Innovative approaches to business management in conditions of economic instability

Authors

DOI:

https://doi.org/10.24917/20801653.374.3

Keywords:

economic instability, enterprise competitiveness, enterprise management, innovative approaches, innovative management strategies

Abstract

The article is devoted to studying innovative approaches to enterprise management in conditions of economic instability. The main goal of the research was to identify and analyse the impact of innovative strategies and management methods on the development of enterprises’ innovative potential during economic crises. To achieve this goal, special and general academic research methods were used, in particular ‘synthesis’ and ‘generalisation’, which were used to evaluate the effectiveness of the implementation of innovative approaches in the activities of enterprises in the conditions of unpredictable changes in the business environment. As a result of the study, it was found that, in conditions of economic instability, innovations in enterprise management should focus on strengthening innovative potential and production and on the technical improvement of business processes for which the formation of innovative strategies is necessary. It has been found that enterprises that actively implement innovative management methods in their activities have more chances to ensure their sustainability in challenging business conditions and, with this transformation of management practices, create conditions for dynamic growth and development of their innovative potential. As a result of the study, it has been established that using innovative approaches contributes to improving the efficiency of enterprise resource management, improves interaction with counterparties, and stimulates the further implementation of innovative solutions in production. Based on the research, the understanding and principles of forming innovative management strategies for enterprises in conditions of economic instability have been improved. In addition, a set of recommendations has been formed for enterprises and organisations regarding strengthening the management system based on innovative solutions to ensure the stability and dynamic development of business processes in crisis trends.

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Author Biography

Igor Britchenko, University of the National Education Commission, Krakow, Poland

Igor Britchenko, DSc, Professor, University of the National Education Commission, Krakow, Institute of Law, Economics and Administration. Born on June 30, 1970 in Donetsk (Ukraine). Nationality – Greek. Research interests: economics, finance, banks, marketing, management. In 1998, he defended his doctoral thesis on “Bank marketing: organization of investment processes” at the Institute of Economic and Legal Research of the National Academy of Sciences of Ukraine. In 2005, he defended his habilitation thesis on “Creation and functioning of regional banking market science” at the University of Economics and Trade in Donetsk. In November 2023, he defended his habilitation thesis on “Economic security of the state” at the Higher School of Security and Economics in Plovdiv (Bulgaria). Professor Britchenko is the author of nearly 500 scientific works, including 22 monographs. Professor Britchenko confirmed his academic degree and title in Greece, Poland, Slovakia, Bulgaria, Croatia, Slovenia, Latvia, Estonia, Germany and England. Professor Britchenko participates in the work of editorial boards of scientific journals and EU programs and grants. Under the supervision of Professor Britchenko, ten students successfully defended their doctoral theses and 29 habilitation theses.

 

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Published

2023-12-29

How to Cite

Britchenko, I. (2023). Innovative approaches to business management in conditions of economic instability. Studies of the Industrial Geography Commission of the Polish Geographical Society, 37(4), 41–49. https://doi.org/10.24917/20801653.374.3

Issue

Vol. 37 No. 4 (2023): Selected research issues on the functioning of enterprises at various spatial levels

Section

Articles

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Copyright (c) 2023 Studies of the Industrial Geography Commission of the Polish Geographical Society

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