CONCEPTUAL BACKGROUND ASSESSMENT FRAMEWORK TO IMPLEMENT INNOVATIVE TRANSFORMATIONS WITHIN THE ENTERPRISE SETTINGS

Abstract

The paper offers a background assessment framework to implement innovative products in the service sector by providing insights to the existing approaches to identify innovations within the enterprise settings through the methods of direct and indirect sampling, integrated evaluation and analytics. The above framework assumes structuring of the connections affecting the quality of the proposed algorithm and facilitates better regulation of the stages under the process of transformational changes implementation. The study focuses on the company ability to transform as well as on revealing opportunities. Evaluation of the company financial discipline has been performed by the incoming and outgoing cash flow indicators, that is by the volume of company receivables and payables along with their dynamics, which contributes to cash calendar optimization and forecasting the asset deficit for innovative development processes implementation. The proposed sequence of actions seeks to facilitate the evaluation of the company readiness to transform, since it provides necessary time to prepare the management system to dramatic changes, to build the program and the team. This also enables to shape a conceptual approach to assessing the background for implementing innovative transformations based on the harmonization of qualitative and quantitative evaluation. The conducted financial analysis has enhanced the company capability to assess the level of its liquidity, solvency and business activity as additional criteria for estimating the asset sufficiency to implement innovations, together with describing its stages based on the analysis of the reasons for implementing innovative transformations in the context of revealing their structure and possible implications associated with innovative activities. The need for a generalized assessment in terms of market congruence of internal organizational and economic factors with external demand while conducting market-based financial analysis for launching new products into the market has been reasoned.