ZBORNIK RADOVA JAHORINA POSLOVNI FORUM

UPRAVLJANJE LJUDSKIM KAPITALOM KROZ ETIČKU I KULTURNU TRANZICIJU U KONTEKSTU AUTOMATIZACIJE I VJEŠTAČKE INTELIGENCIJE

2025-11-23T17:15:34+01:00

The development of technology and the application of artificial intelligence (AI) aretransforming traditional approaches to human capital management, necessitating an ethical and cultural transition. Automation is redefining work processes while simultaneously raising concerns about social justice, equity, and employment. Human capital management in this context entails investment in new skills, fostering an inclusive work culture, and adhering to ethical standards that balance technological advancement with human contribution. The most significant challenge lies in integrating AI technologies into corporate strategies while ensuring sustainability and humanity.
This paper examines contemporary practices and strategies through the lens of theoretical models and empirical rsearch, providing a comprehensive overview of the adaptation of human resource management in the age of AI and automation.

КОМПАРАТИВНА АНАЛИЗА МУЛТИФАКТОРСКЕ ПРОДУКТИВНОСТИ ПРЕРАЂИВАЧКЕ ИНДУСТРИЈЕ, ГРАЂЕВИНАРСТВА И ТРГОВИНЕ У БОСНИ И ХЕРЦЕГОВИНИ, СРБИЈИ И ХРВАТСКОЈ

2025-11-21T19:13:14+01:00

This paper analyzes labor productivity and total factor productivity (TFP) in the industry (C – Manufacturing), construction (F – Construction), and trade (G – Wholesale and retail trade; repair of motor vehicles and motorcycles) sectors in Bosnia and Herzegovina, Serbia, and Croatia. The analysis reveals significant differences both across sectors within each country and between the countries themselves. Bosnia and Herzegovina has the lowest absolute TFP values in the manufacturing and trade sectors but shows potential for growth, whereas in construction, TFP exhibits a negative trend despite high investments. Croatia, although in a better position, shows a decline in TFP in manufacturing and trade, while construction records growth. Serbia is experiencing strong growth in construction and leading in trade, while the manufacturing sector is seeing a slight decline in TFP.

UTICAJ REALNOG FINANSIJSKOG VREDNOVANJA NA DONOŠENJE ODLUKA POSLOVNIH BANAKA U PROCESU ODOBRAVANJA KREDITA

2025-11-23T18:31:23+01:00

Real financial valuation in financial reports should be seen as a basis for subsequent decision-making in systems that are linked to the operations of heterogeneous companies. In one large segment of such observation, the importance of such reporting should be pointed out, especially in working with commercial banks, but also with other state bodies, such as tax control bodies, reports submitted to local self-government units, republican bodies, and others. The identification of risks by the company’s top management can have its focus on the control of the implementation of the accounting policy, which should be harmonized with the International Accounting Standard 16 and other standards such as the financial reporting standards, which should contribute to the real improvement of the work and the improvement of the achieved results of the company’s business operations. For this reason, top management should build a system of continuous real valuation of assets and capital in the company’s operations. In this way, it is possible to improve the process of functional management of financial reports, which are an obligation in the business of many companies.

MOGUĆNOSTI I PREPREKE ODRŽIVOG RAZVOJA ŽENSKOG PREDUZETNIŠTVA U BOSNI I HERCEGOVINI

2025-11-23T17:07:32+01:00

The scientific article “Opportunities and Barriers to Sustainable Development of Women’s Entrepreneurship in Bosnia and Herzegovina” aims to comprehensively examine the current state of women’s entrepreneurship in the country through examples from regional countries. The focus will be on identifying key challenges faced by women entrepreneurs and exploring potential opportunities for enhancing their participation in sustainable economic development. The expected results of the research will provide a deeper understanding of the socio-economic factors, legislative framework, and available resources that influence female entrepreneurship in Bosnia and Herzegovina. This article aims to provide concrete recommendations for policies supporting women entrepreneurs, as well as strengthening the capacity of local organizations and institutions that support them, and raising awareness about the importance of inclusive economic opportunities for women.
The research will cover an analysis of the current state of women’s entrepreneurship, including socio-economic factors, available resources, legislative framework, and cultural barriers. Key challenges such as lack of financial resources, insufficient support for training and skills development, and cultural and societal stereotypes will be identified. Additionally, the article will present concrete recommendations for legislative reforms, improving access to financial resources, and supporting education and mentorship. Special focus will be placed on building the capacity of women entrepreneurs through education, mentorship, and access to networks, with the aim of strengthening their role in the economy and society.
The expected results of the research include reducing gender-based disparities in entrepreneurship and raising awareness about the importance of supporting women’s economic empowerment in Bosnia and Herzegovina. This article contributes to increasing awareness among decision-makers, the business community, and the public about the importance of women’s entrepreneurship for economic development. The research will involve at least 50 and up to 100 respondents, with data collected via a survey questionnaire and analyzed using SPSS 26.0. The target group of the research are women entrepreneurs in Bosnia and Herzegovina.

ROBOTIZACIJA OBIRANJA IN SPRAVILA GROZDJA V VINOGRADIH

2025-11-23T19:33:26+01:00

This paper focuses on the development of robotic systems for the automation of grape harvesting and harvesting, addressing the problems of seasonal labour shortages, high costs and time delays. The aim is to use autonomous robotic vehicles and conveyor belts to reduce crop damage and speed up manipulation. The research includes analysis of existing practices, ideas for sensor and algorithm development and subsequent prototype testing. The project supports sustainable viticulture in line with European strategies such as the European Green Deal and Farm to Fork, and contributes to increasing the productivity, quality and competitiveness of the sector.

PERSPEKTIVE ISKORIŠTAVANJA DRVNOG I PLASTIČNOG OTPADA U SREDNJOJ BOSNI

2025-11-20T20:10:46+01:00

Utilization of wood and plastic waste in central Bosnia represents an opportunity
to improve economic development, energy efficiency and ecological sustainability.
Due to the wealth of forest resources of this region and the large number
of wood processors, the generated wood waste could be used for the production of
bioenergy, pellets and composite materials. In this way, in addition to reducing the
amount of waste, it would contribute to the reduction of CO2 emissions and encourage
the use of renewable energy sources. Plastic waste, as a product of modern life,
although a challenge due to its long-term decomposition, can be recycled into the
production of new plastic materials, construction products and even synthetic fuels. In
addition to the individual and combined utilization of wood and plastic waste can lead
to innovative solutions, such as wood-plastic composites - WPC, which are already
widely used in construction and other industrial branches in the world. Achieving
these goals requires the development of recycling infrastructure as well as the application
of legislative support. Encouraging these activities can bring multiple benefits
through new jobs, economic development, reducing the negative impact of waste
on the environment and increasing the competitiveness of the region on the market.

ULOGA RASTA PREMIJA ŽIVOTNOG I NEŽIVOTNOG OSIGURANJA U EKONOMSKOM RASTU ZEMALJA EVROSPKE UNIJE: PANEL ARDL ANALIZA

2025-11-23T18:21:20+01:00

nsurance plays a crucial role in economic development by providing financial security, encouraging investment, and reducing risks in the economy. In particular, the growth of life and non-life insurance premiums can contribute to economic stability and GDP growth by mobilizing capital and improving market efficiency. The aim of this analysis is to examine whether and to what extent the growth rates of gross life and non-life insurance premiums contribute to GDP growth in the European Union countries, both in the long and short run. The research is based on quarterly panel data for European Union countries, covering the period from the fourth quarter of 2017 to the fourth quarter of 2024. To analyze these interdependencies, the panel ARDL (Autoregressive Distributed Lag) model is employed, allowing for a consistent and efficient estimation of both long- and short-run effects of insurance on economic growth. This model accommodates variables of the same or different levels of integration, provided they are below I(2), ensuring more precise results. Given the limitations of the software environment, parameter estimation is conducted using the Pooled Mean Group (PMG) method, which allows for a reliable interpretation of the long-term relationship between insurance and economic growth while permitting heterogeneity in short-term effects across observational units.

Pametno upravljanje otpadom – Adaptivno upravljanje poslovnim procesima

2025-11-23T16:39:11+01:00

One of the key factors for the successful digital transformation of waste collection and disposal companies is a change in business process management. The introduction of new technologies, with the integration of IoT, GIS and AI tools, requires the reengineering of business processes through an agile approach. In addition, this requires the improvement of employees’ digital competencies and the automation of decision-making. The key issue for the success of the digitalization process is in the model that defines the methods for implementing specific technological solutions and digital tools. These tools are necessary for collecting daily transactional information about the business, which can support or automate business decision-making in the short and long term context, assisted by AI technologies. The process of controlling business processes makes it possible to define and measure the impact on the overall economic indicators of the company. This paper proposes a model for integrating new technologies into the digital transformation process, illustrated through the case study of ALBA Zenica d.o.o.

