ИНОВАТИВНОСТ – КЉУЧНА ДЕТЕРМИНАНТА УНАПРЕЂЕЊА КОНКУРЕНТНОСТИ
INNOVATION: The Key Factor in Promoting Competition

Summary/Abstract: Nowadays, at the time of the global economy and digital environment, competition among economic entities is the key factor of success, accomplishment and subsistence on the economic market. Competition is preconditioned by numerous factors, but one of the most efficient methods for accomplishing and maintaining the competitive position of a business entity on the market is the use of innovations. Innovation is also becoming an increasingly significant concept in the contemporary information society, where the entire infrastructure is based on the Information and Communication Technologies (ICT). The results of a survey have shown that the application of modern ITC technologies has the most significant impact in terms of process innovation and marketing innovation, whereas the least significant or almost insignificant impact is observed in the innovation of products and organization. Innovation has also proved to be more significant for smaller economic entities; being short of the financial and material resources available to the large business systems, smaller economic entities perceive innovation as the only chance to survive on the market.

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