EMC REVIEW - ECONOMY AND MARKET COMMUNICATION REVIEW

THE IMPACT OF ARTIFICIAL INTELLIGENCE ON THE ACCOUNTING PROFESSION IN BOSNIA AND HERZEGOVINA: PERCEPTIONS, READINESS AND REGULATORY GAP

Miloš Grujić — 2026-01-09

This study offers a detailed examination of the accounting and auditing profession’s perceptions, preparedness, and core challenges related to the integration of Artificial Intelligence (AI) within the specific context of Bosnia and Herzegovina (BiH). Main goal was straightforward: to delineate the perceived advantages of AI, concerns related to skill erosion (or “deskilling”), and to determine whether current regulatory and professional training mechanisms in BiH are sufficient to address these challenges. We employed a quantitative approach, utilizing an online survey distributed to a solid convenience sample of 270 accounting and auditing professionals in the country. The statistical methodology involved descriptive statistics, t-tests, and ANOVA to establish significant variances in perceptions across key demographics (including gender, age, and educational attainment). The findings reveal that BiH professionals overwhelmingly perceive AI as an essential, inevitable opportunity to enhance efficiency and accuracy (with an impressive mean readiness score of M=4.21). Crucially, they also demonstrate a high degree of awareness regarding the potential risk of deskilling (M=4.12). However, this individual optimism is overshadowed by a critical and worrying systemic shortfall: extremely modest organizational investment in employee training (M=1.97). Furthermore, a central finding is the widely shared view that existing ethical and regulatory frameworks governing AI are simply not enough (M=2.48), contrasted by a surprisingly muted concern regarding data security (M=1.50). Demographic analysis clearly identifies a generational divide, showing that younger professionals, though more optimistic, are simultaneously more anxious about job displacement. The successful digital transition of the profession is directly tied to professional associations and policymakers urgently taking a proactive role - specifically through developing targeted educational curricula and updating ethical and regulatory standards - to close the current gap between individual readiness and institutional support.

EMPIRICAL EVIDENCE ON THE RELATIONSHIP BETWEEN UNEMPLOYMENT AND ECONOMIC GROWTH IN CROATIA

Vlatka Bilas — 2026-01-09

Okun’s law is a valuable tool for understanding the relationship between economic growth and employment, but it should be adapted to the specific characteristics of the observed economy, including demographics, structural reforms, and the broader economic environment. The primary aim of this paper is to examine the relationship between unemployment and economic growth in Croatia. The analysis is based on quarterly time series data spanning from 2000Q1 to 2024Q4 and employs a range of analytical models, including first-difference and gap specifications, nonlinear autoregressive distributed lag (NARDL) models, and the Granger causality model, in order to capture the underlying complexity of the growth-unemployment nexus. Ultimately, the findings confirm that Okun’s law remains a useful empirical tool, especially when applied as a gap model and during stable economic periods. However, its explanatory power weakens during times of economic turbulence, highlighting the need for flexible models capable of accommodating nonlinearities and structural breaks.

ACCESS TO FINANCE AS A BARRIER TO INNOVATION - EVIDENCE FROM THE SME SECTOR IN BOSNIA AND HERZEGOVINA

Faruk Hadžić — 2026-01-09

This paper examines key barriers that SMEs in Bosnia and Herzegovina face when accessing external financing for innovation. Using quantitative research based on primary data collected through a structured questionnaire, the paper analyses company perceptions regarding support from commercial banks, microcredit institutions, and public funds. The findings identify major obstacles, including unfavourable financing conditions, administrative complexity, and limited access to information. Statistical analysis was used to test hypotheses concerning firm size, sector, region, and institutional factors. The results indicate that company size, regional context, and administrative barriers significantly influence access to finance, while the link between innovation and external financing is not statistically significant. Smaller companies face notably more obstacles than larger ones, particularly regarding public support mechanisms. The paper highlights systemic challenges that hinder innovation in the private sector and offers policy-relevant insights. It calls for more inclusive, targeted financial instruments to support innovation-driven growth among smaller companies.

