Measures to improve the efficiency of financial and economic activities of machine-building enterprises in the current conditions of economic instability

Abstract

The purpose of the article is to analyze the theoretical and practical foundations of financial and economic security of an engineering enterprise and to develop measures to improve the efficiency of financial and economic activities of engineering enterprises in the current conditions of economic instability. Methods. The article uses comprehensive methods of analysis, synthesis and generalization.  The theoretical basis is the research carried out by domestic and foreign scholars. Results. This article proposes the main measures to improve the efficiency of financial and economic activities of machine-building enterprises in the current conditions of economic instability. It is substantiated that one of the comprehensive ways to solve this problem is to introduce innovative technologies, which will optimize their costs and insure themselves against staff shortages. The main trends in the machine-building market are studied, among which the most widespread is the development of the market of mechanical engineering and mechatronics. It is determined that the introduction of the “Digital Twin” technology will increase the efficiency of the financial and economic activities of the machine-building enterprise. It is substantiated that the studied technologies will allow management to re-plan production in such a way that there will be no downtime in the process and the enterprise will be able to save resources through a more accurate calculation of production costs. It is determined that the “Digital Twin” technology has re-planned production in such a way that employees can work one hour less, thereby performing their work and receiving a salary.

Conclusions. The article develops measures to improve the efficiency of financial and economic activities of machine-building enterprises in the current conditions of economic instability and determines that the enterprise will receive a significant amount of savings, which is 1.6% of the total revenue, which is a rather high amount that the enterprise can invest in the development of innovative areas of machine-building or in improving the general conditions at the enterprise.