IOT financial management system for energy enterprise management risk and prevention and control strategy under the background of double carbon

Abstract

Despite the absolute number of developments and products of enterprise management systems and platforms, there are still limited ways to achieve risk assessment of enterprise financial management by energy enterprise stakeholders. To reduce the financial management pressure of energy enterprises as well as to reduce enterprise financial risks, this paper establishes an Internet of Things(IOT) financial management system. The system was also comprehensively evaluated based on the financial risk management status of each company for the period 2016-2020. The results show that a significant increase in the share of non-current liabilities was observed after the introduction of the IOT-based financial management system in 2018. Relative to the 2017 data, the current liability ratio decreased by 2.96%, 7.98%, and 14.59% for 2018, 2019, and 2020, respectively. The ratio of corporate investments to revenue decreased by 8.74%, 22.91% and 16.83%, respectively. Investments as a percentage of earnings decreased by 6.22%, 5.48%, and 6.82%, respectively. The ratio of undistributed earnings decreased by 9.69%, 18.82% and 35.39%, respectively. Finally, the introduction of the IOT's financial management system reduced financial management costs by a factor of 2.822, 4.358 and 5.501, respectively. And the cost of managing people in an integrated manner was reduced by 2.964, 3.012 and 4.004 times respectively.

Integration of AI and IoT into Corporate Social Responsibility Strategies for Financial Risk Management and Sustainable Development

“…The study by Cui provides valuable insights into the use of the Internet of Things (IoT) in financial management systems for energy enterprises, focusing on risk management and prevention strategies in the context of achieving carbon neutrality goals (Cui 2023). The findings highlight how IoT can be strategically implemented to monitor and mitigate risks associated with energy management, which is crucial for enterprises aiming to meet their dual carbon (carbon peak and carbon neutrality) objectives.…”