Innovation as a Source of Ensuring the Sustainable Development of the Enterprise
Brahina O. S.

Brahina, Olha S. (2024) “Innovation as a Source of Ensuring the Sustainable Development of the Enterprise.” The Problems of Economy 3:156–161.
https://doi.org/10.32983/2222-0712-2024-3-156-161

Section: Economics and Enterprise Management

UDC 658.5

Abstract:
The aim of the article is to study innovativeness and innovative development as a source of ensuring sustainable development of enterprise. The article defines the essence and main characteristics of innovation and innovative development in the context of sustainable development of enterprise. It should be noted that innovations from the standpoint of sustainable development are innovations that contribute to a harmonious combination of economic, environmental and social aspects, ensuring the long-term growth of the enterprise without harming the environment and society. Innovations, especially those related to environmental and social aspects, help businesses respond to the challenges of sustainable development. This includes the introduction of environmentally friendly technologies, energy and resource savings, which has a positive effect on both the company’s image and its financial stability. In the course of the study, the most apt examples of innovations in the context of sustainable development, which should be implemented at enterprises, were identified. The author determines the factors of importance of innovative development in the context of sustainable development and the main functions it performs. The stages of innovative development in the context of sustainable development of enterprise are formed, among which it is worth highlighting the following: analysis and assessment of the current state of enterprise; generation and selection of ideas; development of an innovation strategy; implementation of innovative solutions, monitoring and evaluation of efficiency, adjustment and improvement of strategy, communication of results and involvement of stakeholders. Methods of analysis and evaluation for choosing the direction of innovative development in the context of sustainable development are defined, in particular, SWOT analysis, product life cycle analysis, stakeholder analysis, benchmarking, resource efficiency analysis, scenario planning method, feasibility study, cost-benefit analysis, analysis of risks and risk mitigation. In the process of composing the article, such methods of scientific research as analysis and synthesis, classification, scientific abstraction, comparison were used. As a result of the study, it is determined that innovations in the field of sustainable development help enterprises not only to meet new market requirements, but also to improve their image and attract investors. Sustainable practices and technologies contribute to strengthening positions in the global market and create new opportunities for growth.

Keywords: innovation, innovative development, sustainable development, enterprise, stages, factors, functions.

Bibl.: 10.

Brahina Olha S. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Entrepreneurship and Trade, Odesa Polytechnic National University (1 Shevchenko Ave., Odesa, 65044, Ukraine)
Email: braginaos@ukr.net

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