Department of International Economics, National Technical University of Ukraine “Igor
Sikorsky Kyiv Polytechnic Institute”, Ukraine. ORCID: https://orcid.org/0000-0003-0340-1232. E-mail: savchenko-s-
n@ukr.net
**** Associate Professor, Department of Economics of Air Transport, National Aviation University, Ukraine. ORCID:
https://orcid.org/0000-0002-8469-9968. E-mail: oleksandr.chereshnevii@npp.nau.edu.ua
***** Associate Professor, Department of Business Analytics and Digital Economics, National Aviation University,
Ukraine. ORCID: https://orcid.org/0000-0002-2003-5409. E-mail: ratushnata@ukr.net
Recibido: 18/01/2023 Aceptado: 09/03/2023
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Provisión innovadora e informativa para la seguridad económica de las
empresas en condiciones de los desafíos de COVID-19
RESUMEN
La pandemia de COVID-19, en las condiciones actuales de los desafíos de la globalización,
resultó ser una de las razones generales de una disminución significativa en el nivel de
seguridad económica de los sistemas económicos, incluso a nivel de las empresas. Esto
actualiza la cuestión de garantizar la seguridad económica de las empresas. El estudio tiene
como objetivo desarrollar los fundamentos conceptuales y metodológicos de la provisión
innovadora y de inversión de la seguridad económica de las empresas en las condiciones de los
desafíos de la COVID-19. Los principios metodológicos de provisión innovadora e
informacional de la seguridad económica de las empresas se basan en un enfoque sistémico, lo
que permite considerar a la empresa como un sistema abierto en el que la seguridad económica
es uno de los subsistemas determinantes. Se ha demostrado que la seguridad económica de la
empresa debe garantizar el logro de los objetivos socioeconómicos establecidos para la empresa
en las condiciones de los desafíos de la pandemia de COVID-19, protegiendo a la empresa de
los factores adversos y del impacto negativo de los cambios internos y externos. Se resalta que
la innovación es un factor determinante del desarrollo económico de la empresa, y por ende de
la seguridad económica. Se sugiere el escalonamiento de pasos sistemáticos para tomar
decisiones de gestión para garantizar la seguridad económica de la empresa en las condiciones
de los desafíos de COVID-19.
PALABRAS CLAVE: Seguridad económica, empresas, innovaciones, inversiones,
informatización, digitalización, globalización, actividad innovadora, COVID-19.
Introduction
It should be noted that modern market relations determine the management of
enterprises as open systems in a complex, rapidly changing, bifurcated environment,
characterized by instability, constant rapid dynamics of changes. One example of such
changes is the COVID-19 pandemic. It was the pandemic that affected the development of all
microeconomic systems, which led to the closure of enterprises, the deterioration of their
performance, or, on the contrary, to significant positive economic development. Such changes
in the external environment require the management of enterprises to respond quickly and
find ways to adapt enterprises to new conditions of development. Such uncertainty and
instability of the external environment of enterprise development increases the urgency of
ensuring the economic security of enterprises. Ensuring the economic security of enterprises,
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which represents processes that make it possible to obtain positive socio-economic effects
for the development of the enterprise as a result of forecasting possible threats and risks of
development and the development and implementation of timely measures to level their
consequences. In turn, to ensure the economic security of enterprises, it is important to
provide it with innovative information.
The purpose of the research is to substantiate the theoretical and methodological
foundations of innovation and investment provision of the enterprises’ economic security in
the conditions of the challenges of COVID-19. The defined goal determined the solution of
the following research tasks:
- substantiation of the relevance and timeliness of research in the area of innovation
and investment provision of enterprises’ economic security;
- highlighting the methodological foundations of the research, which involves the
application of a systemic approach and general scientific and specific principles of ensuring
the economic security of the enterprise;
- proving the importance of innovations and information resources for making
management decisions regarding economic security in the context of the spatial challenges
of COVID-19;
- the phasing of systematic steps in making managerial decisions based on constant
monitoring and analytical processing of information in accordance with general economic
and specific principles of the enterprises’ economic security is highlighted.
