Competitiveness of Domestic Enterprises in Changing Markets and Industry 4.0

Globalization inevitably leads to changes on the market. Enterprises have to apply flexible and innovative approaches to management in order to develop sustained competitiveness. Technological advances in a global context create a dynamic economic environment where competition on the market is fierce and constant. Taking into consideration the fourth industrial evolution – Industry 4.0, enterprises have to quickly adapt to changes on the market and they also have to apply technological innovation in order to increase their own competitive ability. When it comes to domestic enterprises in the Republic of Serbia, the overall global competitiveness is quite low. Some of the main reasons behind this is lack of adequate investments in innovative activities. Additionally, there is lack of adequate investment in product and service quality, and low productivity. Now, how is competitiveness achievable? Through the application of modern management techniques and methods, and through investments in innovation, domestic enterprises can achieve higher levels of competitiveness of the global market.