Application of Digital Twin of an Enterprise in the Context of Implementation of the Sustainable Development Concept in Financial Management

Vladimir A. Kunin and Igor E. Ryskov
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Vladimir A. Kunin: Saint-Petersburg University of Management Technologies and Economics
Igor E. Ryskov: Saint-Petersburg University of Management Technologies and Economics

A chapter in Finance, Economics, and Industry for Sustainable Development, 2024, pp 79-92 from Springer

Abstract: Abstract Technical progress, which has allowed humanity to significantly improve the conditions of the existence, involves global threats and risks for the well-being of future generations and the further development of human civilization. In order to minimize threats, the concept of sustainable development was proposed, the implementation of which should be carried out both at the state level and through civil society and corporations. However, for corporations, the commitment to the concept of sustainable development aimed at increasing the well-being of a wide range of people (from employees to contractors and society as a whole) conflicts with the established concepts of Milton Friedman that postulates the growth of shareholder wealth as the main goal of the corporation. The purpose of this work is to explore the possibility of using a digital twin of an organization to solve the problem of finding a balance between the traditional financial and ESG goals of the organization. The work outlines the authors’ approach to building a digital twin of an organization, which helps to link the company’s financial and non-financial indicators into a single system, on the basis of which a strategy can be developed aimed at increasing the value of the company for all stakeholders.

Keywords: Digital twin of the enterprise; Sustainable development; ESG; Efficiency improvement; Financial management; Financial risk management (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-56380-5_7

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DOI: 10.1007/978-3-031-56380-5_7

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