THE IMPORTANCE OF INNOVATION AND KNOWLEDGE FOR ECONOMIC DEVELOPMENT OF THE COUNTRY AND THE COMPETITIVE BUSINESS OF COMPANIES
THE IMPORTANCE OF INNOVATION AND KNOWLEDGE FOR ECONOMIC DEVELOPMENT OF THE COUNTRY AND THE COMPETITIVE BUSINESS OF COMPANIES

Summary/Abstract: The contemporary world today faces with dynamic technological advances and the great potentials of modern technology for overall economic prosperity, which is accompanied by the increasing digitalization degree of the economy and society. The result of these processes is a fundamental redefinition of the business environment and the creation of knowledge-based digital economy, supported by numerous technological innovations. The article deals with the study of the knowledge and intellectual capital importance for the country`s economic development, analyzing global trends in knowledge creation and transfer, as well as the role of investment in research and development. It also emphasizes the importance of knowledge and technological progress in driving innovation, with the focus on digital innovations. Digital innovations are the basement for the process of economy and society digitalization, and for the digital transformation of business processes and models. Digital innovation enable modern companies to get competitive market position focusing on customers and their personalized needs and preferences. In the concluding remarks, the article turns to the case of Serbia, and concludes that in order to strengthen the competitiveness of its economy, it is extremely important for the domestic development strategy to integrate and support faster development of the digital economy.

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