Innovative strategies for increase competitiveness of companies in the digital era: from market analysis to implementation of technologies

Vladyslav Dvorskyi, Mykola Ponomarenko and Oleksandr Verkhusha
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Vladyslav Dvorskyi: Higher Educational Institution «Academician Yuriy Bugay International Scientific and Technical University»
Mykola Ponomarenko: Higher Educational Institution «Academician Yuriy Bugay International Scientific and Technical University»
Oleksandr Verkhusha: Higher Educational Institution «Academician Yuriy Bugay International Scientific and Technical University»

Economic Synergy, 2024, issue 3, 109-120

Abstract: The article examines innovative approaches to the formation of strategies for increasing the competitiveness of enterprises in the conditions of globalization and digital transformation. A review of scientific sources demonstrates that competitiveness is a multidimensional concept that requires a comprehensive approach to the analysis and development of strategies that take into account both internal and external influencing factors. It is noted that the use of modern tools and methods allows enterprises to effectively adapt to changes in the market environment, optimize their business processes and strengthen their competitive position in the market. The main types of competitive behavior are considered, including creative, adaptive and ensuring types, which determine the appropriate strategies for achieving competitive advantages. The authors analyze modern tools, such as digital platforms, big data, artificial intelligence, and the Internet of Things, which help to strengthen the market position of enterprises. Particular attention is paid to the development of digital competencies of staff, which are key elements of a successful digital transformation. The article also discusses the challenges faced by enterprises in the digital era and provides recommendations for adapting business models to the new environment. The proposed strategies are focused on the long-term strengthening of the competitiveness of enterprises, taking into account both internal and external factors. The introduction of digital technologies allows enterprises not only to maintain their competitive position but also to achieve leadership in their industries. The application of innovative strategies also helps to increase productivity, management efficiency and customer service, which in turn ensures sustainable development and profitability growth.

Keywords: innovative strategies; competitiveness; digital transformation; business models; digital technologies; cyber security; artificial intelligence; Internet of Things; big data (search for similar items in EconPapers)
JEL-codes: L21 M15 O33 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2024:i:3:p:109-120

DOI: 10.53920/ES-2024-3-7

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