RAZVOJ OKVIRJA KLJUČNIH KAZALNIKOV ZADOVOLJSTVA ZAPOSLENIH V JAVNEM SEKTORJU

2025-11-23T19:22:49+01:00

Employee satisfaction is a key factor in the success of organizations, especially in the public sector, where unique characteristics such as limited resources and stricter regulatory frameworks require specific approaches to human resource management. The article discusses the development of a framework of key indicators of employee satisfaction in the public sector, using a systematic review and analysis of the literature from the Web of Science and ScienceDirect databases. The research results highlight that key indicators of employee satisfaction are closely related to pay, working conditions, and leadership. It also highlights the importance of flexible working conditions, especially in times of crisis, such as the recent pandemic. The indicators identified are partly universal and partly specific to a sub-sector or region, which requires the adaptation of strategies depending on the context. The research contributes to the understanding of employee satisfaction in the public sector and offers guidelines for the design of policies that improve working conditions and productivity.

SEGMENTACIJA IZOLATORA NA TERMALNIM SLIKAMA UPOTREBOM METODA MAŠINSKOG UČENJA

2025-11-20T19:58:09+01:00

The infrastructure of power grids, which cover vast territories including
inaccessible areas, requires regular maintenance to ensure their proper functioning,
safety, and continuous power supply. Traditional inspection methods require the
presence of teams on-site, they are costly and dangerous. Therefore, automated
inspection is being used increasingly, including the use of unmanned aerial vehicles
(UAVs) that capture images of power lines from hard-to-reach angles and different
spectral ranges (visible and thermal). The obtained images are then analyzed
using machine learning algorithms that detect defects or faults in power line components.
The goal of using artificial intelligence is to improve and optimize inspections,
thereby increase safety, reduce costs, and enhance the efficiency of power
grid maintenance. Advanced machine learning techniques are used for the precise
detection of equipment parts (insulators, conductors, connectors, and suspension
equipment) and defects on them, which is achieved by analyzing RGB and thermal
images obtained by UAVs. This paper describes the segmentation of insulators in
thermal images using the PCNN (Pulse-Coupled Neural Network) algorithm. The
segmentation is first performed on bounding boxes detected by the YOLOv8 architecture,
adjusting the parameters of the PCNN algorithm and by further post-processing
that minimizes the background noise. The algorithm is then extended so
that it takes as input the thermal image, the coordinates of the region of interest
for the insulator, threshold values and parameters. The result is a generated binary
mask of the thermal image’s dimensions on which the insulator is segmented. The
detected insulator can then be used as part of a broader thermal analysis, which
monitors the temperature of the equipment so that, in case of irregularities an alarm
is triggered.

THE IMPACT OF VIDEO GAME GRAND THEFT AUTO V ON PRESENTATION AND PROMOTION OF LOS ANGELES AS A TOURIST DESTINATION

2025-11-23T18:11:48+01:00

With increasing popularity and rapid technological advancement, modern video games manage to vividly and intricately recreate real-world destinations, offering players immersive experiences. This paper analyzes how the renowned destination of Los Angeles is presented and promoted in one of the most popular video games, Grand Theft Auto V. The case study revealed that, through its fictional virtual world, the video game effectively presents and promotes the attractions, culture, atmosphere and environment of this American metropolis. Furthermore, through its plot, mechanics, detailed design and high graphical fidelity, the game fosters players’ connection with the destination, increases awareness, and enhances its image and popularity.

LABEL ENTROPY WITH SIMILARITY GRAPH CLIQUE FOR ASSESSING ANNOTATION QUALITY

2025-11-21T20:47:48+01:00

We introduce simple metrics using the entropy of label distribution in local maximum cliques of similarity graph, which can assess human annotation quality for large image datasets. Since the annotation is done by a human task, it always contains potential errors hidden in a dataset due to manual fluctuation or inconsistency. This annotation error is crucial, especially in medical image multi-class classification as a label noise when we create a classifier with machine learning. In our work, we focused on how to assess the entire label quality in a large dataset. To this end, we proposed novel metrics for assessing the label quality of datasets. We also assessed existing label noise detection methodologies with our metrics and found that the transformed label propagation with label-smoothing methodology, which is first proposed here, showed a quite high accuracy among the three methodologies.

UTICAJ INFLACIJE NA MINIMALNE ZARADE ODABRANIH ZEMALJA SVIJETA I REGIONA

2025-11-23T19:13:48+01:00

This paper primarily examines the impact of inflation on minimum wages, with the main focus on analyzing inflation itself and the movement of minimum wages. The emphasis will also be on a comparative analysis of wages in other countries, as well as the correlation or relationship between inflation and wages. The main goal of the research is to understand how inflation affects the real purchasing power of citizens, particularly those with minimal wages or incomes, as well as to assess the effectiveness of economic policies in dealing with inflation. In the theoretical framework, which will form the second part of the paper, the types of inflation, its causes, and the impact of inflation on the economy and standard of living will be discussed. By analyzing the historical overview of minimum wages and their correlation with inflation, we will explore how minimum wages adjust during periods of high inflation. Indexation of minimum wages to inflation, tax breaks for employers and productivity incentives are some of the mechanisms that can mitigate the negative effects of inflation on the labor market. In the long run, price stability and economic growth are key factors that can contribute to increasing real wages and improving the living standards of all citizens.

ПОРЕЂЕЊЕ КОНЦЕПТУАЛНИХ И ТЕХНОЛОШКИХ КАРАКТЕРИСТИКА ИНДУСТРИЈЕ 4.0 И ИНДУСТРИЈЕ 5.0

2025-11-20T19:42:17+01:00

The paper presents a comparative analysis of the characteristic aspects of two
current industrial revolutions – Industry 4.0 and Industry 5.0. First, the emergence and
development of the aforementioned industrial revolutions are described, with a focus
on their characteristic aspects, advantages and disadvantages, and then the concept of
the transition from Industry 4.0 to Industry 5.0 is presented, highlighting the arguments
why the transition is important, as well as examining the opportunities and challenges
of implementing Industry 5.0. If Industry 5.0 is implemented at full capacity, it will
enable better automation of production processes, offering real-time data, but at the
same time will allow people to work together with machines to improve processes and
provide personalization for customers. Regardless of the degree of adoption of the two
current industrial revolutions, the next industrial revolution should be fueled by both
information technology and concern for environmental sustainability.

RAZVOJNI POTENCIJAL RURALNOG TURIZMA ODABRANIH LOKALNIH SAMOUPRAVA U ISTOČNOJ REPUBLICI SRPSKOJ

2025-11-23T17:59:04+01:00

Tourism, as part of the tertiary sector and the fastest growing segment of the world economy, contributes to the reduction of unemployment, the opening of new businesses, the development of infrastructure, and it also encourages the development of complementary sectors. Developing tourism in rural areas achieves numerous goals, such as encouraging the production of healthy (organic) food, protecting natural resources, forming a market for local producers and, in general, increasing the GDP per capita of the local population. This paper analyzes the supply, potential and resources of rural tourism in the Upper Drina region, i.e. municipalities of Foča, Višegrad, Rogatica, Čajniče and Novo Goražde. The aim of this paper is to determine the importance of the development of rural tourism for the recovery and development of the whole economy in the observed region, as well as to point out the shortcomings that hinder the development of rural tourism. The main hypothesis is that the Upper Drina region has a rich and diverse potential for the development of rural tourism, which is insufficiently used. Several auxiliary hypotheses were, also, formulated. The most important is that efficient rural tourism can contribute to the economic development of the Upper Drina region by solving the unemployment problem and encouraging the development of other economic sectors. The research was conducted through a survey, using a sample method of 100 respondents, who were selected using a targeted method, and who are directly or indirectly related to tourism. The paper gives a theoretical overview of rural tourism, with an adequate literature review. Then the characteristics of rural tourism in the Republic of Srpska were presented, and, the last part of paper analyzes rural tourism in the Upper Drina region.

DETERMINANTS OF THE DECISION-MAKING PROCESS IN A TERTIARY HEALTHCARE INSTITUTION

2025-11-21T20:37:39+01:00

Decision-making in healthcare institutions is a complex process that affects service quality and operational efficiency. To ensure effectiveness, it is crucial to use available resources, apply new knowledge, and adopt technological advancements. This study examines decision-making processes in a tertiary healthcare institution, focusing on efficiency and employee participation. The methodology relies on empirical data collected via a standardized questionnaire. Factor analysis identified three key components: organizational framework, participation, and responsibility in decision-making. Education level and organizational position emerged as the strongest predictors of participation readiness. Path analysis revealed significant direct (β=0.45, p<0.001) and indirect effects of organizational structure on decision-making. Three distinct decision-maker profiles were identified: proactive (32%), conservative (45%), and independent evaluators (23%). The findings highlight the importance of structured decision-making frameworks and employee involvement in improving decision efficiency. Understanding these factors can help optimize decision-making in healthcare settings.