1. Literature Review
Many scientific publications are devoted to issues of innovation and information
provision of enterprises’ economic security. Digitization processes, which have a significant
impact on ensuring the enterprises’ economic security, are becoming especially relevant in
the context of the Covid-19 pandemic.
The study (Collins J.D. et al., 2017) proved that the attraction of investments in
innovative projects helps to increase the level of competitiveness of Indian enterprises and
contributes to the implementation of their development strategy. Worthy of attention is the
study (Kiselitsa E.P. et al., 2021), which examines the problems and prospects of
implementing innovative projects at agricultural enterprises. The authors developed a
mechanism for activating the innovative activity of the enterprise, which is based on the
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processes of stimulation and maximum interest of the participants of the innovative project.
Scientists (Girma S. et al., 2009) prove the necessity of attracting foreign investments in
innovative activities of enterprises. According to the scientists, this will contribute to the
activation of innovative activities of enterprises, taking into account modern digital
transformation processes. Within the scope of the article (Del Pozo D. et al., 2021) it is
considered how the stimulation of innovations at enterprises helps to increase the level of
employment. Scientists are convinced that it is innovative activity that contributes to the
attraction of investments and gives a positive result.
The study (Ozerova M.G. et al., 2021) is based on the analysis of the impact of financial
risks on the level of economic security of agricultural enterprises. According to the results of
the analysis, the authors claim that the prevention and timely detection of financial risks will
contribute to maintaining the positions of sustainable development of agricultural
enterprises. The goal of the scientists' article (Vasylishyn S. et al., 2021) is to develop a model
for analytical management of economic security in conditions of uncertainty and conditions
of significant risks and threats to agricultural enterprises. The research uses general
economic, statistical, integral and econometric scientific methods. According to scientists,
this will help in the implementation of strategic goals, maintaining competitive positions and
sustainable development of enterprises. The purpose of the scientists' article (Sotskova S.I.
et al., 2022) is to assess the level of economic security of enterprises in order to reduce risks
and threats in the conditions of digitalization. The authors are convinced that the
digitalization of the economy leads to a change in the content and priorities of the
constituent elements of economic security.
The authors of the article (Balatskyi I. et al., 2021) emphasize that it is necessary to
use adaptive models in the process of managing the economic security of the enterprise,
which should be based on alternative solutions. The articles (Tulchynska S. et al., 2021;
Arefieva O. et al., 2021; Vovk O. et al., 2021) highlight the issue of innovation and investment
strategies for activating the potential of modernization and increasing the competitiveness
of enterprises, the system of economic security in the conditions of the transformation of
power is studied, economic and mathematical modeling of the integration effect of
modernization on increasing the competitiveness of the enterprise in order to ensure its
economic security is carried out. According to the materials of article (Shtangret A. et al.,
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2021), methodical aspects of the use of anticipatory management are developed, which, in
their opinion, is extremely important in the processes of ensuring the enterprises’ economic
security. The purpose of the article (Pushak Y. et al., 2021) is to develop the author's model
for assessing the level of economic security of an enterprise, which is based on quantitative
and qualitative indicators that make it possible to determine the level of economic security.
The result of the research of scientists (Mishchuk I. et al., 2021) is a proposal for the
classification of management decisions based on the impact on the change of the economic
security of the enterprise. The authors believe that it is necessary to make management
decisions purposefully and this will contribute to ensuring the economic security of the
enterprise. Within the scope of research (Ivanova N. et al., 2022; Pohrebniak A. et al., 2021;
Arefieva O., 2021), the peculiarities of the marketing strategy of small business adaptation to
quarantine restrictions in the field of trade entrepreneurship, the formation of a competitive
paradigm for ensuring the economic security of industrial enterprises in the conditions of the
formation of a circular economy, as well as the management of the attraction of investment
resources of enterprises to ensure their economic security in circular economy.
