INNOVATION ISSUES IN THE MANAGEMENT OF FINANCIAL SECURITY OF TELECOMMUNICATIONS ENTERPRISES: INTERNATIONAL EXPERIENCE

Abstract

The article analyzes innovative approaches in managing the financial provision of telecommunication enterprises. It outlines the key characteristics of innovation management in this sector, which include: high levels of competition, rapid technological changes, integration of innovations, customer orientation, strategic partnerships, financial support for innovations, and risk management. These aspects have been taken into account to highlight the key trends in managing innovation processes, such as focusing on customers and market orientation in both Ukraine and Europe, flexibility and rapid responsiveness, partnerships and collaboration, digital transformation, and the management of risks and efficiency. Given the dynamic nature of the telecommunications industry, the financial management strategies need to be agile and adaptable to the ever-evolving technological landscape. In this context, companies must leverage strategic partnerships not only to share resources but also to gain access to cutting-edge technologies that can help drive innovation. Financial management in telecommunications enterprises must be aligned with technological advancement to ensure that the companies remain competitive in the global market. Moreover, the article emphasizes the growing importance of digital transformation and how it is reshaping the way telecommunications businesses operate. The shift towards digitalization requires businesses to rethink their financial strategies, investing in technologies that enhance operational efficiency and customer experience. As companies increasingly focus on customer-centric solutions, it is essential that financial management supports the development and implementation of such innovations. The article also discusses the principles and approaches to innovation in financial management aimed at creating and implementing strategic recommendations that enhance competitiveness and ensure the sustainable development of enterprises in the face of rapid technological changes, the development of the mobile communication market, and evolving regulatory requirements in the telecommunications sector. By embracing innovation, telecommunication companies can not only improve their financial performance but also drive long-term growth and profitability in an increasingly competitive environment.