Alchemy of innovations as a way to achieve economic development of Ukraine
DOI:
https://doi.org/10.62911/ete.2023.01.01.04Keywords:
alchemy of innovation, digital technology, digital transformation index, rating, digital competitivenessAbstract
The alchemy of innovation refers to the process of transforming or transforming elements, ideas or processes into something new, valuable and useful in order to achieve progress and development in various fields such as economics, science, technology and business. The term can cover a wide range of activities, including the introduction of innovations, the development of new products, processes or strategies, and the improvement of existing systems in order to achieve more effective results. Given the rapid development of digital technologies and the transformation of business processes, the alchemy of innovation becomes relevant in the context of the search for new strategies and approaches to stimulate the development of the economy and business, of any country. Of course, Ukraine is no exception. The article is aimed at analyzing the modern directions of innovations on the basis of the study of key trends and basic platforms for implementation in the field of development of digital technologies, which will allow to identify and describe the most effective tools, taking into account the domestic specifics and difficulties of implementation in conditions of uncertainty. The study showed that Ukraine's position in the ranking of digital competitiveness in terms of the main components in 2021 is increasing in the categories of "Knowledge," "Technology" and "Future readiness" due to such sub-factors as an increase in total state spending on education, the number of women researchers, increased investment in telecommunications and increased use of big data and analytics. Some digital technologies are not effective for Ukraine because of their complexity of implementation and cost of implementation in conditions of full-scale war. The digital economy sector in Ukraine has the potential to ensure the stability and growth of necessary financial revenues, especially for post-war reconstruction. Digital solutions are of interest not only from a financial point of view, but also strategic, as they can improve the efficiency of the industries in which they are integrated, including government and military sectors. Given the existence of such trends, we consider it promising to further expand, improve the practice of using digital technologies in Ukraine to achieve its economic development.
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