KONKURENTNOST, KVALITET I ZADOVOLJSTVO KUPACA U MESNOJ INDUSTRIJI

2025-11-23T19:07:59+01:00

When we consider the market conditions in the meat industry sector, it is evident that a saturation of products is emerging. With the separation and establishment of numerous companies, which are increasingly appearing today, new producers are entering the economic market. The introduction of hundreds of new products significantly affects the already existing brands and products by leading to a decline in demand for existing ones and the formation of a larger number of competitors. From this perspective, we can say that this potentially leads to crises in companies, which are caused by consumer reactions to the products. Sometimes these reactions are positive, but in the sea of identical or similar products, comparisons arise, leading to negative reactions toward certain products. Based on such feedback from customers to manufacturers, key business decisions can be made. In this way, manufacturers can realize how customer satisfaction through the quality of their products affects competitiveness. Every piece of feedback from customers is valuable and useful information about the product, and it can even provide free ideas on how to complement, improve, or upgrade a product or service. Additionally, here we can mention innovation as a tool for competitive advantage and as a means of improving products. Quality and customer satisfaction management is a very extensive, ongoing process that unites several sectors within a company to create the best and highest-quality product that, through its characteristics, will be far superior to the competition, to the general benefit and satisfaction of customers. If a new product is of high quality, it can gain social recognition and customer satisfaction.

INTERNET OF THINGS (IOT) IN THE KITCHEN UNDER THE CONCEPT OF GASTRONOMY 4.0

2025-11-19T18:13:47+01:00

The Internet of Things is one of the concepts that has become increasingly popular in recent days. When viewed from a conceptual perspective, it can be said that this concept, which is expected to be usable in many sectors, also has various reflections in the gastronomy sector. Especially in these times when we feel the use of the internet in almost every area of our lives, what can be done with the help of the internet attracts the attention of researchers. Thanks to this interest, the fact that the internet and different devices bring a new perspective to the gastronomy sector is revealed.
In this study, it is aimed to make a literature review on how and for what purposes the Internet of Things will be used in kitchens within the scope of Gastronomy 4.0 and what kind of benefits it will provide. The gastronomy sector is one of the important marketing tools for countries, societies and cultures. At this point, many meals are prepared in industrial kitchens every day in accordance with social and individual health conditions.
Thanks to the Internet of Things technology, being able to be informed about what is happening in the kitchen anywhere and at any time can enable the realization of the concept of sustainability, which is one of the most important problems of our day, by providing good menu planning and waste management, especially hygiene and food safety. With this concept, industrial kitchens can have the potential to reach a much better point within the framework of carbon footprint and water footprint.
In summary; It is seen that the concept of Gastronomy 4.0 is increasingly taking place in traditional food production points. However, with the possibilities of using the internet, smart devices can be found in many more places as production costs decrease. Although the Internet of Things technology is a new concept, it can serve useful functions in many points of the kitchen. In this study, the concept of the Internet of Things and the application areas of this concept in the kitchen were tried to be determined within the scope of Gastronomy 4.0. At this point, a literature review was made and a compilation was made. When it is necessary to monitor many devices in the kitchen remotely, being able to give some commands is important both in terms of profitability and sustainability. In the study, the concept of the Internet of Things and how it works are emphasized and current solutions are compiled with the possibilities of use in the kitchen.

ISTRAŽIVANJE STAVOVA GRAĐANA ISTOČNOG SARAJEVA O RAZVOJU ODRŽIVOG TURIZMA U SARAJEVSKO-ROMANIJSKOJ REGIJI PRIMJENOM EVROPSKOG SISTEMA TURISTIČKIH INDIKATORA

2025-11-23T17:47:11+01:00

In the last ten years, there has been a drastic increase in the number of overnight stays and tourism revenues in the area of the city of East Sarajevo, which was largely related to significant investments in the Jahorina Tourist Centre. This has increased the need to monitor the effects of tourism development in this destination in order to better manage this development. This paper presents the results of a survey of the attitudes of citizens of East Sarajevo, obtained using the European Tourism Indicator System (ETIS). To our knowledge, this is the first application of this tool in BiH. The results obtained show that the attitudes of citizens correlate with statistical data that tourism in this destination is most developed in winter, then summer, while it is far less developed in autumn and spring. The vast majority of citizens believe that tourism benefits their community, but also that they do not personally benefit from tourism. Approximately equal numbers of citizens are satisfied and dissatisfied with their participation in tourism planning and development activities. About ¾ of the population believes that tourism has a positive impact on local identity, while about 2/3 believe that tourism has a positive impact on the quality of life of citizens. The authors point to the fact that the research will have its full value only if it continues to be carried out periodically, and if the development planners of the relevant destination use it when making their decisions. Also, citizens’ views are only one aspect of the research, while for quality destination management it is necessary to know the views of other stakeholders (tourism workers, tourists, authorities).

ZNAČAJ RAZVOJA “FABRIKA ZA UČENJE – LEARNING FACTORY” KAO KONCEPTA PRIPREME ZA DUALNI OBRAZOVNI PROCES NA PREMISAMA INDUSTRIJE 4.0?

2025-11-21T20:18:51+01:00

In the last few years, there have been many polemics about the dual system of education in secondary schools as well as at faculties in Bosnia and Herzegovina and the Western Balkans region, and numerous projects are also being worked on. Some countries in the region, such as Serbia, have entered this education system very widely and comprehensively, from regulating legislation to regulating the relationship between school/faculty - companies, the position of chambers of commerce, employers, etc. In others, including Bosnia and Herzegovina, most things are done unsystematically and with very poorly regulated legislation. While the education system in secondary schools, thanks to the efforts of some cantons and chambers of commerce, as well as the entities and the schools themselves, has already come to life and works quite well, it is still in its infancy and in the starting positions in the higher education system. This paper considers the significance of the development of the concept of so-called Learning factory as a starting point for the full effect of “school/faculty - economic sector” cooperation. Namely, with this concept, pupils and students are already prepared in the first years of schooling (e.g. in the first and second grade, respectively the first 2-3 semesters at colleges) in modern simulation factories (centers) that are developed at colleges and schools as a basis for the quality and efficient practice that awaits them later in the real business sector. The goal of these learning factories is for students to learn the basics of knowing and distinguishing materials (black and colored materials, wood, textiles, plastics, etc.), technological processes (e.g. processing by cutting, deformation, welding, etc.), the basics of practical drawing on computers and conversion to CNC machines, etc. The goal is for them to learn the rules of safety at work, the safety of performing processes, the use of protective and other equipment, etc., so that they can readily welcome and participate in work practice and further learning. These factories are not RDI (Research Development Innovation) oriented centers but primarily education centers. The Technical School in Zenica has been making such strides for more than a decade with the Teximp training and education center for CNC cutting processing technologies, and the Center for Innovation and Entrepreneurship of the University of Zenica joined the efforts for this, which through the EU program developed a model of “building” a Learning Factory on the campus of the University of Zenica. Time will show whether this approach will meet the understanding of all actors of this complex process in the implementation of this project.

Повезаност страних директних инвестиција и привредног развоја у Босни и Херцеговини

2025-11-23T19:02:34+01:00

This research paper aims to investigate the relationship between foreign direct investment (FDI) and economic development in Bosnia and Herzegovina. Foreign direct investment (FDI) is one of the key factors of economic growth and development, especially in countries in transition and underdeveloped economies. In the last few years, foreign direct investment has been a trend in the world. Bosnia and Herzegovina, as a transition country, is striving for a greater inflow of foreign direct investment with the aim of achieving a higher GDP, and thus the economic development of Bosnia and Herzegovina. Bosnia and Herzegovina is a country with many untapped resources and potential, which is one of the factors that places it among the underdeveloped countries. For this reason, foreign direct investment is of great importance for the economic development of Bosnia and Herzegovina. The benefits of this type of investment for the economy of Bosnia and Herzegovina would be numerous: economic growth, technology and knowledge transfer, infrastructure development, connectivity with global markets, increased competition, incentives for investment by domestic companies, and increased employment.

INDUSTRIJA 4.0 – DA LI JE ŽIVIMO U BOSNI I HERCEGOVINI ILI SAMO UČIMO O NJOJ?

