Abstract
This paper considers the issue of investment management of digital innovations in modern business. The main purpose of the research is the development of approaches to the investment management of the innovative digitalisation processes of the enterprises and justification of the economic efficiency of investment projects on innovative information technologies use in the context of their relationship with existing information solutions for enterprise management. The relevance of the research is the necessity to change the methods of doing and managing the modern business, taking into account the achievements of the Third and Fourth Industrial Revolutions, which form innovative business philosophy based on informatisation and digitalisation of manufacturing and delivery processes. The implementation of innovative digital technology in business processes requires significant costs and it raises the issue on their minimization. Systematization of literary sources and approaches for the investment management of industrial digitalisation indicates the absence of complex solutions for this problem. In this regard, based on a comparative analysis, the authors have revealed the features of business development in the conditions of the Fourth Industrial Revolution and justified the need for modern information systems integration for enterprise management on the platform of business processes digitalisation. In order to create the road map of business digital innovations, it is suggested that the Theory of Constraints should be used to determine which of the operating information systems of the enterprise (Business intelligence – BI; Enterprise Resource Planning – ERP; Manufacturing Execution System – MES; Industrial Internet of Things – IIoT) is to begin the digital transformation with. The stages of the project development for the digital transformation of an enterprise are designed based on the structural approach. The economic justification for the selection of alternative digitalisation projects is based on an assessment of the labour costs for implementing two variants of digital innovation of a business entity: a complex automation project with up-front modelling and an integration automation project with the gradual implementation of a new information system. The assessment results have shown the economic benefits of implementing the integration project as it provides 1.58 times fewer labour costs and can be realized by use of universal package solutions such as Business Automaton Software (BAS). The analysis of the results of the implemented business digitalisation projects in Ukraine and the world as well as the potential of planned ones has allowed generalising the effects of their implementation and confirmed the need for further development of the mechanisms for the investment management of business digital innovations. Keywords automation, business, digitalisation, efficiency, greening, ERP, information technology, innovation, investment management, project.
Highlights
The implementation of the achievements of the Third (Industry 3.0) and Fourth (Industry 4.0) Industrial Revolutions into the economic practice transforms economic and environmental systems and makes important changes in the methods of doing and managing the modern business
The theory of constraints was applied for developing a road map of business digital transformation since unlike other methods, it provided a reproducible cycle of digitalisation options optimization for the enterprise
Minimal changes in the enterprise information systems, which are based on the parallel implementation of new IT and their coordination with ones existing at the enterprise, i.e. complex automation projects with up-front modelling, provide the minimum total time and cost for their implementation for the companies
Summary
The implementation of the achievements of the Third (Industry 3.0) and Fourth (Industry 4.0) Industrial Revolutions into the economic practice transforms economic and environmental systems and makes important changes in the methods of doing and managing the modern business. Revolutionary innovations affect businesses due to the transformation of consumer expectations, product development, joint innovation, and new organisational forms of management (Schwab, 2016). They are changing the foundations of doing business, demanding the formation of new business philosophy based on informatisation and digitalisation of the manufacturing and delivery processes.
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