THE ROLE OF INNOVATIONS IN FORMING COMPETITIVE ADVANTAGES OF BUSINESS ENTITIES UNDER THE CONDITIONS OF TRANSFORMATION OF THE LATEST ECONOMIC MODEL

Анотація

Introduction. Under the current conditions of digital economy development, globalization, and transformation of the latest economic model, innovations act as one of the key factors in the formation and maintenance of competitive advantages of business entities. The rapid spread of digital technologies, automation, and new managerial solutions leads to changes in traditional approaches to enterprise operations and strengthens the role of innovations in ensuring sustainable development.

Methods. The research is conducted using methods of analysis and synthesis, systemic and comparative analysis, generalization of scientific approaches, as well as logical modeling. The informational and theoretical basis of the study consists of scientific works of domestic and foreign scholars in the field of innovative development, enterprise competitiveness, and transformation of economic systems.

Results. It is substantiated that innovations are a decisive tool for increasing the efficiency of enterprise activities and forming sustainable competitive advantages in modern economic conditions. It is determined that the implementation of digital technologies, automation of business processes, elements of artificial intelligence, and management information systems contributes to cost optimization, improvement of managerial decision-making quality, and increased adaptability of enterprises to market changes. The activities of leading companies that shape technological trends and ensure long-term competitiveness through innovation are analyzed. The main problems, barriers, and risks accompanying the process of innovative development of enterprises are identified.

Discussion. The obtained results have both theoretical and practical significance and can be used in the development of strategies for innovative development of business entities. Further research should focus on an in-depth analysis of enterprise adaptation mechanisms to transformational economic processes, particularly under conditions of post-crisis and post-war recovery.