INVESTMENTS IN ARTIFICIAL INTELLIGENCE AS A DRIVER OF SUSTAINABLE DEVELOPMENT OF SMALL AND MEDIUM-SIZED ENTERPRISES IN BOSNIA AND HERZEGOVINA

Boris Spasojević — 2026-01-09

Artificial intelligence (AI) is transforming small and medium-sized enterprises (SMEs) by enabling automation, predictive analytics and more informed, data-driven decision-making, thereby strengthening their competitiveness and long-term sustainability. In Bosnia and Herzegovina, where SMEs account for more than 60% of total employment and generate a substantial share of GDP, AI has the potential to support economic growth, improve environmental performance and create positive social outcomes, which is particularly important in the context of a transitional economy and EU integration.The paper examines the scale, structure and effects of investments in AI among SMEs in Bosnia and Herzegovina and their contribution to sustainable business models. Empirical data were collected through a survey of 40 enterprises from the trade, manufacturing and services sectors located in major urban centres. The questionnaire captured firm characteristics, types and amounts of AI investments, perceived economic, environmental and social benefits, as well as key barriers to AI adoption. The data were analysed in IBM SPSS Statistics using descriptive statistics, correlation analysis and multiple linear regression, complemented by two qualitative case studies of SMEs that have already implemented AI solutions.The results show that only 20% of the surveyed SMEs currently use AI tools, most frequently chatbots in customer support, customer-relationship systems with embedded AI functionalities and analytical platforms for process optimisation. Firms that invest in AI report a 10–20% reduction in operating costs, more efficient use of energy and materials, reduced waste and an improvement in service quality and customer satisfaction. Regression analysis confirms that both the amount of AI investment and the very use of AI tools significantly contribute to perceived cost reductions, while firm size plays a marginal role.
At the same time, the findings highlight a set of persistent obstacles that limit wider diffusion of AI among SMEs. The most pronounced barriers are high initial investment costs, a lack of in-house expertise and difficulties in accessing specialised external support, as well as limited use of available EU and national support programmes due to complex administrative procedures. The paper therefore proposes a set of policy measures, including targeted subsidies and tax incentives for AI projects, free or subsidised training for managers and employees, and stronger partnerships between SMEs, IT companies and innovation centres. The overall conclusion is that AI investments can become an important driver of technological upgrading and sustainable development of SMEs in Bosnia and Herzegovina, provided that public policies and support instruments are better aligned with the needs and capacities of the SME sector.

POSITIVE PSYCHOLOGICAL CAPITAL AS A MEDIATOR BETWEEN JOB CRAFTING AND CREATIVITY AT WORK

Nuray Turan — 2026-01-09

Positive psychology has led to a focus on creativity in occupational psychology, aiming to enhance productivity and wellbeing. Creativity, the ability to generate original and adaptable ideas, helps employees address challenges and achieve goals. Key factors include Psychological Capital (PsyCap), a positive psychological state, and Job Crafting (JC), which involves adjusting job demands and resources. However, the relationship between PsyCap, JC, and creativity remains unclear. A total of 250 workers from 25 job categories (science, business, finance, technology, digital sectors) participated, recruited in the UK between October 2022 and January 2023. SPSS 25.0 and PROCESS macro were used for data analysis. Job Crafting was positively related to PsyCap (β = 0.4740, p = 0.0000), and PsyCap was positively related to Creativity (β = 0.2372, p = 0.0003). Job Crafting had a significant positive effect (p = 0.0000) on Creativity (β = 0.4740). When PsyCap was included, the effect of Job Crafting on Creativity remained significant but decreased to 0.3463 (p = 0.0000). Job Crafting has both a direct and an indirect positive effect on Creativity, mediated by PsyCap. These findings highlight the role of PsyCap and Job Crafting in fostering Creativity at work. Future research can build on these findings by adding new variables and methods for studying Creativity development.

Z SCORE AND VALIDOAI: AN EXPLAINABLE AI FRAMEWORK FOR PAYROLL ANALYTICS WITH STATISTICAL ANOMALY DETECTION IN SERBIAN SMALL AND MEDIUM ENTERPRISES

Slavoljub Milojković — 2026-01-09

Labor costs represent one of the largest components of operating expenses in Serbian small and medium-sized enterprises (SMEs), often exceeding 50% of total expenditures. However, existing payroll systems such as Pantheon and Minimax are limited to regulatory compliance and basic reporting, offering little analytical depth. This paper presents the ValidoAI explainable AI framework, which combines automated data processing (ETL) with statistical monitoring of payroll deviations. Twelve months of payroll data from PDF payslips and CSV exports were standardized into six categories: net salary, employee contributions, employer contributions, income tax, Gross 1, and Gross 2. Statistical analysis using the z-score method (|z| ≥ 2) identified significant deviations in October and November, corresponding to bonus payments and seasonal adjustments. The standardization accuracy reached 95.2%, with 98.7% data completeness and 97.1% internal consistency across 1,248 standardized records from six employees over twelve months. Results are presented from two complementary viewpoints: business owners gain insight into total labor costs and liquidity through trend visualizations showing anomalies like October’s 36% increase, while HR managers receive detailed wage structure reports for fairness evaluation and retention planning, including seasonal patterns such as June’s proportional rises in compensation components. The study highlights the potential for payroll systems to evolve into tools for cost monitoring and financial decision-making.

