DIGITAL TRANSFORMATION OF BUSINESS PROCESSES IN FINANCIAL AND INDUSTRIAL COMPANIES: ECONOMIC BENEFITS AND RISKS
Abstract
The article presents an expanded, in-depth, and multidimensional examination of the digital transformation of business processes in financial and industrial companies (FICs), highlighting its growing significance in the context of rapid technological advancement, structural economic shifts, intensified global competition, and persistent geopolitical uncertainties. Digital transformation is conceptualized as a holistic, systemic, and strategically oriented process that encompasses the integration of cutting-edge digital technologies into operational workflows, managerial practices, financial decision-making systems, production chains, and corporate communication environments. The study demonstrates that digitalization contributes to strengthening managerial flexibility, improving the quality and speed of analytical processes, enhancing the resilience of production systems, and increasing the adaptive capacity of corporate structures under volatile market conditions. Additionally, digital transformation facilitates the creation of interconnected information environments, enabling advanced monitoring, automation of routine operations, predictive analytics, and more effective coordination between financial and industrial segments of FICs. The article provides detailed insights into the principal economic advantages stimulated by digital transformation, including reductions in operational and transaction costs, improvements in productivity and resource efficiency, the emergence of new value-creation models, and the expansion of innovation-driven competitiveness. However, it also identifies a range of significant risks associated with digital transformation, such as heightened cyber vulnerability, technological overdependence, shortages of skilled digital professionals, high investment requirements, and the complexity of navigating regulatory frameworks. Particular emphasis is placed on the growing role of artificial intelligence, big data analytics, process automation, cloud infrastructures, and digital platforms in shaping sustainable competitive advantages within FICs. The research concludes by underlining the necessity of a balanced, risk-sensitive, and strategically aligned approach to digital transformation, ensuring long-term organizational sustainability and strengthening the strategic positioning of financial and industrial companies in an increasingly digital global economy.
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