THE INNOVATIVE POTENTIAL OF INTEGRATED BUSINESS STRUCTURES: THEORETICAL AND METHODOLOGICAL FRAMEWORK FOR EVALUATION AND IMPLEMENTATION
Keywords:innovation potential, financial potential, formation and development, integrated business structures, strategy, management, competitiveness, intellectual assets, integration in innovation processes, assessment algorithm, desirability function range
This article is an attempt to expand a scientific discourse on building innovation potential of integrated business structures within the innovation processes at the macro-, meso- and microlevels. It is noted that a number of innovation aspects still lack clearness and lead to ambiguity in interpretations, whereas the role of intellectual assets is increasingly growing as a key driver for business development. Within the scope of this study, the innovation potential of integrated business structures is viewed as a set of potentials of business units involved, in their synergistic development, through the prism of creating and ensuring effective operation of all cluster participants in the current and strategic periods which in turn challenge for financial, human, technological, managerial and innovation resources to be employed to maximize the synergy of innovation capacity, and ultimately, to facilitate the creation of a robust framework for innovations / novelties at different levels. It is emphasized that in terms of exploring the innovation potential of integrated business structures, given the specifics of their activities, a critical objective is to assess the maturity of their development, since the evaluation of innovation potential will enable to identify the primary drivers of success and the key benefits as well as availability of product and technology innovation – all of that laying the foundations of gaining innovative competitiveness of integrated business structures overall. It is also noted that the strategies developed by integrated business structures to enhance manufacturing, economic, financial, personnel related or technological aspects of business activities and other important processes set the vectors of future effective performance and development and should rely upon creative, innovative approaches to meet various market and consumer needs. It is argued that a comprehensive assessment of the implementation of innovation potential of integrated business structures will unlock their current innovation potential and track its development trends and dynamics which might offer opportunities for further adjustments to boost innovation capacity for particular integrated business structures. The findings resume that innovative potential of integrated business structures covers the whole range of innovative resources able to enhance business performance and contribute to its optimization as well as provide opportunities to generate and implement innovations to gain strategic competitive advantages in the context of sustainable development. The proposed algorithm to evaluate the innovation potential of integrated business structures through the use of key assessment indicators will help build a desirability scale for the innovation potential indicators where the values of individual responses refer to a desirability range for integrated business structures. A conclusion is made that enterprise innovative development is a key driver in attaining a competitive edge whereas the innovation potential is an indicator that demonstrates company receptivity to change and innovation. Implementation of the above methodology provides important implications for further improving innovation performance of integrated business structures through forecasting their innovation capacity building along with promoting effective operational and development strategies.
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