The research of the authors (Onyshchenko S. et al., 2022) is of practical importance,
within the framework of which a structural model is proposed, which allows to quickly
identify the factors and prerequisites for the emergence of threats. According to scientists, it
is the timely detection of threats to the economic security of the enterprise that will make it
possible to develop measures that will contribute to the prevention, prevention and
minimization of the causes of their occurrence. According to the article (Roiter L.M., 2021),
the authors study the peculiarities of ensuring the economic security of enterprises.
According to scientists, it is necessary to develop specific management solutions. In their
opinion, the above can be realized by transitioning from an unsatisfactory balance sheet
structure to a satisfactory one. The authors are convinced that the methodological basis for
assessing the economic security of a business entity, which is used at the moment, is
imperfect and requires a comprehensive approach to its adaptation to modern realities.
Research by scientists (Liubokhynets L. et al., 2021) proves that a flexible management
system is an important aspect in strengthening the economic security of enterprises.
Scientists have suggested using a neural network, which, in their opinion, will contribute to
prompt management response to aquatic risks and threats.
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However, despite the existing publications, the problems of innovative and
informational provision of economic security are becoming more and more relevant and
require study and analysis taking into account the challenges of COVID-19.
2. Methodology
For innovative and informational provision of the enterprises’ economic security in the
conditions of COVID-19, it is important to observe methodological principles based on a
systematic approach. The system approach makes it possible to consider the enterprise as an
open system in which economic security is one of the determining subsystems. According to
the system approach, the action of a set of elements of the system and its subsystems provides
a synergistic effect that is greater than the sum of the effects obtained as a result of the action
of individual elements and subsystems.
The system approach makes it possible to obtain the efficiency of the system
development due to the interconnectedness and coherence of elements and subsystems. That
is, the application of a systemic approach makes it possible to cover all actions, operations,
processes, cycles that affect the economic system and to get a positive effect from the
implementation of measures to ensure the economic security of the enterprise in the
conditions of changes of a different nature, including the effects of COVID-19.
3. Results
Ensuring the enterprises’ economic security requires the management of the
enterprise and managers to develop and implement measures to increase the efficiency of
resource use, leveling the consequences of threats and risks, diversification directions,
expanding or reducing the volume of production activities, establishing other partnership
relations, entering new markets, ensuring competitiveness, identifying latent potential
opportunities for the socio-economic development of the enterprise in the conditions of the
challenges of the COVID-19 pandemic, etc. Therefore, the economic security system of the
enterprise must ensure the achievement of the set socio-economic goals for the enterprise in
the conditions of the challenges of the COVID-19 pandemic by protecting the enterprise from
the negative impact of internal and external adverse factors.
Management of innovative and informational provision of enterprises’ economic
security should be based on general economic and specific principles (Fig. 1). General
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economic principles should include:
- complexity, since it is not possible to ensure the enterprises’ economic security
without research and implementation of measures taking into account all aspects of the
development of the object as an element of the economic space acting as an open economic
system, taking into account internal and external connections and interactions;
- institutionality, all actions of enterprise managers, decision-making, collection of
necessary information must be legal, otherwise violations of regulatory and legal aspects of
activity, use of tools of industrial espionage, unfair competition may lead to the emergence of
new threats to the closure of the enterprise as a result of illegal actions;
- reasonableness, decision-making regarding the implementation of innovative and
informational measures to ensure the enterprises’ economic security must be scientifically
and methodically justified and taken into account the limitations of available resources and
the riskiness of making imprudent decisions;
- timeliness, decision-making to ensure the enterprises’ economic security must be not
only justified but also timely, to ensure that it is necessary to carry out constant monitoring
and modeling of possible scenarios of development and changes in the behavior of the
research object, including under the influence of the challenges of the COVID-19 pandemic.
