INNOVATIONS AND BUSINESS PROCESS OF REENGINEERING AS A FACTOR OF INCREASING ENTERPRISE COMPETITIVENESS

Abstract. The article explores the role of innovations and business process reengineering as key drivers for improving efficiency and enhancing enterprise competitiveness in the context of economic transformation. It emphasizes the necessity of rethinking traditional management approaches in light of digitalization, increasing market instability, and rapid technological advancement. Innovations are shown to be not only technological but also strategic assets, enabling the development of new products, process optimization, cost reduction, and a more client-centered approach. However, the effective implementation of innovations often requires substantial internal organizational changes, which are achieved through reengineering – a radical redesign and optimization of business processes. The article provides theoretical justification for combining innovation-driven development with reengineering approaches and summarizes the experience of selected Ukrainian companies that have successfully applied these methods. It highlights the benefits of implementing digital technologies, automated management systems, robotics, and modern customer service formats. As a result of innovation and reengineering integration, enterprises achieve higher productivity, more efficient resource utilization, reduced operational costs, and the development of sustainable competitive advantages. The conclusion suggests that enterprises systematically implementing innovations and reengineering demonstrate stronger adaptability, resilience to risks, and strategic development capabilities. This integrated approach should become the foundation for building a new type of national economy – dynamic, technology-driven, and customer-oriented. Keywords: innovations, reengineering, business processes, competitiveness, efficiency, digital transformation, enterprise.