ZNAČAJ INOVACIJA U MENADŽMENTU MALIH I SREDNJIH PREDUZEĆA
THE IMPORTANCE OF INNOVATION IN THE MANAGEMENT OF SMALL AND MEDIUM-SIZED ENTERPRISES

Author(s): Edis Bajić, Besim Duraković, Adnan Kamerić, Dragan Mišetić
Subject(s): Business Economy / Management, Micro-Economics, ICT Information and Communications Technologies
Published by: CENTAR MODERNIH ZNANJA
Keywords: innovation; competitive advantage; management; small and medium enterprises;
Summary/Abstract: Innovation is a key factor for the success of small and medium-sized enterprises (SMEs) in today's dynamic and competitive business environment. In the world of constant economic and financial changes accompanied by constant financial innovations, the extremely rapid development of digital technologies that occur in the conditions of the global financial crisis, as a condition for the growth and development and above all the survival of SMEs, the need to introduce innovations arises. Therefore, in this paper, we will consider the importance of innovation for SMEs, highlight the advantages brought by innovation, the factors that influence the development of innovation, as well as some of the strategies and approaches that SMEs can apply in order to support innovation and achieve competitive advantages. We will also consider the challenges that SMEs face in relation to innovation and suggest guidelines for overcoming these challenges.

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