Untimely decision-making, delay in the implementation of measures can be fatal in relation
to the company's activities in the unstable, rapidly changing globalization conditions of the
company's development;
- expediency, this principle assumes that measures to eliminate the consequences of
manifestations of global challenges and to counteract possible threats should be
economically feasible, since their implementation should be less expensive than the action of
the threats themselves.
The general economic principles of complexity, institutionality, reasonableness,
timeliness and expediency are supplemented by specific principles that are specific to
ensuring the economic security of enterprises in the context of the challenges of the COVID-
19 pandemic. Such specific principles of the research object should include:
- alternatives, which involves the development of several options for the
implementation of possible measures to ensure the enterprises’ economic security, which
makes it possible to model the development of the enterprise and possible changes and
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choose the most optimal alternative for further socio-economic development;
Figure 1. Conceptual and methodological basis for ensuring the enterprises’ economic
security under the influence of COVID-19
Source: constructed by the authors
- sufficiency, due to the fact that the introduction of any new innovative and
informational measures to ensure economic security leads to unplanned changes that may
distance the enterprise from the planned goal of socio-economic development. Therefore,
decision-making in accordance with the separation of general economic principles must also
comply with the principle of sufficiency, which determines the limitation in the means of
economic protection of the enterprise and the implementation of minimal changes sufficient
to ensure the development and competitiveness of the enterprise in the conditions of the
makes it possible to consider the enterprise as an open system in which economic security is one of the
determining subsystems, to cover all processes, phenomena covered by the economic security of the
enterprise with all interactions and relationships
SYSTEMATIC APPROACH
CONCEPTUAL AND METHODOLOGICAL BASIS OF THE RESEARCH OF INNOVATIVE AND
INFORMATIONAL PROVISION OF ECONOMIC SECURITY OF THE ENTERPRISE
PRINCIPLES OF ENSURING THE ECONOMIC SECURITY
OF THE ENTERPRISE
complexity
expediency
Economic security of the enterprise under the influence of COVID-19
institutionality
reasonableness
timeliness
sufficiency
continuity
alternatives
subordination
differentiation
Enterprise development
General economic
Specific
Competitiveness of the enterprise
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challenges of the COVID-19 pandemic;
- continuity, collection of information, its analytical development and modeling of
possible changes and development trajectory of the enterprise under the influence of internal
and external influencing factors requires the continuity of the functioning of the enterprises’
economic security system;
- subordination, the system of economic security and its management should be a part
with close interaction with other elements of the system and general management of the
functioning of the enterprise;
- differentiation, which involves the selection of appropriate measures to ensure the
enterprises’ economic security in accordance with the nature and type of threat, as well as
the degree of severity of the possible consequences of their manifestation for the enterprise
in its current activity and strategic development.
Therefore, the observance of general economic and specific principles of innovative
and informational provision of economic security provides an opportunity to obtain a
synergistic effect for the development of the enterprise in the conditions of the challenges of
the COVID-19 pandemic.
Modern globalization challenges and competitive conditions prove that innovations
and information are the determining factor in ensuring the enterprises’ economic security
(Fig. 2). Innovative development of the enterprise is an effective tool for ensuring an effective
defensive response of the enterprise to emerging threats to its socio-economic development.
Without innovative implementations, it is impossible to resist threats of losing competitive
positions in the market, withstand constant pressure provoked by competitors, reduction of
the life cycle of products and technologies, threats caused by the COVID-19 pandemic.
Innovations contribute to the formation of new advantages at the enterprise, provide new
opportunities to confront and eliminate threats to economic development. It is innovations
that act as a determining factor of economic development and, therefore, economic security
for the enterprise.
The innovative component of the functioning of the enterprise system closely interacts
with other components, thus increasing the economic security of the enterprise. In order to
implement innovative provision of economic security, the enterprise needs to either monitor
the innovations that appear on the market, or buy them in time to obtain relevant competitive
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advantages.
