The importance of managing innovation in modern enterprises

In the conditions of a dynamic business environment and a constant struggle for survival in the market, innovation becomes the basic factor of the growth and development of an enterprise. Namely, it always leads to new solutions, new ideas, and new ways of doing business. The basic competitive advantage of each modern enterprise is reflected in its ability to innovate its own business. Generally, an innovation of an enterprise results in an advantage over the competition, while the resulting competitive advantage results in an increase in profit, which is the main goal of every modern enterprise. A key precondition for the survival of each enterprise is the continuous improvement of competitiveness, that is, the investment in innovation of products and services. The aim of the paper is to point out the importance of innovations in the business of modern organizations. Innovationbased operations play a key role in fostering prosperity, creating and sustaining competitive advantage. A key aspect of an effective and efficient organization is the active participation of each organizational unit in the innovation process. Innovations are not just the responsibility of research and development, marketing and production units, but involve simultaneous engagement of all functional areas within the enterprise.