Innovative Approaches and Management Mechanisms in Regional Service Sectors

Abstract

Transformation of the global economy began to be fully implemented after the financial crisis of 2008, and by 2017 it transformed into a new type of economy with a new composition of main players. Besides, the strengthening protectionist model of a fight between these players. They set new goals for the countries’ economic security and also their regional components. The service sector allows us to consider the economic equipment of the region and the ability of each organization to compete in the provision of quality services regardless of its target orientation. Innovative approach and management mechanisms are two primary components for the successful development of small and medium-sized businesses in the regional service sector. Therefore, the financial stability of the service sector also involves the calculation of financial and economic activity indicators. On their basis, positive changes are revealed over a certain period, contributing to the proper consideration of economic security indicators. The following scientific methods made it possible to conduct the current research: observation, grouping, systematic and factor analysis, synthesis, generalization, and comparison.