Essence and importance of innovation activity at the enterprise

Abstract

As a result of innovative activity, new ideas, new and improved products, technological processes are born, new forms of organization and management of various sectors of the economy and its structures appear. Continuous innovation is the only way to maintain high growth rates and profitability of the company. In today's fast-paced, competitive environment, it is challenging 
to maintain high profitability from your existing product portfolio. If changing conditions are not anticipated and responded to in a timely manner, the enterprise may face a crisis. In a market economy, it is not enough for a manager to have a good product; he must strictly control the emergence of new technologies and plan their implementation in his enterprise in order to keep up with competitors. In modern conditions of economic instability and the need to actively formulate a policy of import substitution, the issue under consideration is very relevant.