The Modern Paradigm of Enterprise's Anti-Crisis Management

Sova, Olena; Morozov, Yevhenii M.

doi:10.32838/2523-4803/70-2-45

Cited by 8 publications

(5 citation statements)

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“…Researchers focus extensively on various aspects of analysing crisis management and financial stability within the participants of the national economy, whether it is a bank (Ramskyi & Budnichenko, 2018), a company (Blakyta, et al, 2022;Stroiko & Kharus, 2022;Ganushchak & Zhuk, 2022;Sova & Morozov, 2020), a university (Yurchyshena, 2023) or the country as a whole (Nieizviestna, et al, 2022;Ganushchak, 2018). Among the domestic and foreign economists who have made a significant contribution to the study of theoretical aspects of crisis manage-ment at enterprises, the following can be distinguished: Katamadze G. (Katamadze, 2022), Vivсhar О.…”

Section: Literature Reviewmentioning

confidence: 99%

Innovative Anti-Crisis Management at Trade Enterprises in the Context of European Integration and Risks in Ukraine

Ganushchak,

Sova,

Melnyk

2024

TSEJ

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The article examines the activities of commercial enterprises during the crisis caused by the war, the coronavirus, and the European integration aspirations of Ukraine as a candidate for membership in the European Union. Despite the significant number of publications on anti-crisis policy, there are still unresolved problems related to risk management in the process of ensuring the anti-crisis policy of trade enterprises in the global economic uncertainty. Most of the companies in this sector suffered collapse and bankruptcy due to the complexity of operating conditions during this difficult period: power cuts, labour migration, changes in international and domestic supply conditions, selection of new suppliers, destruction of road and warehouse infrastructure, and the search for new logistics routes. The aim of this article is to offer practical recommendations that will help retailers strengthen their resilience, adapt to the changing environment through innovative crisis management measures, and quickly recover from the crisis to reach or exceed the previous level of financial and operational stability. The research methodology involves a two-pronged approach: a qualitative study through a literature review and interviews, which gives an idea of crisis management, and quantitative methods, including surveys and analysis of financial indicators. The article examines the activities of trade enterprises in the crisis period of the pre-war years, i.e., the time of the pandemic's impact on the dynamics of trade. It analyses the losses of retailers during the war. The objectives of crisis financial management are defined. The relationship between crisis management and the solvency and financial stability of trade enterprises is determined. The impact of insolvency of trade enterprises on the payment of wages to employees is identified. The authors propose a number of anti-crisis measures for trade enterprises in the context of wartime and a global pandemic, such as transition to online trading using marketing strategies and plans, cost reduction, effective inventory management, modelling the sensitivity of financial indicators to changes in the external environment, and search for innovative opportunities. Attention is focused on the growing role of human capital in business recovery, including the importance of staff training and professional development, improvement of motivation systems and human resource management. The paper suggests ways to increase labour productivity, such as process automation and the effective use of data analytics. Results. Thus, the objective need for innovative tools for crisis management of trade enterprises becomes a key element of research in the context of European integration and wartime.

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Section: Literature Reviewmentioning

confidence: 99%

Innovative Anti-Crisis Management at Trade Enterprises in the Context of European Integration and Risks in Ukraine

Ganushchak,

Sova,

Melnyk

2024

TSEJ

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“…A number of scientific works related to the aspects of managing an organization in a crisis give us a good background for understanding that it is still important and there is no one common way to be successful for the organization all the time (LABEAT, 2015;LAI, et al, 2016;MITSAKIS, et al, 2016;CHUPRYNA, et al, 2017;SKRYNKOVSKYY, et al, 2017;FEDORKOVA, 2018;MIKUSOVA, et al, 2019;HOWELL, 2020;LOSITSKA, 2020;NICHOLS, et al, 2020;etc. ).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Because a company decline views as a consequence of the insufficient company performance in connection with its financial instability (FEDORKOVA, 2018) Another scientist identifies the basic elements that must be taken into account when constituting the complete process of crisis management in an organisation. It is explained the identification of the basic elements; the sequence of the basic elements' relationships in the creation of crisis management; the reason for their importance in this process; terms; and the person/team responsible for their determination (MIKUSOVA, et al, 2019).…”

Section: Independent Journal Of Management and Production (Ijmandp)mentioning

confidence: 99%

“…If the organization survives, it must expect the crisis to return and become even stronger. The strategy to respond to a crisis is much more effective (MIKUSOVA, et al, 2019).…”

Section: Independent Journal Of Management and Production (Ijmandp)mentioning

confidence: 99%

“…In all years, however, managers said, yes, we would like to prepare for a crisis, but we do not know how. This is the most common reason why small business managers are not preparing for a crisis (MIKUSOVA, et al, 2019).…”

Section: Independent Journal Of Management and Production (Ijmandp)mentioning

confidence: 99%

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From survival to business prosperity: the financial aspect of managing an organization in a crisis

Bieliaieva

Krushelnytskyi

Voliak

et al. 2020

Ind. Jour. Manag. & Prod.