2025-11-04T07:49:19+01:00

Koncept Industrije 4.0 je teorijski već dobro poznat u svjetskim relacijama. Koliko on objektivno živi u poslovnom sektoru zavisi kako od zemlje do zemlje, a tako i od poslovnog sektora koji posmatramo. U tom smislu niti region Balkana pa i BiH u njemu ne zaostaje. Danas svjetski gurui nauke, a posebno influenseri protežiraju koncept Industrije 5.0. Logično se postavlja pitanje da je li to nastavak (evolucija) koncepta 4.0 ili revolucionarno ukidanje 4.0 i prelazak na 5.0. Koncept Industrije 4.0 nastao na čuvenom sajmu u Hanoveru ne tako davne 2011.godine kao „odgovor Njemačke privrede i nauke“ na stanovite „frustracije“ automobilskog i metaloprerađivačkog sektora u odnosu na poslovnu filozofiju Istoka (Japan Koreja, Kina i dr.) i dijelom Sjedinjenih Američkih Država. Ono što većina autora zaboravalja kada objašnjava koncept Industrije 4.0 (Internet stvari, kibernetsko-fizički sistemi, veliki podaci, računarstvo u oblaku, aditivna proizvodnja, proširena virtualna realnost, pametne fabrike i sl.) a što ima za cilj povećanu fleksibilnost i produktivnost, izvedenu horizontalnu i vertikalnu integraciju, brzi odziv na promjene i umreženost, je faza ozbiljne i sistemske digitalizacije koja najčešće nije provedena ili je tek u povoju. Da se maksimalno pojednostavi ta „falinka u procesu“ dovoljno je reći kao da gradimo kuću bez temelja. Banalizacijom digitalizacije da je dovoljno imati bar-kodove a sutra QR kod određenih poslovnih faza, se čitav proces razvoja Industrije 4.0 svodi na panel-diskusije svojstvene „Davoskom skupu mudraca“ koji koncept Industrije 4.0 rabe kao jedno od svojih razvojnih čeda te će vas brojni pretraživači odvesti upravo do njih. To u suštini značajno zamagljuje suštinu procesa digitalizacije proizvodnje koji je stariji od Industrije 4.0 a koji za uvođenje u proizvdonju traži i dosta vremena, novca i visoko-edukovanih ljudskih resursa te nestvarnu posvećenost procesu koji ne daje ni lake ni brze rezultate. U radu će se pokušati na što jednostavniji način pokazati osnovne odrednice Industrije 4.0 , načini kako i do kog nivoa smo stigli do digitalizacije proizvodnje te primjene koncepta Industrije 4.0 te da se „lopta spusti i na domaći teren“ poslovanje u BIH i regiji i onoga što je danas ova poslovna filozofija. Na kraju rada postavlja se i pitanje: Ako je koncept tako savršen i barata sa milijardama podatka (Big Data) u realnom vremenu kako imamo stanovitu industrijsku krizu upravo u zemljama koje su najviše promovisale ili najdalje otišle u razvoju ovog koncepta (Njemačka, Švedska i dr.) Odnosno nije li negdje zakazala vještačka inteligencija koja se često vezuje za Industriju 4.0, neko je doživljava kao novu Industriju 6.0 (a još nismo savladali ni 4.0) a neko će reći „ništa bez onih koji rade sve to da bismo imali sve ovo.“

KAKO VEŠTAČKA INTELIGENCIJA TRANSFORMIŠE TURISTIČKU DELATNOST: PREGLED LITERATURE

2025-11-23T17:37:07+01:00

As in many other industries, artificial intelligence is increasingly being integrated into tourism, which is highly responsive to market dynamics and technological advancements. This paper aims to explore the implementation of artificial intelligence (AI) in this industry, with a particular focus on the use of robots and chatbots. Based on real-world examples, three types of robots are identified: mechanoids, humanoids and androids. The ways in which companies such as travel agencies and hotels utilize chatbots are analyzed as well. Through a review of available literature, this paper identifies the benefits of using these AI-driven technologies, the challenges they bring, and possible solutions for overcoming them.

ANALIZA IMPLEMENTACIJE LEAN PROIZVODNJE I INDUSTRIJE 4.0 U MALIM I SREDNJIM PODUZEĆIMA U BIH

2025-11-21T20:09:14+01:00

Modern industry is facing the challenges of increasing efficiency and digital transformation. Lean manufacturing and Industry 4.0 are key paradigms for addressing these challenges. This research examines the levels of implementation of Lean manufacturing and Industry 4.0. Using a survey questionnaire, data were collected on the level of implementation of these concepts and the performance of companies.

UTICAJ INOVACIJA U ISTRAŽIVANJU I RAZVOJU NA PRIHODE ODABRANIH FIRMI AUTOMOBILSKE INDUSTRIJE

2025-11-23T18:55:41+01:00

The importance of innovations in research and development for increasing company revenues and profits, as they enable the creation of new, competitive products that attract consumers and boost sales volume. The impact of investment in research and development on company revenues was investigated, aiming to determine the relationship between investment and the economic performance of companies. The research was conducted on a sample of four car companies over the period from 2019 to 2023. The main hypothesis is based on that, that increasing investment in research and development affects the revenue growth of the car industry, with the number of products sold used as an additional indicator. The results indicate a positive correlation between investment in research and development and achieved revenues, confirming the importance of investing in innovations to achieve better economic results and company competitiveness, which was the primary goal of the research. This scientific research paper contributes to a better understanding of the relationship between research, development, and economic success in the industry.

KOMPARATIVNA ANALIZA PREDSTAVLJENIH I ISPUNJENIH OBEĆANJA POLITIČKIH PARTIJA NA VLASTI U GRADOVIMA SARAJEVO I ISTOČNO SARAJEVO SA POSEBNIM OSVRTOM NA KULTURNU DJELATNOST

2025-11-23T17:28:56+01:00

Political parties represent a link between society and the state, and should act as an instrument of stabilization and consolidation of the existing socio-political system. They strive to form a certain public opinion among all structures in society, in terms of approval and acceptance of official policy measures. Political parties most often advocate for legality, i.e. acceptance of the state and its institutions as general social institutions necessary for its population. As bearers of the constitution of government, they form the basis of civil society. Observing the cities of Sarajevo and East Sarajevo, we can conclude that they belong to a regionally, linguistically, ethnically defined model of cultural policy. They represent decentralized models, which implies the emergence of a large number of autonomous cultural policies. In the development of the cities of Sarajevo and East Sarajevo, the greatest role is undoubtedly played by those who have the greatest decision-making power in them, the political and economic elite. In these cities, under the pretext of insufficient funds, the establishment of a decision-making model that would be based on the widest public debate, or at least on the use of expert groups, is almost non-existent. In none of these cities can one find a comprehensive analysis and evaluation, established conditions for creating development policy, a strategic plan, and achieving the highest possible quality of work of all public services, all of which is accompanied by genuine public participation. The paper will focus on the analysis of the presented and fulfilled promises of political parties, with an emphasis on cultural policy, that were in power at the local level in the period 2012-2016. In the analysis of the presented and fulfilled promises of political parties that were in power at the local level in the period 2012-2016., we will rely on the “Reports on the fulfillment of pre-election promises of mayors”. The analysis will include all municipalities in the cities of Sarajevo (Centar Municipality, Novi Grad Municipality, Novo Sarajevo Municipality, Stari Grad Municipality) and East Sarajevo (East Novo Sarajevo Municipality, East Ilidža Municipality, Pale Municipality, Sokolac Municipality, Trnovo Municipality, East Stari Grad Municipality)

ПРИМЈЕНА КОНЦЕПТА ОДРЖИВОГ РАЗВОЈА У ДРЖАВНОЈ СЛУЖБИ

2025-11-21T19:34:55+01:00

This paper explores the role of civil servants in achieving the global sustainable development goals. The public sector has a key responsibility in creating and maintaining an environment that supports economic growth, social progress and the well-being of citizens. The foundation for achieving the sustainable development goals is good governance, transparency, efficiency and accountability in the work of public institutions. Also, ensuring security and the rule of law is of essential importance for building citizens’ trust in institutions and the government system.Key factors in achieving sustainable development include transparent and responsible management of public finances, as well as the improvement of policies related to protection from natural disasters and risk management. Sustainable development, as an imperative of modern society, requires a joint effort of all sectors, especially cooperation between the state and the private sector, in order to achieve a balance between economic, environmental and social goals. The paper analyzes the role of each individual in the civil service, because each civil servant can contribute to the achievement of sustainable development through his actions. Every action at the level of state institutions has a significant role in the implementation of policies and initiatives that promote sustainability. As an example of good practice in Bosnia and Herzegovina, the paper looks at the successful process of transferring the UN Agenda 2030 to the national framework. By adopting the document Framework for achieving the goals of sustainable development in Bosnia and Herzegovina, which was accepted by all levels of government, Bosnia and Herzegovina laid a solid foundation for achieving the global goals of sustainable development at the national level.

