The Creation of Fundamentally New Products as a Factor of Organizations’ Sustainable Economic Development

Abstract

This study analyzed the sustainable economic development of some organizations for the period of 2020–2022. The authors found that organizations’ sustainable development is influenced by technological superiority based on the creation and production of radical new products that can form new markets or be dominant in existing ones. This study examined effective management based on the application of digital technology and artificial intelligence for the creation and production of radically new products, which creates conditions for the advanced sustainable economic development of the organization. The main drivers of these processes are technological platforms, the formation of which requires significant amounts of different types of resources. To solve the issue of investment in the creation of radically new products in conditions of limited resources, the authors researched and developed tools for the effective use of investment in the creation of radically new products in order to ensure the formation of organizations of advanced, sustainable economic development. In the development of methodological tools for managing the creation and development of radically new products, a conceptual mathematical model for assessing the criteria of economic efficiency of projects is proposed. Thus, the proposed tools for managing the creation of radically new products and advanced sustainable economic development of organizations form the basis for technological superiority and sustainable economic development in modern economic conditions.