Figure 2. Innovative and informational determinants of ensuring the enterprise’ economic
security in the conditions of COVID-19 pandemic
Source: suggested by the authors
And also carry out own scientific, technical and technological developments in order
to obtain the maximum effect from innovative implementations, which makes it possible to
INNOVATIVE AND INFORMATION ENSURING THE ENTERPRISE’ ECONOMIC SECURITY UNDER THE
INFLUENCE OF COVID-19 PANDEMIC
Innovative determinant of ensuring the enterprise’
economic security
STEP-BY-STEP SYSTEMIC STEPS OF MANAGEMENT OF INNOVATIVE AND INFORMATIONAL
SECURITY OF THE ENTERPRISE IN THE CONTEXT OF THE INFLUENCE OF THE COVID-19 PANDEMIC
І stage
constant collection and processing of information, its analytical processing to identify existing
trends and possible threats to the development of the enterprise
ІІ stage
identification of sources of possible threats and risks, definition of types of threats and their analysis
ІІІ stage
modeling of quantitative assessments of the probability of the occurrence of threats and their impact
on the development of the enterprise using statistical and or mathematical modeling of economic
processes
ІV stage
development of measures to eliminate the consequences of possible risks, taking into account the
principle of alternativeness
V stage
implementation of measures to ensure the economic security of the enterprise, which should be
characterized by timeliness
VІ stage
control and evaluation of the effectiveness of management decisions regarding the implementation
of measures to ensure the economic security of the enterprise in the conditions of the challenges of
the COVID-19 pandemic
Informational determinant of ensuring the enterprise’
economic security
- formation of new advantages at the enterprise;
- provision of new opportunities to confront and
eliminate threats to economic development;
- introduction of innovations in the production sphere of
the enterprise, methods of organization and introduction
of entrepreneurial activity;
- monitoring of innovations appearing on the market;
- implementation of own scientific, technical and
technological developments
- constant monitoring of the internal state of the
enterprise and possible changes in the development
vectors of the external environment;
- information as a strategic resource for enterprise
development;
- dissemination of management information processes;
- monitoring and analytical processing of information;
- adoption of timely measures to increase economic
security in relation to production, financial, personnel,
marketing, sales and other activities of the enterprise
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cover the costs of developing innovations at the expense of obtaining anticipatory advantages
and competitive positions on the market. Innovations are important not only in the
production sphere of the enterprise, but also in the methods and ways of organizing and
introducing entrepreneurial activities.
Thus, to ensure the economic security of the enterprise, it is important to observe the
stability and continuity of innovative processes at the enterprise.
Economic security of the enterprise, like security in general, has a somewhat
conditional dynamic character. At any moment in time, economic security can have a
different level and change rapidly, which is related to the characteristics of the openness of
the enterprise's economic system and the impact of changes in the internal and external
environment. To ensure economic security, it is necessary to constantly monitor the internal
state of the enterprise and possible changes in the development vectors of the external
environment. This is possible thanks to the constant collection and processing of information
resources.
Modern conditions of social development prove that information is a strategic
resource that determines the level of socio-economic development of economic systems at
different levels. The development of information and communication technologies, the
spread of information management processes, and the increasing level of application of
software tools ensure that enterprises take timely measures to increase the economic security
of enterprises in order to ensure the sustainable social and economic development of
enterprises in the face of the challenges of the COVID-19 pandemic.
To ensure the enterprise’ economic security in the conditions of the spatial challenges
of COVID-19 pandemic, it is necessary to make timely and effective management decisions,
which cannot be developed without constant collection, accumulation and processing of
information. On the basis of monitoring and analytical processing of information, decisions
are made regarding the management of production, financial, personnel, marketing, sales and
other activities of the enterprise.
