Findings from Financial University under the Government of the Russian Federation Provide New Insights into Risk Management (Estimation of Economic Effects From Product Customization of Russian Industrial Enterprises): Insurance – Risk Management

Insurance Daily News

2022 NOV 14 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- New study results on risk management have been published. According to news reporting originating from Financial University under the Government of the Russian Federation by NewsRx correspondents, research stated, “The development of digital production technologies, taking place within the framework of the global fourth industrial revolution, creates conditions for increasing the level of customization of industrial production, i.e. the ability to manufacture products that reflect the preferences of small groups of consumers and even individual customers.”

Our news correspondents obtained a quote from the research from Financial University under the Government of the Russian Federation: “Product customization, as one of the most important aspects of the fourth industrial revolution, is of great interest for researchers and has been becoming one of the promising trajectories for the development of new production technologies and methods of organizing production. But at the same time, the economic effect of increasing the customization of products remains not fully understood. This study is aimed at identifying various economic effects arising from customization in industrial enterprises, and their quantitative assessment in relation to the manufacturing industries of the Russian industry. Using a systematic review of available scientific research and analytical reports, the study quantifies the economic effects of customization in various sectors of the Russian economy. The results show the colossal effect of further customization in Russian enterprises. The authors conclude that the annual effect of revenue growth in all industries, even under the most pessimistic scenarios and estimates, is 1.9 trillion rubles, and the effect of cost reduction - 1.4 trillion rubles.”

According to the news reporters, the research concluded: “The results obtained can form the basis of government measures to stimulate the customization of products of Russian industrial enterprises.”

For more information on this research see: Estimation of Economic Effects From Product Customization of Russian Industrial Enterprises. Strategiceskie rešenia i risk-menedžment, 2022,13(1):26-36. (Strategiceskie rešenia i risk-menedžment - http://www.jsdrm.ru). The publisher for Strategiceskie rešenia i risk-menedžment is Real Economics Publishing House.

A free version of this journal article is available at https://doi.org/10.17747/2618-947X-2022-1-26-36.

Our news editors report that more information may be obtained by contacting S. A. Titov, Financial University under the Government of the Russian Federation (Moscow, Russia). Additional authors for this research include N. V. Titova.