Associate Professor Novruzov Atif, PhD (atif.novruzov@asoiu.edu.az)
Azerbaijan State Oil and Industry University, Azerbaijan; ORCID : 0009-0000-5308-7339
Associate Professor Mamedova Sevda Binyat, PhD (sevdaxanim@mail.ru)
Odlar Yurdu University, Azerbaijan; ORCID: 0009-0000-6474-7291
Lecturer Velizade Farid Geray (feridvelizade82@gmail.com)
Odlar Yurdu University, Azerbaijan; ORCID: 0009-0006-8446-7071
Abstract
The article examines the issues of strategic management. It is noted that in the context of rapid economic development, market competition is becoming increasingly fierce: if an enterprise wants to take a dominant position, it must fully understand the importance of strategic management and internal control, as well as the influence of the digitalization factor on all elements of the strategic management system in order to improve its performance. The article presents theoretical aspects for disclosing the categories of strategy and sustainability in the concept of strategic management of sustainable development of an organization. Distinctive features of strategy as a tool for managing the activities of an enterprise are noted. Globalization of the economy, the formation of the concept of sustainable development largely determine the strategy for promoting organizations of both large and small businesses. Following the principles of sustainable development is becoming a prerequisite for enterprises to increase competitiveness and attractiveness to stakeholders. The purpose of the article is to develop stages of formation of strategic management of sustainable development of small businesses based on the conducted research. The proposed process of development and implementation of a strategy for sustainable development of a small enterprise will not only allow forming a strategy justified by the components of sustainable development, but also ensure the possibility of its successful implementation. The results of the study can be used both in the practical activities of other small enterprises and in further scientific research into the features of managing the sustainable development of small enterprises in other areas of activity.
The aim of the study is to develop theoretical foundations and methodological provisions, as well as scientific and practical recommendations for the formation of a strategy for the sustainable development of industrial enterprises in the context of the digital economy.
The object of the research is the managerial, organizational and economic relations that arise in the process of solving a set of theoretical, scientific, methodological and practical issues and problems of forming a strategy for the sustainable development of industrial enterprises in the context of the digital economy.
The strategic management system is a set of interrelated elements that are based on the creation and implementation of a special program in order to achieve competitive advantages, high positions in the market, increase profits, improve efficiency and ensure stable development of the organization. Digitalization has affected all areas of human life, including production and business, affecting all elements of strategic management, as well as elements of the external and internal environment of the enterprise. Thus, the enterprise must first establish stable financial indicators, thus ensuring its sustainable development in the market, and then it can move on to the development of social sustainability, which includes training and guarantees for employees, further improvement of working conditions, reduction of overtime, and increase in wages.
Keywords: strategic management; sustainable economic development; digitalization; enterprise; system.
JEL Classification: Q01, P42.
