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A Comparative Analysis of Methods for Assessing the Socioeconomic Efficiency of Digital Innovation Projects
Kostin I. D.

Kostin, Illia D. (2024) “A Comparative Analysis of Methods for Assessing the Socioeconomic Efficiency of Digital Innovation Projects.” Business Inform 6:111–117.
https://doi.org/10.32983/2222-4459-2024-6-111-117

Section: Information Technologies in the Economy

UDC 330.341.1

Abstract:
Digital innovation projects occupy a leading place in the modern mechanism for stimulating economic development. The key in this context is the formulation of a system for evaluating the efficiency of these innovations. The aim of the article is to compare the key methods for evaluating the efficiency of digital innovation projects and to develop instruments to improve the efficiency of the results of these projects. This article proposes a model for assessing the socioeconomic efficiency of digital innovation projects using five key methods, namely: net present value; internal rate of return; profitability index; risk-based efficiency assessment method; social return on investment. Each of these assessment methods is described in the context of its strengths and weaknesses, as well as typical application situations. The article also examines the specifics of innovative projects, including their uncertainty, high risk, and the potential for a significant impact on society and the economy. The importance of introducing a system of key efficiency indicators, which allows you to quantify the success of innovative projects, for example, by measuring the time to implementation, the level of customer satisfaction and the efficiency of the use of resources, is emphasized. Recommendations for the State policy in the field of stimulating the development of innovations have been formed, which emphasizes the importance of financing scientific research and implementing insurance programs and supporting innovative projects. It is emphasized that such an approach can ensure sustainable economic development and a response to the social needs of modern society. The proposed article can be useful for researchers and analysts in the domain of digital innovation projects, business, the State and local authorities. Prospects for further research include the development of a digital dimension of the proposed key efficiency indicators using data from other benchmark countries for digital innovation activity.

Keywords: digital innovations, socioeconomic efficiency, digital transformation, efficiency criteria, State support.

Tabl.: 2. Bibl.: 11.

Kostin Illia D. – Postgraduate Student, Department of Management, Logistics and Innovations, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)

List of references in article

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Malynovskyi, V. “Stratehichni aspekty tsyfrovoi transformatsii sotsialnoi sfery“ [Strategic Aspects of the Digital Transformation in the Social Domain]. Sotsialno-ekonomichni problemy suchasnoho periodu Ukrainy, no. 1 (2021): 27-31. DOI: https://doi.org/10.36818/2071-4653-2021-1-4
Stadniichuk, R. “Rol tsyfrovykh tekhnolohii u pidvyshchenni efektyvnosti mekhanizmiv realizatsii publichnoi polityky upravlinnia sotsialnymy konfliktamy v Ukraini“ [The Role of Digital Technologies in Enhancing the Efficiency of Mechanisms for Implementing Public Policy on Managing Social Conflicts in Ukraine]. Visnyk Khmelnytskoho natsionalnoho universytetu, no. 1 (2024): 183-188. DOI: https://doi.org/10.31891/2307-5740-2024-326-30
Tohobytska, V. D. “Ryzyky dlia sotsialnoi sfery pid chas tsyfrovoi transformatsii“ [Risks for the Social Sphere During the Digital Transformation]. Derzhavne upravlinnia: udoskonalennia ta rozvytok. 2017. http://www.dy.nayka.com.ua/?op=1&z=918

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