Innovation policy of business in the context of digital transformation: strategic priorities and implementation tools

Abstract

This article explores the peculiarities of forming and implementing innovation policies in enterprises amid digital transformation and external challenges, notably the war in Ukraine. Key barriers restraining innovation development are analyzed, including limited financing, workforce losses, infrastructure degradation, and institutional instability. The role of innovation policy as a strategic tool to ensure business flexibility, adaptability, and competitiveness is revealed. Principles for building an effective innovation strategy are identified, emphasizing market orientation, integration of digital technologies, change management, and the cultivation of an innovation culture. Particular attention is paid to practical innovation management tools such as digital analytics, project management systems, cross-functional coordination, and technology transfer platforms. The study is based on the synthesis of current scientific approaches and practical solutions enabling the formation of a coherent, sustainable innovation policy oriented toward development in a dynamic market environment.