КАМАТНЕ СТОПЕ КАО ФАКТОР ОДЛУЧИВАЊА У ИНВЕСТИЦИЈАМА У БОСНИ И ХЕРЦЕГОВИНИ

2025-11-23T18:46:46+01:00

The interest rate determines the cost of capital and the borrowing costs of investors, it is an important factor that influences investment decisions. The relationship between interest rate and investment can be analyzed through several theoretical frameworks, including Keynesian and neoclassical approaches. According to Keynesian theory, a negative relationship is expected, when the interest rates rise, investment decline because the financing is more expensive. For the empirical analysis, the Error Correction Model (ECM) model was used. The interest rate was taken as an independent variable, and gross investments as a dependent variable. The observed period is in the range of 2002-2023. year. Based on the analysis, it was determined that there is an inverse relationship between interest rates and investments, and that the relationship between interest rates and investments is statistically significant in the short term. The conducted analysis supports the hypothesis that there is a stable long-term relationship between interest rates and investments.

ULOGA UMJETNE INTELIGENCIJE U TALENT MENADŽMENTU I RAZVOJU KARIJERE ZAPOSLENIKA U BOSNI I HERCEGOVINI

2025-11-23T17:21:08+01:00

This research paper explores the role of artificial intelligence in talent management with a special focus on employee career development. Given the rapid changes in the labor market, it is crucial to understand that old concepts of talent management need to be modernized and improved in line with market changes and new business challenges. Managers should redefine jobs, focus on strategies for acquiring new skills and encourage continuous learning, and embrace artificial intelligence as a key tool in these processes. In this research paper, an attempt is made to recognize the problems of Bosnia and Herzegovina. companies in the context of talent management and career development by applying modern tools such as artificial intelligence. The research sample included employees from different sectors in Bosnia and Herzegovina to gain insight into the current situation and potential guidelines for future development. Through the analysis of the respondents’ experiences, they try to offer concrete recommendations for the improvement of talent management with the aim of improving the competitiveness and sustainability of the company on the market.

ANALIZA KONCENTRACIJE NA TRŽIŠTU MALOPRODAJE U BOSNI I HERCEGOVINI

2025-11-21T19:22:09+01:00

Non-competitive market structures have a negative impact on economic efficiency and overall social welfare. Understanding the degree of market concentration in various economic sectors is crucial for policymakers to identify deviations from market principles in a timely manner and take appropriate corrective measures. This paper examines the concentration of the retail market in Bosnia and Herzegovina during the period 2021–2023, with a special emphasis on its effects on competition, economic performance, and consumer position. The study analyzes market structure and the dominance of leading retail chains to quantify the level of concentration and identify key trends. Various economic indicators were used, including the concentration ratio, Herfindahl-Hirschman Index, Rosenblat Index, Hannah-Kay Index, entropy measure, Gini coefficient, Lorenz curve, and Horvath Index. The results confirm the hypothesis that the retail market of fast-moving consumer goods in Bosnia and Herzegovina is concentrated, highlighting the significant dominance of the retail chain “Bingo d.o.o.” and its growing market share. The study’s conclusions emphasize the need for continuous monitoring of market dynamics and potential implications for competition and consumer protection to ensure the sustainable development of the retail sector.

Digitalni trendovi u finansijama-izazovi za menadžment

2025-11-23T18:37:45+01:00

The process of digitalization, which is present in almost all phenomena in society, has not bypassed the field of finance and financial institutions, it can even be said that the field of finance is at the forefront in the application of digital technologies and digital products. This has been especially pronounced in recent years, when digitalization and digital products have taken precedence over classic products. Of course, everything that is new also carries with it the necessary consequences, both positive and negative. The paper explores the consequences of introducing digital products into the field of finance and financial institutions, their impact on balance sheets, the manner of their legal regulation, as well as the positive and negative sides of this process. Special attention in the paper is focused on the challenges faced by the management of financial institutions, the impact on business, human resources training and continuous investments in this area. In addition, it provides an overview of the current state of the process of digitalization of products and services on the market of Bosnia and Herzegovina, the challenges and legal restrictions faced by participants in the financial market, as well as predictions for the coming period.

EKONOMIJA DIGITALNE BEZBJEDNOSTI

2025-11-23T17:11:12+01:00

As digitalization becomes a cornerstone of economic and societal functions, the importance of security in the digital realm is rapidly escalating. Historically, cybersecurity has been treated primarily as a technical issue, with IT experts and the private sector focusing on safeguarding data, information, networks, and communication channels. The increasing pace of digitalization has propelled the cybersecurity market to unprecedented growth. Yet, despite substantial investments in combating cybercrime, market participants continue to face escalating risks and challenges.
Economists argue that relying solely on private initiatives and technical solutions is insufficient to achieve significant improvements in cybersecurity. Cybersecurity products and services exhibit characteristics commonly associated with market failures, as identified by neoclassical economics. This indicates that cybersecurity is not merely a technical concern, but a multifaceted economic issue influenced by incentives, externalities, and market forces. Addressing these challenges requires an integrated approach, combining technical measures, policy interventions, and economic incentives to mitigate market failures, align stakeholder interests, and promote global cooperation.

ANALIZA PRIVREDNOG RAZVOJA IZAZAZVANOG STRUKTURNIM TRANSFORMACIJAMA U DOMENU PRERAĐIVAČKE INDUSTRIJE SRBIJE

2025-11-20T20:20:33+01:00

The process of reallocating factors of production, such as labor, land and capital from less to more productive sectors, represents a trigger for achieving a higher level of development of modern economic systems. Due to the development of ICT technologies, the optimization of work operations and the growth of productivity are ensured, which has a positive effect on the competitivnes of the sector and the entire economy. Historically, the activities of the manufacturing industry have been the driver for achieving higher rates of economic growth in countries. Namely, the manufacturing industry had the function of a catalyst for the growth of the productivity of the economy. The paper examines the role of the manufacturing sector and structural economic changes in increasing the economic development of the Serbian economy. The methodological part involves the calculation of Krugman’s index of specialization in the performance of activities in the manufacturing sector, with a comparative analysis of the results obtained for six regions of Serbia. The aim of the research paper is to present the importance of structural transformations of the economy for achieving a higher level of economic development. The paper confirms convergences, i.e. “catching up” and divergences, i.e. “lagging behind” in the level of specialization in the manufacturing industries, analyzed according to six differen regions of Serbia.

PODRŠKA UMJETNE INTELIGENCIJE (AI) INVESTITORIMA NA TRŽIŠTIMA KRIPTOVALUTA

2025-11-23T18:25:15+01:00

The relatively recent creation and emergence of cryptocurrencies (Bitcoin, ‘’blockchain’’), which was paved by enormously rapid technological changes and innovations, has led to a very dynamic spread of their use throughout the world. Beyond their original role in the payment system, due to a number of their characteristics, cryptocurrencies are now primarily a medium of value storage, that is, they are becoming a very specific commodity traded on cryptocurrency markets. In this brief insight into the specific issue of cryptocurrencies, we have tried to point out the inferiority of cryptocurrencies in the role of a medium of payment compared to traditional payment instruments (fiat money). On the other hand, as investment instruments, the problem with cryptocurrencies is that their prices on the markets are extremely volatile, which makes investments in cryptocurrencies highly speculative. Since cryptocurrencies appear in digital form (without any intrinsic value), their price directly depends on the supply and demand relationship on the market, which is very variable, and therefore the prices are volatile and difficult to predict. Given their nature, very sophisticated tools are needed to help investors make the right decisions when buying or selling cryptocurrencies. The development of artificial intelligence (AI) corresponds to the growth and use of cryptocurrencies. Due to its new capabilities, artificial intelligence is becoming a very powerful tool in the hands of investors who can now more easily and efficiently manage their overall investments, especially investments in cryptocurrencies. The strategic power of AI in this area refers to the ability to predict prices, volatility, build and manage a portfolio with more advanced portfolio management strategies, and protect against market risks and fraud. The Open AIs (ChatGPT and Deepseek) that we have analyzed here provide a very wide range of assistance and advice in the segments we have previously mentioned. These assistances relate to the use of cryptocurrencies for payments and investing in cryptocurrencies. In addition to professional investors, individual and small investors can also use the help of open AI in the range from education through all phases of investment to portfolio management.