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The article is about revealing the content and role of finance capacity and financial and economic results of enterprises activity under the crisis. The article provides an understanding of crisis results at the enterprises activity in conditions of poor management and weak financial strategy. It is analyzed current business situation, including results of the companies due to the coronavirus. It is established that not only the crisis management system (if it exists at the enterprise), but also the financial management system at the enterprise has great importance during a crisis and ensures its stable functioning afterwards. With unstable financial flows and their inept coordination, a crisis for an enterprise can come much earlier (due to internal disruption) than for the whole country or the world economy as a whole. The results are based on theoretical scientific researches and financial and economic data of enterprises activity. Based on system analysis, a number of features have been identified as the building elements for the formation of understanding how to manage an organization in a crisis taking into account the financial aspect. A logical sequence of factors and their interrelationships was established within the entire process of enterprise management during a crisis. Identified elements indicate the directions that need to be implemented at the enterprise for its stable functioning even in times of crisis. According to the analyzed data, most companies used their financial reserves and were able to improve their positions. It is investigated the main common ways to reduce costs in crisis: reducing the production capacity (including the number of purchases, storage), changing the schedule of employees working day (taking into account daylight hours), reduction (closure) of sale points (which, among other things, provokes staff reduction also). It is declined ways of manager’s behavior as decide with speed over precision, adapt boldly, reliably deliver, and engage for impact, which help them to manage company effectively.

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Formation of Mechanisms for Anti-Crisis Management of Enterprises: International Economic Features

Kara,

Atamanchuk,

Kurytskyi

2024

SEMI

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Purpose. The purpose of the study was to analyze the mechanisms of anti-crisis management of the activities of enterprises in the conditions of international economic activity. The formation of mechanisms for anti-crisis management of enterprise activities was studied, in particular, the development of event development scenarios and action plans in case of their implementation, early warning systems, cost optimization, production efficiency improvement, personnel training for work in crisis situations. Design/methodology/approach. The definition of the concept of "anti-crisis management" is considered, as well as the goals and main tasks of anti-crisis management are highlighted. Classification of the factors of activation of anti-crisis management at the macro, meso and micro levels has been carried out. The international experience of anti-crisis management of enterprises is considered. The following research methods are used: analysis, synthesis, generalization, analogy, comparison, systematization. Findings.The international economic features of the formation and development of anti-crisis management of enterprise activities are analyzed. The use of artificial intelligence for proactive risk management with the aim of improving anti-crisis management, in particular in forecasting large databases, forecasting trends, identifying risks, creating scenarios and automating routine tasks, is considered. It was concluded that the formation and development of effective anti-crisis management mechanisms is one of the most important tasks for any enterprise, and, taking into account international economic features, enterprises must constantly adapt their strategies and tools to ensure sustainable development in conditions of uncertainty. Practical implications. In anti-crisis management, the use of AI allows to achieve the following results: improved forecasting – AI allows more accurate forecasting of risks and opportunities, which helps companies respond to market changes in a timely manner; optimization of resources – AI helps to optimize the use of resources, such as finances, personnel and materials, which allows to reduce costs and increase efficiency; increasing the speed of decision-making – AI allows you to quickly process large volumes of data and make informed decisions; improving the quality of customer service – AI allows personalizing interaction with customers, which increases their loyalty; increased competitiveness – companies that use AI can adapt more quickly to market changes and remain competitive. Originality/value. Modern trends in the field of anti-crisis management of enterprises include: proactive risk management (instead of reacting to crises that have already occurred, enterprises switch to proactive risk management, predicting them and taking measures to minimize them); use of technologies (artificial intelligence, machine learning and other technologies allow analyzing large volumes of data, identifying potential threats and making more informed decisions); cooperation with external experts (engagement of consultants and other specialists helps enterprises gain additional knowledge and experience in the field of anti-crisis management).

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The Modern Paradigm of Enterprise's Anti-Crisis Management

Cited by 8 publications

References 1 publication

Innovative Anti-Crisis Management at Trade Enterprises in the Context of European Integration and Risks in Ukraine

Innovative Anti-Crisis Management at Trade Enterprises in the Context of European Integration and Risks in Ukraine

From survival to business prosperity: the financial aspect of managing an organization in a crisis

Formation of Mechanisms for Anti-Crisis Management of Enterprises: International Economic Features

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