THE ROLE OF INNOVATION STRATEGY IN ENSURING SUSTAINABLE DEVELOPMENT OF THE ENTERPRISE
Authors: Karim Karimov, Nazrin Abdulbagiyeva Karim Karimov, Nazrin Abdulbagiyeva 
Published: October 2024

The article discusses the role of innovation strategy in ensuring sustainable development of the enterprise. At this stage of economic development, organizations are provided with a huge number of opportunities that can be used to develop entrepreneurial activity. Rapid changes in the external and internal environment contribute to the fact that enterprises have to adapt to new conditions, as well as develop strategies for innovative business development. In this regard, the ability to develop innovative strategies is becoming a key competency that allows you to competently manage an enterprise. Competition between companies is becoming more intense, only enterprises that can develop the most effective innovative strategies will be able to take and maintain leadership positions. The role of innovation is manifested in ensuring the success of business in the long term. Innovations contribute to increasing the competitive position of the organization. Innovative strategy allows companies to take their business to a new level. It defines promising areas of development of the company, assesses its innovative potential and level of investment attractiveness, allows you to establish new areas of cooperation, helping the business to remain competitive. The development of an effective innovation strategy will allow the company to take a leadership position that will allow it to stay in today's highly competitive world. Industrial development is a priority sector for any state. Industry ensures the country's independence from a number of imported goods, provides jobs, and promotes economic stability. Any developed state will take measures to develop industry. But the industrial sector is quite complex for doing business, because it requires significant resources at the start of work, a set of skills and knowledge, and a high level of technical equipment. Against the background of the importance of the industrial sector for the life of the state as a whole and the complexity of implementing entrepreneurial tasks in this area, the formation of a concept for the sustainable development of industrial enterprises is of particular relevance. The constituent components of the sustainable development of industrial enterprises should be ensured both at the macro and micro levels. Financial and economic components of the sustainable development of industrial enterprises at the macro level imply the presence of the following factors. Ensuring the investment attractiveness of the country. Attracting foreign investors is one of the ways to ensure the sustainable development of industrial enterprises, as well as the growth of the state's economy. Development of an appropriate monetary and credit policy. A number of factors influence the sustainable development of industrial enterprises: the level of inflation, the availability of credit resources, the volume of money circulation. In the absence of effective mechanisms for maintaining stability in the monetary and credit sphere, the implementation of the directions of the concept of sustainable development of industrial enterprises is also impossible.
Thus, sustainable development of industrial enterprises is one of the most important areas of work of the state authorities. The concept of sustainable development of industrial enterprises includes a number of components, some of which are already being actively implemented. Also, the concept of sustainable development of industrial enterprises should include a number of measures that contribute to increasing the profitability of the company's activities and take into account the specifics of its activities.
Keywords: innovation, innovation process, innovative development, innovation strategy, enterprise, strategic management, competitiveness.