Implementation of innovations and Industry 4.0 features

Abstract

The article highlights the critical importance of innovation for maintaining competitiveness in the global economy. The research aim is to analyze the implementation of innovations and the features of Industry 4.0. To enhance investments in research and development (R&D) and effectively apply scientific discoveries to improve products, services, and processes, many countries are implementing policies and programs designed to foster innovation. Innovation and entrepreneurship play a pivotal role in driving economic development. In today’s economy, innovation is a key determinant of business success. It fuels economic growth, generates new and better employment opportunities, and fosters social mobility. Amid significant technological and social transformations, a nation’s economic competitiveness increasingly depends on the ability of businesses to develop and successfully commercialize innovative solutions. Case studies demonstrate the global proliferation of Industry 4.0, marking a profound shift in industrial practices. The ongoing wave of globalization is expected to spur industrial revolutions across all nations. To remain competitive, businesses must quickly adapt to and leverage emerging technologies to optimize their operations. Companies that do so effectively are better positioned to secure a clear and sustainable future in the evolving global market. The results of the study showed that the relationship between Industry 4.0 and innovation is mutually reinforcing.