Strategic Integration of Business Analytics in Innovation Management: Framework for Sustainable Growth
DOI:
https://doi.org/10.57125/FS.2023.03.20.04Keywords:
innovation management, business analytics, business development, business digitalisationAbstract
The development of any modern company takes place in an unstable external environment and fierce competition, so the use of innovative management technologies is the key to successful market promotion and strengthening of competitive positions. However, it is worth paying attention to the company's ability to implement modern innovative digital methods and technologies. In general, the digitalisation of management opens up new opportunities and allows for more efficient use of various types of resources. The use of business intelligence tools in modern innovation management can become the basis for creating the preconditions for the effective use of various types of data for business development. Accordingly, there is a need to determine the directions of business intelligence implementation in the innovation management system of modern companies. In this context, the purpose of the study is to determine the place and role of business analytics in the system of modern innovation management. To achieve this goal, the following tasks should be solved: to specify the essence of digitalisation of management and outline the main opportunities it opens up for modern companies; to identify the essence and specifics of innovation management development; to determine the specifics of business intelligence application for innovation management and the main tasks it allows to solve. The research objective was achieved by using general scientific (analysis, synthesis, induction, deduction, generalisation) and special methods (comparison, systematisation), which allowed to obtain a reasonable and objective result. The study obtained the following results: it was determined that digitalisation is becoming the basis for the development of modern business; it was established that innovation management allows for the formation of qualitatively new tools for enterprise development; it was proved that business analytics forms the basis for the effective implementation of innovation management and enables business managers to make informed management decisions.
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