INNOVATION AS THE BASIS OF MODERN COMPETITIVE COMPANIES

Snezana Lekic; Jasmina Rajakovic–Mijailovic

Authors

Snezana Lekic Belgrade Business School, Serbia
Jasmina Rajakovic–Mijailovic Faculty of Economics and Engineering Management, Serbia

Keywords:

innovation, competitiveness, efficiency, teamwork, knowledge exchange, team synergy

Abstract

Dynamic business environment with the growing interdependence of all business participants causes modern companies to base their business strategies on innovation and constant changes. Companies tend to provide a distinctive competence that allows them to build, do or perform something slightly better than their competitors. That requires a maximum consideration of technology potentials and possession of a wide range of knowledge and capability. The open innovation model, based on cooperation and exchange of knowledge and experience, quickly leads to new products, services, or new business processes and managerial approach, and includes both employees and customers and partners of the company. Competent teams of specialists provide a synergy of knowledge and innovation and they make the process more efficient and more successful. The aim of empirical study presented in this paper is to examine the effects of teamwork on the performance and competitiveness of business. Teamwork is seen through the synergy of the team, skills of the staff, innovations and quality. Emphasis is placed on innovation as the most important factor of competitiveness in the global and domestic markets.

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