DIGITALE TRANSFORMATION ALS BESTANDTEIL DES STRATEGISCHEN MANAGEMENTS UND IHRE AUSWIRKUNGEN AUF DIE WETTBEWERBSFÄHIGKEIT DER ORGANISATION

2025-11-23T16:43:56+01:00

Die Arbeit untersucht Einfluss von digitaler Transformation, künstlicher Inteligenz und der Automatisierung auf strategisches Management und Wettbewerbsvorteile von Organisationen. Das Forschungsziel besteht darin, zu analysieren, wie die Implementierung der neuen Technologien die strategische Entscheidungsfindung verbessert und zur Schaffung von Wettbewerbsvorteilen beiträgt. Digitale Transformation als Schlüsselfaktor bei der Modernisierung von Geschäftsmodellen ermöglicht Organisationen, sich an Marktveränderungen anzupassen, Geschäftsprozesse zu optimieren und neue Produkte und Dienstleistungen zu entwickeln. Die Arbeit zeigt, dass die Integration digitaler Technologien ins strategische Management den Organisationen ermöglicht, in der modernen digitalen Umgebung wettbewerbsfähig zu bleiben und Innovationen zu schaffen, die zu ihrer Nachhaltigkeit beitragen. Die durchgeführte Untersuchung hat gezeigt, dass Organisationen, die eine umfassende Digitalstrategie entwickeln, sind eher in der Lage, die digitale Transformation erfolgreich umzusetzen, während die Komplexität und die Herausforderungen bei der strategischen Entwicklung den Erfolg digitaler Transformation negativ beeinflussen können.

UTICAJ DEEPSEEK-a NA INFORMACIONO KOMUNIKACIONO TRŽIŠTE

2025-11-23T19:29:45+01:00

In today’s environment, the use of text generation applications (chat-bots) is becoming increasingly visible, making these applications an indispensable part of the lives of those who use them. The primary role of a “chat-bot” is to provide answers to users’ questions in all areas of life and solve simple and complex tasks in real-time. Increasing the number of users, there is also room for the development of new applications with similar or the same capabilities. DeepSeek is an application that has changed much in the IT market because its creators managed to develop the app based on different principles than those used for the development of other applications in this family. Chinese scientists have managed to reduce development costs compared to competitors from the Western market (ChatGPT, Gemini), and just seven days after DeepSeek was launched, it shook the financial market and technological giants like Nvidia, Microsoft, Nasdaq, and many others. The objectives of this paper should show Whether DeepSeek has the same capabilities as ChatGPT, Gemini, Microsoft Copilot, and others, Who stands behind DeepSeek and how the application was developed, How American companies were impacted, and Whether DeepSeek’s rise is good or bad news.

TEHNOLOŠKI TRANSFER I NJEGOV ZNAČAJ ZA RAZVOJ NACIONALNIH PRIVREDA?

2025-11-20T20:04:54+01:00

Numerous books have been written and numerous documentaries filmed
about the connection between the system of scientific and research work and the
business sector in the former Yugoslavia. The system developed in the period 1945-
1970 gave birth, in BiH alone, to numerous respectable institutes as parts of faculties
or business systems that developed new products, launched them into production,
took care of the complex spectrum of logistics when it was a great unknown even to
the West, and finally designed the complete marketing mix. Today, when there are
no large business systems such as Energoinvest, Šipad, RMK Zenica, Rudi Čajevec,
etc., as a logical consequence, numerous institutes have disappeared, or survived
only on paper, as a place where university/faculty teachers will engage in science
in the desire to get work in SCI journals or at some representative conference. How
to bridge the large gap that exists today between the majority of higher education
institutions (HEIs) and the business sector, summed up in two very simple words
- technology transfer (TT)?! The experiment with the development of science and
technology parks in Bosnia and Herzegovina, with the exception of TP Inter in Mostar,
did not give tangible results, and the technology transfer centers at universities
and colleges in the ranks of universities and colleges do not give hope for a better
tomorrow. City, cantonal and regional development agencies and various project
bureaus with more or less success do their job even better than those who should
be the creators of new development and its transfer to the business sector. Although
the EU through the programs Tempus, FP, Erasmus, Horizon, etc. has been trying for
years to raise HEI (higher education institutions) to a higher level for TT, the fact
remains that HEI primarily remained “ex-cathedra knowledge transfer classrooms”
far from the business world and concrete elements of cooperation, especially in the
domain of new knowledge and product development. Through the project “Knowhow
Communities for Accelerating RTI Transfer in the Danube Region RTIT>>”,
which is co-financed within the framework of the EU fund of the Transnational Cooperation
Program of the Danube Region, and in which CIP UNZE also participates,
the authors of this paper investigate what are the “deficiencies” of the system that
have been missed or neglected in the previous 30 years, clearly accepting the new
business circumstances that there are no large system-concerns in BIH, but that we
also have a rapid increase in “knowledge producers” – HEI. Using the example of
the model of Bavaria and its TT organization, as well as contemporary development
models and actors, potential ways of how BiH can achieve a more or less sustainable
TT system despite all its shortcomings are pointed out.

Mogućnost razvoja vinskog turizma na području Zagarača u opštini Danilovgrad

2025-11-23T18:17:01+01:00

Contemporary trends in tourism today imply some new forms of tourist offer. One of them is a visit to some, so far unknown to the general public, regions where there is an unchanged, old way of growing vines and processing grapes, i.e. producing wine and brandy grapes. Coming to those regions, theimodern tourist gets acquainted with the way of life and work in those rural households, participates in the work and daily chores in the vineyard, learns how to make wine and brandy, tries local food and learns how to prepare it, has numerous other activities such as walks, cycling, various sports activities that are possible in such a natural environment. For today’s tourist, after all those luxury resorts and luxury, it is a real revelation and he is ready to pay for it and enjoy the newly discovered beauty of places unknown to him. This paper presents one such area in Montenegro in the vicinity of Danilovgrad called Donji Zagarač, whose few inhabitants make efforts to valorize all the benefits it brings for the benefit of both the local community and the state.

DIGITALNA TRANSFORMACIJA MARKETINGA U MEĐUNARODNOJ TRGOVINI KROZ TEHNOLOGIJE INDUSTRIJE 4.0

2025-11-21T20:52:55+01:00

This paper explores the digital transformation of marketing in international trade through the application of Industry 4.0 technologies. Regarding the rapid development of digital technologies, particularly artificial intelligence (AI), the Internet of Things (IoT), automation, and data analytics, marketing in international trade is changing rapidly, making interaction with consumers in the global market faster, more efficient, and personalized. The development of Industry 4.0 technologies has enabled companies to enhance the precision of their marketing strategies, improve communication with global markets, and create greater value for end users. The interaction between businesses and consumers, which was initially one-way and mass-approach based, evolves with Industry 4.0 through personalized strategies, providing sophisticated segmentation, real-time data processing, and consumer behavior tracking. In the context of the accelerating digital transformation, major changes are redefining the development of international trade, with a special focus on the opportunities provided by Industry 4.0 to redefine global marketing and advance business strategies on a global level.

UTICAJ NEJEDNAKOSTI NA EKONOMSKI RAST FEDERALNE REPUBLIKE NEMAČKE

2025-11-23T19:17:38+01:00

The study investigates the impact of economic inequality on economic growth, with Germany as the case study for the period from 2000 to 2020. The primary objective of the research is to determine whether and how inequality, measured by the Gini coefficient and the Palma index, affects economic growth expressed through GDP per capita. The analysis results indicate that high inequality can negatively impact long-term economic growth, whereas moderate economic equality can contribute to stable and sustainable growth. The empirical analysis includes descriptive statistics, correlation analysis, and regression analysis to identify the relationship between the observed variables. The findings suggest that the Gini coefficient has a significant positive impact on GDP per capita, while the Palma index is not statistically significant.

ИНТЕГРАЦИЈА ИНДУСТРИЈЕ 4.0 У МОДЕЛУ ЦИРКУЛАРНЕ ЕКОНОМИЈЕ ЗА ОДРЖИВУ ПРОИЗВОДЊУ

2025-11-20T19:49:02+01:00

Industry 4.0 and the circular economy represent key concepts of modern
industrial transformation, aimed at sustainable production and efficient resource
utilization. This paper explores the integration of advanced digital technologies,
such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics,
into circular economy models. The application of these technologies enables the
optimization of production processes, extension of product life cycles, and waste
reduction through closed material loops. Methodologically, the paper relies on the
analysis of relevant literature and a review of industrial practices. Special attention is
given to the benefits of Industry 4.0 in the context of the circular economy, as well
as the challenges hindering their implementation, including technical, economic,
and regulatory barriers. Ethical and social aspects of the digital transformation of
industry are also considered. The research findings indicate the significant potential
of Industry 4.0 for enhancing circular business models through smart resource
and waste management systems. The analysis of best practices demonstrates that
digitalization is crucial for achieving economic and environmental sustainability. In
conclusion, the paper highlights recommendations for further research and strategic
guidelines for the more effective integration of these concepts into industrial
practice.

