INNOVATIVE BUSINESS MODELS IN THE DIGITAL ECONOMY AND THEIR COMPETITIVE ADVANTAGES

Abstract

The level of influence of the digital economy in our time has become very noticeable in all areas of work and lifestyle, from e-commerce in retail, to online education, social networks, automatic vehicles, and even the personalization of medicine. Advances in the digital world and the digitization of various business processes have contributed to the improvement of business models that will transform all sectors of the economy in the future and ensure their high competitiveness. Therefore, it is important to know the nature and conditions of application of innovative business models, as well as competitive advantages. Innovation is the basis of high competitiveness of any enterprise. This concept is not always equal to the material product, any management project can become an innovation. The second definition of innovation is a set of processes that affect the entire functioning of the company, which lead to the implementation of new and modified products, technologies, proposals and a number of management decisions. Innovative business models are used in many modern organizations. Many well-known companies have implemented innovative business models. For example, McDonald's, Amazon, IKEA, eBay, Starbucks, Wal-Mart. And we used these models to form an innovative approach to the supply of products already available on the market. In today's digital world, innovative business models are becoming one of the most relevant methods of doing business and are attracting more and more attention. Because the business model of any company is the main tool on the way to creating value for consumers. In a world of fierce competition, companies must form business models that are not just a way of doing business. Innovation is a major success factor for competing organizations.