MANAGEMENT OF INNOVATIVE DEVELOPMENT OF ENTERPRISES IN THE SMART ECONOMY

Abstract

In the contemporary economic landscape, the concept of a smart economy has emerged as a critical framework for fostering innovation and enhancing the competitiveness of enterprises. This article explores the management of innovative development within enterprises operating in the smart economy, characterized by the integration of digital technologies, intelligent systems, and data-driven decision-making processes. Through a comprehensive examination of existing literature and a mixed-methods research approach, this study analyzes the strategies, tools, and practices essential for enterprises to thrive in a continuously evolving digital environment. The article provides a comparative analysis of domestic and foreign research, highlighting the practical focus of Ukrainian scholars on implementing innovative technologies and managing processes, contrasted with the theoretical perspectives of international researchers on competitive strategies and open innovation. A detailed comparison between the development of the smart economy in Ukraine and Europe is presented, showcasing key metrics, achievements, and challenges. Furthermore, the discussion addresses the positive and negative features of the smart economy, such as enhanced efficiency and productivity, innovation and competitiveness, and issues like digital divide and cybersecurity concerns. The study offers recommendations for improving the mechanisms of managing smart economy development, emphasizing investments in digital infrastructure, promoting digital literacy, fostering public-private partnerships, and ensuring inclusive access. Finally, the article proposes an adaptive mechanism for managing innovative development, incorporating external environment analysis, organizational flexibility, human capital investment, open innovation, and advanced information technology solutions. These insights and recommendations aim to guide enterprises in effectively harnessing innovation to achieve sustainable success in the smart economy.