Financial strategy as a basis for the success of the financial management system
Abstract. The article is devoted to the analysis and study of the role and importance of financial strategy in the work of the financial management system of a commercial organization. It examines the concepts of financial strategy and financial planning in detail, describes their relationship. The importance of automating financial processes and using digital technologies based on artificial intelligence is emphasized. The role of drawing up budgeting regulations within the framework of a financial strategy in matters of optimizing the costs of a business organization is studied separately. The study is relevant as business organizations face problems that need to be solved by a well-structured financial strategy of the financial management system. The scientific novelty is manifested in identification and systematization of key factors in the development of a financial strategy by the financial management system, affecting the sustainable and successful development of a business organization. The study uses such empirical and theoretical scientific methods as analysis, synthesis, comparison, observation, comparison, as well as data processing and interpretation. Based on the results of the scientific research, findings are formed, according to which the importance of developing a financial strategy by the company`s financial management system is confirmed, and practical recommendations are given for the preparatory work for its compilation.
Keywords: financial management, financial strategy, business organization, financial planning.
Highlights:
- development of the financial strategy by the financial management system leads a company to sustainable development;
- digitalization significantly simplifies the process of forming the financial strategy for business organizations;
- work on the financial strategy allows optimizing possible costs and reducing risks of the financial management system.
Tigran S. Gasparyan, Denis A. Malyugin - Yuri Gagarin State Technical University of Saratov, Saratov, Russia