Innovative development as a factor of increasing the competitiveness of enterprises

In today’s world, innovation is a critical factor in the successful development of companies, national economies, and the global community in general. Therefore, they attract much attention from governments, businesses, and scientific and educational institutions, which actively support and stimulate the processes of innovative activity. Innovations play an essential role in the economic development of society because they contribute to increased productivity, competitiveness, and the general standard of living, which stimulate the growth of production, the improvement of technology, the improvement of working conditions, and many other benefits. Competitiveness is the criterion that most fully reflects the efficiency of the economic entity. Practice shows that solving the task of increasing competitiveness causes significant difficulties. For many enterprises in today’s economic conditions, it has become a problem due to the need for a clear strategy, financial and economic goals, and organization criteria. In the current situation, for successful competition, enterprises must not only update technologies and technological equipment, study the domestic and foreign markets, and conduct marketing research, as well as identify the opportunities, weaknesses, and vulnerabilities of competitors, but also influence their competitiveness and determine its main directions. Innovation is crucial in developing and adapting business models, enabling businesses to remain competitive in a rapidly changing world. Integrating new technologies and approaches can significantly improve process efficiency, reduce costs, and create new market opportunities. In fierce competition and technological innovations, the winners will be those enterprises that can quickly analyze business models, choose the best one for themselves, and implement it effectively. To effectively implement an innovative business model within the existing business, it is necessary to evaluate new critical success factors, develop a new value system, and develop new business processes, organizational structure, and corporate culture. Keywords: development, innovation, enterprise, competitiveness, resources.