Abstract
Today, the relationship between science and technology is one of mutual interaction, with technology developing on the basis of science, and developing technology opening up new fields of science, which in turn play a driving role in new technologies and innovative activities. The decisive role of science and technology in the process of economic development increases day by day and it is seen that all countries are in an increasingly intense search for science and technology policy. In the rapidly globalizing world economy, countries' conscious efforts and policy-making searches are intensifying on scientific and technological advances, which are among the main factors determining the competitive advantage of nations. In this study, the impact of digitalization on innovation for Euro Area countries is determined using panel regression. As a result of the analysis, it was determined that digitalization indicators have a statistically significant positive relationship on innovation.
TopDigitalization incorporates technological resources into business processes and facilitates business processes by making these data and records available to everyone using digitization tools (Galindo-Martín et al., 2019). Digitalization is effective not only in production processes but also in the planning of value-adding activities in new product design and marketing (Iqbal, 2018).
Key Terms in this Chapter
Digitalization: Digitalization is the name given to the process of transferring accessible information to digital media in a way that can be read by any computer.
Panel Data Analysis: Panel data analysis is a method that combines time series and cross-section analysis and tests suitable models.
Innovation: Innovation is the adaptation and application of new creative ideas or inventions to economic fields – in other words, it is the process of creative solutions presented for the solution of obvious needs.