MULTI-CRITERIA EVALUATION OF AN ENTERPRISE’S DIGITAL INVESTMENTS

Abstract

This study examines the multi-criteria evaluation of enterprise digital investments as a decision-support framework for economically justifying digital transformation initiatives. Amid constrained capital budgets, accelerating technological change, and heightened operational risks, aligning technology acquisitions with overarching corporate strategies becomes increasingly critical. The authors conceptualize digital investments as resource allocations directed toward software solutions, corporate information systems, digital infrastructure, analytical platforms, and business process automation aimed at enhancing systemic efficiency and market competitiveness. Prevailing evaluation methodologies frequently rely on conventional financial metrics, which fail to capture technological complexity, strategic alignment, and qualitative organizational benefits. To address these limitations, the research develops an integrated evaluation system combining financial metrics, including expected return, capital intensity, and payback periods, with strategic criteria, such as integration complexity, scalability, architectural compatibility, and risk exposure. Building upon these indicators, the paper proposes a structured multi-criteria decision-making model that formalizes alternative selection, criteria normalization, weight coefficient calculation, and holistic project ranking. Furthermore, the authors outline a software implementation architecture that automates computational workflows, facilitates multidimensional visualization, and performs dynamic scenario modeling under fluctuating strategic priorities. By integrating objective quantitative assessments with strategic criteria, the model minimizes subjectivity in technology portfolio selection. Ultimately, the proposed framework equips corporate leadership with an evidence-based instrument to optimize resource allocation, enhance capital efficiency, and mitigate implementation risks throughout enterprise digital modernization.