Turizam i vještačka inteligencija: konceptualno razumijevanje

2025-11-23T18:06:21+01:00

Artificial Intelligence (AI) is an important transformative factor in the tourism industry and offers revolutionary innovations to address numerous challenges in this sector. Although the level of adoption of these technologies is not uniform across the complex tourism industry system, the possible impacts of AI are becoming increasingly tangible and there is a need to analyze the potential opportunities, challenges and risks it poses. To understand how AI can foster innovation and sustainability in tourism, it is important to acknowledge the specific characteristics of the tourism sector. Tourism is a complex service-based system dominated by small and medium-sized enterprises, operating in a global tourism economy structured by a smaller number of large companies. In this context, entrepreneurship and digitalization play a key role in the innovation of the sector, which often integrates local knowledge and other resources with global market connections. This suggests, above all, that the public sector often plays an important role as a partner and facilitator for innovation, implementing policies that promote the development of new business models. The extent to which AI will impact and transform the tourism sector with its specific characteristics remains uncertain, therefore there is a growing interest from researchers from different scientific disciplines to contribute to the understanding of this phenomenon. This includes providing a better understanding of the complex digital environment with a focus on tourism as well as the key components of artificial intelligence systems including relevant national and international principles and guidelines for artificial intelligence. Many applications related to artificial intelligence have already been adopted in the tourism sector, with additional innovation opportunities to support its sustainability and inclusiveness. The analysis of existing applications and potential of AI in tourism shows the diversity of implemented and planned AI applications with the potential to provide a measurable contribution in all segments of the tourism industry value chain. This paper aims to analyze key aspects of AI in the tourism sector, and to offer a conceptual framework for further theoretical and empirical analysis. The aspects that are the subject of the analysis are brought to the general application of AI in tourism, such as tourisam planning and management, tourism geography, and innovation.

IZAZOVI TEORIJE BIZNISA I MENADŽMENTA U DIGITALNOM DOBU

2025-11-21T20:42:11+01:00

Peter Drucker, known as the ‘father of modern management’, was among the first authors (1994) to argue that many theories of the business could not be valid on a long-term basis. The transition from industrial to the digital age has ‘forced’ many organizations to adapt to new, digital environment by questioning and transforming their business models and business strategies. Fourth industrial revolution (Industry 4.0) has brought about drastic technological, economic, social, ecological, political, legal/regulatory changes, which have altered the ways of doing business, transformed growth and profitability strategies of companies, and changed the average company lifespan. Based on the literature review and an overview of recent researches and studies (desk research), this paper aims to explore some challenges that companies face during the transition from industrial to digital, and how changing and adjusting the theory of the business is of critical importance for companies in the digital age.

ИНФЛАЦИЈА И НЕЗАПОСЛЕНОСТ У БОСНИ И ХЕРЦЕГОВИНИ

2025-11-23T19:10:50+01:00

The Phillips curve suggests that there is an inverse relationship between unemployment and inflation. However, some more modern approaches point to the complexity of the relationship between inflation and unemployment, and unpredictable interactions that are especially characteristic of the long run. This paper analyzes the impact of changes in the unemployment rate on changes in the inflation rate in BiH in the period 2000-2023. For this analysis, the Engle-Granger method for testing cointegration as well as the estimation of the ECM model were used. The results show that in the short run there is an inverse relationship between unemployment and inflation, but it is not statistically significant, and that in the long run there is a stable long-term relationship between these variables.

ЕКОНОМСКА НЕЈЕДНАКОСТ У ДОБА ГЛОБАЛИЗАЦИЈЕ: УЛОГА ДОХОТКА ОД РАДА И КАПИТАЛА

2025-11-20T19:28:17+01:00

This study examines whether globalization has contributed to increasing inequality
within countries, despite reducing inequality between countries, and whether
the rise in economic inequality can be linked to differences in the distribution of
labor income and capital income. The research findings indicate that between 1990
and 2022, inequality within countries increased, while inequality between countries
decreased. Furthermore, the data suggest that the rise in economic inequality can
be associated with disparities in the distribution of labor and capital income, as returns
on capital were significantly higher than the growth of real wages during the
analyzed period. The conclusions presented at the end of this study provide an interesting
starting point for future analyses, particularly given that the research included
an examination of trends at both the global level and in Europe and Asia, along with
a review of selected countries, based on data from the World Bank and the World
Inequality Database.

АНАЛИЗА ДИГИТАЛНОГ СТУБА ТУРИСТИЧКОГ ЕКОСИСТЕМА ИЗАБРАНИХ ЗЕМАЉА ЕВРОПЕ

2025-11-23T17:53:17+01:00

The study examined key indicators of the digital pillar in Western and Central European countries in 2023. The indicators include the level of e-commerce sales, the use of social media by tourism businesses, participation in digital skills training, demand for ICT professionals, and internet connection speeds in tourist destinations. Data were collected from relevant official sources, including the European Commission and national statistical institutes. The results of the analysis show significant differences in the level of digitalization among the observed countries. Belgium stands out with the highest share of e-commerce sales (38.9%), while Germany leads in the number of businesses actively using social media (51.7%). Poland allocates the most resources for employee training in digital skills (22.6%), and Lithuania boasts the most advanced internet infrastructure in tourist zones (78.53%). The data suggest that digital transformation in European tourism is underway, but with notable differences between countries.

THE IMPORTANCE OF BUSINESS INTELLIGENCE AND ITS APPLICATION IN PUBLIC PROCUREMENT

2025-11-21T20:29:20+01:00

This research explores the role of Business Intelligence (BI) in optimizing public procurement processes. It examines key BI concepts, including data integration, analysis, and decision support, and highlights their impact on improving transparency and efficiency in procurement planning. The study demonstrates how BI tools facilitate faster and more informed decision-making, minimizing risks and enhancing operational effectiveness. By leveraging data analytics and intelligent systems, organizations can streamline procurement workflows, reduce costs, and ensure compliance with regulatory frameworks. The findings underscore the significance of BI in modern procurement strategies, offering insights into best practices and potential advancements in the field.

УТИЦАЈ НЕЗАПОСЛЕНОСТИ НА РАСТ БДП-А У БОСНИ И ХЕРЦЕГОВИНИ

2025-11-23T19:05:14+01:00

Unemployment in Bosnia and Herzegovina is a key problem, which has significant consequences for the gross domestic product. The mutual connection between these two indicators in the economy is defined by Okun’s law, and a good understanding of this connection should enable the adoption of adequate measures that improve economic growth and reduce unemployment. In an empirical analysis, the relationship between the unemployment rate and the GDP growth rate in Bosnia and Herzegovina was determined in the period from 2000 to 2023. The Bounds test was used to test cointegration. The ARDL model was used to further determine the existence of a long-term and short-term relationship. The GDP growth rate was taken as the dependent variable, while the unemployment rate was the independent variable. The obtained results show that in the short term there is an inverse relationship between the variables, while in the long term there is no statistically significant relationship between the unemployment rate and the GDP growth rate.

Personalizovana medicina i vještačka inteligencija

2025-11-19T18:06:34+01:00

Big Data Technology “Big Data” are techniques for analyzing large amounts of data to provide better knowledge, determine trends, and make predictions. Personalized medicine refers to a medical model that uses the characterization of phenotypes and genotypes of individuals in order to define the right therapeutic strategy for a specific person at a specific time and also to determine the predisposition to diseases. Artificial intelligence (AI) is the ability of a computer or computer-controlled robot to perform tasks through the process of incorporating human intelligence into machines that apply logic and reasoning to analyze input data and perform cognitive function. AI provides the ability to enable computers to solve complex problems on their own, to understand, act and learn in a human-like manner. A major concern is whether the large amount of patient data collected for computers and AI models is securely protected. Investments are needed in solutions that guarantee the protection of data and privacy of patients and health information in general. AI cannot replace a physician’s judgment, but rather AI should support the clinician’s decisions. There must be critical thinking and analysis of information by the physician for the data obtained by artificial intelligence. Lines of responsibility must be drawn to articulate who must be responsible when a patient is harmed or injured as a result of errors caused by the use of technologies.

Rural smart tourism and its impact on sustainable destination development

2025-11-23T17:40:17+01:00

In recent years, the concept of smart tourism has gained traction as a transformative approach to enhancing travel experiences through the integration of technology, data, and community engagement. While traditionally associated with urban settings, the principles of smart tourism are now being applied in rural areas, leading to the emergence of rural smart tourism. This innovative approach not only leverages advanced technologies to improve visitor experiences but also emphasizes sustainable practices that benefit local communities and preserve the environment. As rural destinations seek to enhance their attractiveness and competitiveness in the global tourism market, understanding the definition, characteristics, benefits, and challenges of rural smart tourism is essential for fostering sustainable destination development. Research conducted among 213 members of the selo.rs site showed the positive effects of membership, which were reflected in two effects: Networking and Access to information. This confirmed the initial hypothesis that participation and membership on sites like selo.rs contribute to sustainable development for rural destinations.

