INNOVATIONS AS A FACTOR OF DEVELOPMENT AND SOURCE OF COMPETITIVE ADVANTAGES OF THE ENTERPRISE

World experience shows that the basis of economic profit in a progressive economy is now a successful innovation, which not only creates competitive advantages, but also generates fundamentally new favorable opportunities on the market to ensure the progressive development of both the economy as a whole and individual enterprises. Based on the results of the study and analysis of various scientific sources, we arrive at a conclusion about the widespread use of the concept of "innovation" (English "innovation" - introduction of new, innovation), as well as the existence of three main approaches to its definition: object, process and complex. According to the object approach shared by M. Bloog, P. Doyle, K. McConnell, S. Brue, H. Barnett, I. Zhuravkov, E. Krylov, R. Fathotdinov, J. Schumpeter, and others, innovations - this is a new benefit that consumers receive; a result of intellectual, scientific and technical or other activities in one or another sphere concerning the effective change of the object of management by introducing novelties. According to the process approach, it is a process that develops over time and has clearly defined stages. B. Twis emphasizes that innovation is a process in which an invention or idea acquires economic sense. B. Santo believes that this is a socio-technical and economic process. An integrated approach to defining the concept of "innovation" is based on the fact that today innovation is the driving force of long-term economic development. In the basis of the international interpretation of the concept of "innovation", as well as in the development of B. Webster, G. Grossman, P. Romer, F. Jansen and other scientists were laid the positions of an integrated approach. Summing up the results of critical analysis of different approaches to the classification of innovations, we conclude that the essence of innovation is the direct opposite of conservatism and consists of many-sided changes, modernization, and improvements. It can be disclosed through the philosophical category of development and is the basis for the deployment of a new wave of competition.