Year: 2025
Type: article
Abstract: The article addresses the pressing issue of the digital transformation of financial management in project management. It emphasizes the growing role of digital tools in enhancing transparency, efficiency, and adaptability of financial control and budgeting amid economic instability. In the digital economy, effective project management increasingly requires the integration of innovative solutions into financial practices. The potential of ERP systems, cloud services, business analytics platforms, and AI tools is analyzed in terms of automating monitoring, variance analysis, risk forecasting, and real-time decision-making. Examples include SAP, Oracle NetSuite, Power BI, and PlanRadar, which improve accuracy, responsiveness, and reduce human error in budget management. A structural model of digital financial management is proposed, covering all project lifecycle stages – from initiation to closure – along with relevant digital solutions. The model integrates budgeting, cost control, risk management, and reporting into a single digital system, enabling an adaptive financial architecture. It considers the specifics of multiproject environments, the need for scenario modeling, and risk accounting. Organizational prerequisites for effective implementation are also highlighted: digital literacy development, process standardization, cross-functional collaboration, and agile planning under uncertainty. Early involvement of IT specialists and financial analysts during strategic planning is deemed critical. The use of digital dashboards for real-time tracking of financial KPIs is recommended. Digital solutions not only optimize financial processes but also provide strategic advantages by improving the quality of managerial decisions. Digitalization helps mitigate overspending risks, enhances investment appeal, and strengthens stakeholder control. However, key challenges are noted: limited resources in small organizations, integration with existing systems, and cybersecurity risks. The potential of a unified national digital ecosystem for project financial management is also discussed. The findings confirm the significant role of digital tools in strengthening organizational strategy, financial transparency, and resilience to external challenges. The article outlines prospects for advancing financial project management through AI, automation, and open analytics systems, which are expected to become standard in the near future, ensuring flexibility, efficiency, and sustainability
Authors: Varvara Chernenko, Liudmyla Shapoval, Oksana Kostenko
Language: English
Subfield: Management of Technology and Innovation
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4411903688