Kodirov Muzaffar Muxitdinovich,
Researcher at Tashkent State University of Economics
Tashkent, Uzbekistan
Abstract. The article considers the role of innovation in the development strategy of organizations as a key factor in creating and maintaining competitive advantage. Several types of competitive advantage such as price, quality and innovation are analysed, as well as successful strategies of the world’s leading companies. Methods such as key performance indicators (KPIs), SWOT analysis and the “Balanced Scorecard” to assess the effectiveness of innovation strategy are described. Risks associated with the implementation of innovation strategies and methods to address them are also emphasised. The article emphasises the importance of constant adaptation of strategies to current market conditions and customer needs. Research results show that successful innovation contributes to the long-term stability and growth of companies in a highly competitive environment.
Keywords: innovation, development strategy, competitive advantage, key performance indicators (KPI), “SWOT” analysis.