УТИЦАЈ ПРИМЕНЕ САВРЕМЕНИХ ТЕХНОЛОГИЈА НА АКТИВНОСТИ „FMCG“ ПРОДАЈНИХ ОБЈЕКАТА

2025-11-21T20:13:42+01:00

The dynamics of modern consumer life, the desire for products and services to be available anytime and anywhere, along with increasing challenges in meeting consumer needs, necessitate the adoption of modern technological solutions in the retail sector. A scenario in which a consumer enters a store, picks up the products they need, and simply walks out without any delay is no longer a distant future. No waiting at checkouts, no unnecessary crowds and lines—just a simple “grab and go.” In developed market economies such as the United States, stores like Amazon Go already exist. Numerous technologies have the potential for practical application in modern retail, whether in brick-and-mortar or e-commerce settings. Technologies such as artificial intelligence, smart shelves, drones, augmented and virtual reality, RFID technology, and others enhance the efficiency of retail stores and enable faster and more comprehensive fulfillment of consumer needs. This paper explores these and other technologies, explaining their potential for practical implementation in fast-moving consumer goods (FMCG) retail stores. The final chapter analyzes the experiences of applying these technologies in retail stores in the Western Balkans region. The primary goal of this paper is to identify technologies and assess their potential for practical application in FMCG retail stores, with a particular focus on the aforementioned region.

Uticaj samozapošljavanja na BDP po stanovniku u zemljama u razvoju

2025-11-23T18:58:41+01:00

This paper is intended to confirm if there is a statistical link between self-employment in developing countries and their rise of GDP per capita, based on the analysis of the data for Albania, Bosnia and Hercegovina, Bulgaria, Dominican Republic, Croatia, Iran, Serbia, Ecuador and North Macedonia, as well as giving a theoretical explanation for the results of said analysis, combined with a short analysis of the effects of ICT(information and communication technologies) on self-employment in places like Kenya, rural China, etc.

POLUGE U KREIRANJU SPECIJALIZIRANOG TURISTIČKOG PROIZVODA: Lucius Artorius Castus/Kralj Arthur u Podstrani pored Splita

2025-11-23T17:32:32+01:00

The attractiveness, originality, authenticity and relevance of the content of a new specialized tourist product are prerequisites for successful commercialization and the creation of a potential destination icon. In tourism practice, an approach is still common in which the primary focus is on the content of the specialized product offer, ignoring the importance of scientific authenticity and relevance of the content in light of current trends. The paper presents a business case for designing and developing a specialized tourist offer using the example of a small destination Podstrana, near town of Split in Croatia. The concept of multiple levers in development was used to contribute to the visibility, attractiveness, originality, authenticity and relevance of new content on the global tourism market. The presented model of using multiple levers is more widely applicable, especially for new destination content that is intended to be used as destination icons. The research was conducted through a descriptive analysis of secondary data following the many years of experience of the authors involved in this original tourism story. The subject of the research is the analysis of multiple levers in the development of a new specialized tourist product, and the research problem is the argumentation of the justification for their use in tourism practice. The limitation of the research is that it was conducted without surveying visitors. In terms of the provability of the elaborated theses in the paper, this was not necessary, given that the new destination content presented has been recognized on the global tourism market in previous years, and has already attracted new segments of tourists to this tourist destination.

MAKROEKONOMSKI POKAZATELJI U BIH – TRENDOVI U SVJETLU ZAMKE SREDNJEG DOHOTKA

2025-11-21T20:06:26+01:00

The period of macroeconomic stability in Bosnia and Herzegovina brought notable economic achievements. Bosnia and Herzegovina progressed from a low-income country in 1999 to an upper-middle-income country in 2010, with a gross national income (GNI) per capita of over 4,000 USD. If the growth rate of GNI per capita continued to move in line with the average for the past twenty years, the country could reach the status of a country with a high level of income in the next 16-17 years. Changes in employment were accompanied by a transition from agriculture to industry and services, which emphasizes the transformative process in the economy. Furthermore, the cautious fiscal policy since 2014 has led to a relatively low ratio of public debt at the level of BiH, of about 30 percent of GDP, despite significant spending by entity governments aimed at supporting companies and households in the period that followed the pandemic in 2020 and inflationary shocks in 2022.Despite the mentioned achievements, BiH’s convergence towards the EU is proceeding slowly. The real growth of GDP per capita in BiH exceeded the growth in comparable countries from the region (Albania, Montenegro, North Macedonia and Serbia), but mainly due to the decrease in the number of inhabitants, which is the result of a significant rate of migration, and not due to higher GDP growth rates. The trend of economic growth in Bosnia and Herzegovina has stagnated in the last 15 years. BiH’s already long stagnation in the group of middle-income countries suggests that it too has potentially fallen into the middle-income trap. Therefore, following the trends of macroeconomic indicators, we will try to determine whether Bosnia and Herzegovina is in a middle-income trap.

UTICAJ INVESTICIJA NA BRUTO DOMAĆI PROIZVOD U BOSNI I HERCEGOVINI

2025-11-23T18:49:58+01:00

The impact of investments on Gross Domestic Product (GDP) is a significant topic in economic analysis. Investments are a key factor in economic growth and development as they directly influence GDP. This paper analyzes the impact of investments on GDP through theoretical and empirical aspects, considering both long-term and short-term effects. Observing multiple effects, investments not only increase aggregate demand but also positively affect productivity, technological progress, and employment. The methodological approach to the analysis includes several steps: defining variables, collecting data for the given variables, conducting descriptive statistics, and performing econometric analysis. In addition to promoting sustainable development and macroeconomic stability, investment policies also strengthen the economy’s resilience to global economic changes and crises. In this paper we comes to the conclusion that long-term sustainable investments represent a significant factor in economic growth.

UTICAJ UVOĐENJA IoT ZA PRAĆENJE ZALIHA U ERP SISTEM NA TROŠKOVE I EFIKASNOST MSP

2025-11-23T17:25:25+01:00

This paper examines the impact of integrating the Internet o fThings (IoT) into inventory tracking processes within ERP systems, focusing on cost reduction and efficiency improvement in small and medium-sized enterprises (SMEs). As a key technology of the Fourth Industrial Revolution, IoT offers significant potential for business improvement, but research has primarily focused on large enterprises. SMEs, essential for economic growth, face challenges such as initial investments and the need for additional employee training. Through literature analysis and empirical research, the paper demonstrates that IoT devices, such as sensors and RFID systems, enable more accurate real-time inventory tracking, error reduction, and business process optimization.The findings indicate cost savings, increased productivity, and faster decision-making, bringing substantial economic and operational benefitsto SMEs in the digital society.

ULOGA SOCIOEKONOMSKIH FAKTORA U OBLIKOVANJU INVESTICIONOG PONAŠANJA INDIVIDUALNIH INVESTITORA U BOSNI I HERCEGOVINI

2025-11-21T19:27:35+01:00

The aim of this research is to examine the impact of education, experience, and socioeconomic characteristics on the behavior of individual investors in Bosnia and Herzegovina, with a particular focus on their attitudes towards different asset classes. This research provides valuable insights for educational institutions, investment advisors, and investors themselves, and can serve as a basis for developing strategies to improve investment behavior in Bosnia and Herzegovina. Through a survey and literature review, the research found that the level of education and investment experience play a significant role in risk perception and confidence in one’s own knowledge of the financial markets. Results showed a significant correlation between the level of education and risk tolerance, with higher educated respondents demonstrating a greater willingness to take risks. Additionally, investor experience influenced the perception of market knowledge. The results suggest that socioeconomic characteristics, such as age, gender, and education level, play a significant role in shaping investment strategies. The findings indicate a need for specialized educational resources and programs targeted at individual investors to improve their investment decisions and reduce investment risks. Furthermore, the results highlighted the need for further research to expand the sample size, include more women, and analyze the impact of various macroeconomic factors.

Примјена вјештачке интелигенције у савременом банкарству

2025-11-23T18:43:50+01:00

The Artificial Intelligence (AI) progress has considerably transformed modern banking sector by reshaping both commercial and central banking through automatization of business processes, increased security and better regulatory compliance. AI enables banks to become more competitive, faster and more efficient in making their decisions with decreased risks and supply of better services for their customers. Commercial banks have additionally improved the evaluations of their customers’ credit worthiness, made possible personalisation of products and services with more efficient risk management. Intelligent chatbots and virtual assistants for real time conversations have simplified interaction with customers and shortened the response time improving customer experiences. Central banks use AI for analyses and forecasts of market trends in order to adjust their monetary policies on time and ensure financial stability. However, integration of AI in modern banking includes some risks. Endangering data privacy, automated decision making, potential job losses and threats to cyber security are some of the challenges which banks are facing.