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Olena Sushchenko, Margaryta Boiko, Myroslava Bosovska, Mariia Kulyk
THE ANTIDISSIPATIVE APPROACH TO OPTIMISING THE COSTS OF HOTEL BUSINESSES
Abstract:
The costs incurred by hotel businesses are a key metric that, by influencing financial stability and revenue forecasting, determines the effectiveness of the revenue management system. The article states that the objectivity of costs arises from the objectivity of the factors that determine them. The issue of cost optimization involves a range of contradictions inherent in economic processes, which are clearly evident in the contradictions between limited resources and needs, as well as between the goal of maximizing revenue and the efficiency of business processes. Therefore, when determining scientific approaches to optimizing the costs of hotel businesses, it is advisable to rely on a methodology that enables the preventive identification of the prerequisites for cost dissipation at all stages of the hotel product production chain. Based on the results of the analysis of the state and trends of key performance indicators of hotel businesses, it has been established that: during periods of declining demand, it is natural for sales volumes to decrease and fixed costs to decrease, but at the same time, variable costs increase; crisis phenomena have negatively affected the profitability of hotel businesses, and the need to find ways to manage costs aimed at their optimisation, especially in turbulent internal and external conditions, is relevant from the perspective of the concept of revenue management. The principles of cost management have been defined, serving as fundamental rules that provide the basis for decision-making on cost optimization. The principles of cost optimization ensure objectivity, consistency, and reproducibility. The article analyzes the principles governing management decisions on cost optimization and has been ranked under the study's basic concept, "anti-dissipative approach". Therefore, the study of cost optimization principles has been deepened through methods that implement them in specific situations. At the same time, it has been proven that the expediency of applying an anti-dissipative approach lies in optimizing costs to prevent their dispersion at all stages of the production chain, focusing on enterprises with a hotel business in Ukraine.
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Vladimir Gorbunov, Dmitry Denisov
PROBABILITY METHODS
FOR ASSESSING FINANCIAL RISKS FOR ENTERPRISES
Abstract:
The paper reviews methods for risk assessment which could be employed in the financial management of enterprises. The set of methods proposed renders it possible to assess the impact which different risk factors upon the efficiency of implemented projects and the effect of anti-risk measures on the financial performance of companies and thus identify the most efficient measures according to the criterion selected for project evaluation.
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Natalia F. Altukhova, Elena V. Vasileva, Vitaliy Yemelyanov
HOW TO ADD VALUE TO BUSINESS BY EMPLOYING DIGITAL TECHNOLOGIES AND TRANSFORMING MANAGEMENT APPROACHES
Abstract:
The aim of this study is to present the experience in the management of enterprises at different levels: from optimising business processes to introducing strategic business development. We have analysed the experience in creating digital metallurgy in Russia and present the experience in implementing a smart system for monitoring and diagnostics of line equipment at the Alchevsk metallurgical plant. The article reviews major issues related to the introduction of artificial intelligence systems so as to exercise automated control over production processes. These issues refer to the deterioration and depreciation of production assets which is caused by the reallocation of funds for the modernisation of production and the unpreparedness of staff for the introduction of new systems. Digital technologies provide new opportunities for managing corporate resources and initiating profitable activities. The article also reviews applying Design Thinking techniques and tools to the training and education of specialists for the digital economy. Entrepreneurial skills, out-of-the-box thinking, the ability to work in teams and to make decisions are essential competencies which must be acquired by students during their academic training so that businesses could be prepared for their digital transformation.
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Lyubcho Varamezov
A METHODOLOGY FOR DEVELOPING
AND MAKING A DECISION
TO OUTSOURCE
Abstract:
Nowadays organisations are realizing, more and more, the strategic character of the decision “to outsource or not” and its impact on their whole strategy for their future capacity to compete successfully. The decision “to outsource or not” is not an ordinary business decision by which decision-makers only compare the costs of an individual carrying out a particular process to the costs of contracting the process to an external company. Crafting such a decision is a long and complicated process. It must be done in a structured and rational way and include not only price, but also other factors, and it must not be influenced by outsourcing trends.
This article examines the complete process of developing and making a decision to outsource, which includes the following successive steps: forming a team which is going to make the decision to outsource, and which, if the decision is positive, will manage the whole outsourcing process; defining the objectives which are going to be pursued by using outsourcing; describing and classifying the business processes of the organisation; identifying the major competences of the organisation; defining the business processes which can be forwarded for outsourcing, as well as those which must remain within and under the control of the organisation; analysing the assessment of the factors influencing the decision “to outsource or not,”; and making the final decision.
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FACTORS FOR SUCCESS OF THE “BUSINESS PROCESS AS A SERVICE” MODEL
Abstract:
The “Business Process as a Service” model integrates the achievements of the business process management/modelling concepts and cloud computing. It aims at rapid development of automated business processes on the basis of cloud services. The article is an attempt to refine the scope of the model by systematizing its logical and technological aspects. The advantages of the “Business Process as a Service” model, as well as some problematic aspects of its implementation are defined. Finally, factors for its successful implementation are identified.
