INNOVATION MANAGEMENT AS A FACTOR OF COMPETITIVE ADVANTAGES OF AN ENTERPRISE IN CRISIS CONDITIONS
DOI:
https://doi.org/10.32782/pdau.eco.2024.2.10Keywords:
innovations, management, competitive advantages, crisis conditions, strategic management, business adaptation, enterprise efficiencyAbstract
The article examines the role of innovations in ensuring the competitive advantages of enterprises in the context of crisis phenomena, which is manifested in improving the efficiency of economic activity, maximizing consumer satisfaction, expanding market opportunities and strengthening the image of the enterprise. The main types of innovations and their importance for business adaptation to a changing environment are analyzed. The classification of innovations according to several criteria, depending on their impact, scale and scope, is provided. The main aspects of innovation management as a factor of competitive advantage in crisis conditions are presented, including adaptation to changes in the external environment, cost optimization, creation of unique value, increasing business flexibility, diversification of products and markets, digitalization of business processes, attracting investments and partnerships, building brand sustainability and staff development. The article analyzes the innovative developments implemented by Ukrainian enterprises in their business activities. The relationship between the innovativeness of the enterprise and its financial results in the long term is established. The rating of the most innovative world companies for 2023 is analyzed. The ranking of the most innovative economies in the world is studied and Ukraine’s place in the global innovation ranking is determined. The components used to calculate the global innovation index are considered, namely: the state of development of state and public institutions, the quality of education and theoretical science, the availability of modern infrastructure, business conditions, and availability of labor, the level of development of technology and scientific research, and the number of innovative products produced by the economy. The article examines innovative strategies that allow enterprises to maintain stability and succeed in a crisis, among which it is advisable to distinguish the strategy of orientation to new markets, diversification strategy and development of partnerships. Practical recommendations for the implementation of innovative solutions in the strategic management of enterprises are proposed.
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