Information provision of the economic security of the enterprise in the conditions of
the challenges of the COVID-19 pandemic should be based on general economic and specific
principles of ensuring economic security and provide for a clear phasing of systemic steps,
which include:
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- firstly, constant collection and processing of information, its analytical processing to
identify existing trends and possible threats to the socio-economic development of the
enterprise;
- secondly, identification of sources of possible threats and risks, definition of threats
and their analysis;
- thirdly, modeling of quantitative estimates of the probability of threats and their
impact on the socio-economic development of the enterprise using statistical and/or
mathematical modeling of economic processes;
- fourthly, the development of measures to eliminate the consequences of possible
risks, taking into account the principle of alternative, which involves the development of
several options for leveling threats to the development of the enterprise;
- fifthly, the implementation of measures to ensure the economic security of the
enterprise, which must be characterized by timeliness, since a delay in making a decision can
lead to irreparable negative consequences;
- sixthly, control and evaluation of the effectiveness of management decisions
regarding the implementation of measures to ensure the economic security of the enterprise
in the conditions of the challenges of the COVID-19 pandemic.
However, it is also important to note that information has both an unconditional
positive effect on ensuring economic security and can carry threats to the development of the
enterprise as a result of its insufficient security at the enterprise. This leads to the
development and implementation of measures to protect the company's information and
restrict access to it.
4. Discussion
We support the opinion of scientists (Zalutska K. et al., 2021) that innovative projects
contribute to effective innovative activities of enterprises, and also have a positive effect on
the realization of the enterprise's potential, contribute to the achievement of competitive
advantages and successful strategic development.
Interesting for practical use is the study of the authors (Ihnatenko M. et al., 2020),
who suggested using the rhombus of innovative activity, which is based on four components,
namely, receptiveness to new things, communication and organization of the innovation
process, provision of resources, as well as a measure of competence. The authors developed a
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model of management of innovative processes at the enterprise taking into account the
impact of global risks and threats.
Sharing the opinion of the authors (Tulchynska S. et al., 2021), we believe that human
capital plays an important role in the development of innovations, because it is the level of
personnel qualifications, their tendency to generate innovative ideas and approaches. which
is an important factor that directly affects the development of innovative activities of
enterprises.
We consider the study (Bielińska-Dusza E. et al., 2021) interesting, in which the
authors proved the relevance and rationality of combining industries into homogeneous
clusters based on the share of innovative enterprises. The authors are convinced that the
activation of innovative processes will contribute to achieving high efficiency and
maintaining competitive advantages in the market.
We support the scientific work of scientists (Kopytko M. et al., 2021), which is based
on the analysis of factors, risks, competitive advantages, the search for resources and sources
for the implementation of innovative investment projects for the development of enterprises
and organizations of rural green tourism. The authors examined the structure, main
components, implementation factors, analyzed competitive advantages and identified
limitations.
However, in our opinion, it is necessary to pay more attention to the role of digital
technologies and innovative information provision in the processes of forming the
enterprises’ economic security in the conditions of the COVID-19 pandemic.
Conclusion
Therefore, the innovative and informational provision of enterprises’ economic
security by timely adoption of management decisions should ensure such a level of
enterprises’ economic security that the enterprise is in a state of stability of socio-economic
development in financial, production, social, environmental and other spheres of economic
activity. It is substantiated that the determining factors for ensuring the enterprises’
economic security are innovative and informational components that make it possible to
ensure socio-economic development, competitiveness of the enterprise in the face of the
challenges of COVID-19 and to make timely management decisions based on its analytical
processing and modeling of possible threats and behavior of the enterprise on market.
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Maryna Shashyna et al. // Innovative and Informative Provision for the Economic Security … 523-538
DOI: https://doi.org/10.46925//rdluz.40.29
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The scientific novelty of the research is the substantiation of the determinative value
of innovative and informational provision of the enterprises’ economic security, which is
based on a systemic approach, general scientific and specific principles of the enterprises’
economic security and provides for the gradual system steps of making managerial decisions,
taking into account the variability of changes in the external and internal environment.
The issue of information protection and increasing the efficiency of modeling
enterprise development processes under the influence of COVID-19 to ensure the enterprises’
economic security requires further scientific research.
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