Kushchyk A. P., PhD in Economics, Associate Professor, Head of the Department of Finance, Banking and Insurance, Zaporizhzhia National University, Zaporizhzhia, Ukraine

ORCID ID: 0000-0003-0627-2296
e-mail: dlstud@ukr.net

Krasnoshchek Y. V., 1st year master’s student, Zaporizhzhia National University, Zaporizhzhia, Ukraine

ORCID ID: 0000-0002-9932-5926
e-mail: yaroslav2029@gmail.com

Implementation of innovative approaches in the practice of crisis management in the practice of crisis management at enterprises

Abstract. Introduction. In the 21st century, enterprises are constantly facing challenges and threats, such as economic crises, changes in market conditions, competition, and technological transformations. The introduction of innovative approaches to crisis management at enterprises allows to respond effectively to crisis situations and ensure the sustainability of the enterprise. The article examines various approaches to the definition of “crisis management”. The place of Ukraine in the global innovation index is analyzed, currently Ukraine is on the 49th place, which shows positive dynamics. The concept of “innovation in crisis management” and the effects of influence on enterprises are studied.

The activities of the Motor Sich enterprise are studied, namely, the probability of bankruptcy at the enterprise is analyzed, according to the Tereshchenko, Lees, and Springate models, it is concluded that the probability of bankruptcy at the enterprise is low. A table with the results of predicting the probability of bankruptcy according to different models is formed. Possible ways to overcome crisis situations for Motor Sich enterprise are identified. For a more detailed look at the use of innovations in crisis management, we have compiled a table showing the use of innovations for different types of crises. The advantages (increased competitiveness, more efficient use of resources, development of new products and services, increased productivity and efficiency of innovative approaches, increased flexibility) and challenges (significant financial costs, lack of qualified personnel, competition, risk of violation of rules and regulations) of implementing innovative approaches in the practice of crisis management at an enterprise are identified.

Keywords: crisis management; innovative approaches; Motor Sich; innovation; crisis.

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