THE ROLE OF FINANCIAL MANAGEMENT IN THE EFFECTIVENESS OF BUSINESS PROJECTS IN THE CONTEXT OF DIGITALIZATION

Nurgul Maulina, Алма Каршалова, Viktoriya Karzanova, Nurkamila Akisheva

2024

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DOI 10.47649/vau.24.v75.i4.22
Data confidence 70 medium
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Abstract

Financial management plays an integral role in stimulating business growth. Effective financial management can help companies make strategic decisions regarding expansion plans, acquisitions, and investments in new projects or technologies. This allows businesses to allocate resources wisely and capitalize on opportunities that can drive their growth trajectory. Over the past 5 years, in the context of the emergence of stable competition in the market, companies have been looking for new ways and directions to increase the efficiency of their existence in the market for their own development. The business processes of companies in the context of modern development are influenced by many different factors, including digitalization. In the context of continual changes in regulatory requirements and norms inherent to the local economy, the necessity for consistent management, particularly in effectively planning the entire construction cycle, underscores the importance of organizing and overseeing execution. Consequently, there's a growing inclination within company management to adopt a process-oriented approach. Addressing this challenge necessitates a clear understanding of business processes, analysis, and optimization. In the medium term, advancing the Republic of Kazakhstan's economic development and enhancing the populace's quality of life through the integration of digital technologies stand as primary objectives of the state policy, as outlined in the "Digital Kazakhstan" state program. Practically all sectors of the economy are being actively digitized in the country, which will lead to an increase in labor productivity and an increase in capitalization. The analysis showed that theoretical and practical developments in the field of improving the modeling of business processes of a company in the context of digitalization are not enough. In this regard, there is a problem of developing and ensuring effective technology and company strategy based on business process modeling, which will be versatile and systematic for use in organizations of the construction industry.