The research analyzes the influence of the factors of the economy’s digital transformation on the innovative activity of organizations in Russian regions. The research is based on the regional data for 2014–2022 collected from the website of the Federal State Statistics Service of the Russian Federation (Rosstat) and uses regression analysis. The authors show that most factors positively influence the level of innovative activity of organizations in the Russian regions. The elasticity of organizations’ innovative activity in relation to other indicators of digital transformation is less than one, indicating that these indicators grow at a faster rate than the innovative activity. The significance of this research lies in its potential to shift focus toward more relevant and effective mechanisms of regional support, enhancing the efficiency of regional budget spending and improving regional governance overall.