THE ROLE OF AI IN MODERN BRAND MANAGEMENT

Hristo Katrandjiev — 2026-01-09

This study examines the comprehensive function of artificial intelligence as a technology in contemporary brand management. As AI changes many aspects of contemporary marketing this study is one of the first to provide an analysis from the side of brand management. The data collection method is online structured survey. The sample size equals 363 respondents. The main focus of the study is focused primarily on the analysis of AI influence on brand identity, consumer perceptions, engagement and interactions in the digital era. The research procedure includes statistical and empirical approaches to assess survey data collected from respondents, examining opinions towards AI-driven branding initiatives. Significant findings indicate that although AI is regarded as a means to improve creativity and standardization in brand communication, apprehensions around authenticity and ethical ramifications remain. The research underscores the impact of AI on brand distinctiveness, narrative construction, and consumer trust. These findings offer useful guidance for marketers seeking to harmonize technological innovation with authenticity in branding initiatives.

STRATEGIC MANAGEMENT AND COMMUNICATION PROCESSES: CULTURAL INSTITUTIONS PREFERENCE

Željko Vojinović — 2026-01-09

This paper analyzes organizational structure, managerial practices, and challenges in performing arts management, with a focus on the Croatian National Theatre in Zagreb (CNT in Zagreb). The aim of the research is to examine the impact of contemporary managerial and communication strategies on the development of Drama, Opera, and Ballet, and to identify key aspects influencing the professional and artistic progress of employees. The research is based on a combination of qualitative and quantitative methods, including literature analysis, case studies, and a survey conducted among theatre professionals. The results of the research indicate the need for more structured managerial approaches, improvements in organizational communication, and a systematic professional development of employees, which could significantly contribute to increasing the efficiency and sustainability of theatre institutions. It is concluded that strategic reorganization and the implementation of contemporary management models can positively impact working conditions, corporate communication, team dynamics, and the long-term sustainability of performing arts in Croatia.

STOHASTIC PATTERNS OF ETHICS IN TRAFFIC AND THE WORK ENVIRONMENT FOR PROCESS OPTIMIZATION

Nina Uremović — 2026-01-09

The modern approach to managing business systems and processes emphasizes the role of the individual in all aspects of activity, while also requiring extensive knowledge of behavioral patterns and recognition of actual human potential. Ethics and morality in business and in the process of making management decisions have multiple benefits for the company. Companies that make ethical decisions and act in accordance with ethical business principles are evaluated as socially responsible companies, which plays a significant role in creating brand value and the public image of the company. The behavior of managers has a direct impact on the motivation and productivity of employees. The implementation of ethics in business creates a sense of security among employees, which is a key component for creating loyal and productive employees. Conversely, unethical and immoral business practices introduce insecurity among employees, create distrust and ultimately lead to unethical and immoral business practices introduce insecurity among employees, create distrust and ultimately lead to unethical behavior of employees towards the company, their work, resources, superiors, and colleagues.
Essentially, managers, through their behavior and decisions, directly create organizational culture and influence the productivity and loyalty of employees. Besides the fact that ethical business practices have a direct impact on brand creation and productivity, they also affect the creation of consumer loyalty, as consumers tend to boycott companies that operate unethically and make decisions that are not in line with the moral standards of society,
The study of business processes represents a complex interdisciplinary category that integrates natural, technical, and human sciences, among which psychological, sociological, and pedagogical sciences are becoming increasingly relevant. Accordingly, research project has been designed with the idea of attempting to connect categories of behavioral relations and ethical patterns of individuals in traffic and the working environment,
Assigning each individual a work task that aligns closely with their abilities demands complex analyses to identify appropriate behavioral patterns. These patterns should not only support business system management but also be implemented in educational systems to foster the development of knowledge and skills in accordance with the true potential of learners, ultimately ensuring their maximum satisfaction.
The idea is to use statistical analysis of empirical indicators to explore behavioral patterns in seemingly unrelated areas and provide a solid foundation for creating a business environment where optimal results are achieved. These results are aligned with both the goals of the business system and the individuals engaged in specific tasks. Statistical analysis makes it possible to make objective judgments about uncertain phenomena.

ASSESSING THE EFFICIENCY OF HOSPITAL DEPARTMENT PERFORMANCE PERIODS USING THE MALMQUIST PRODUCTIVITY INDEX

Zdenko Jukić — 2026-01-09

This paper presents a quantitative assessment of operational efficiency across hospital departments at Zadar General Hospital, Croatia, over the 2022-2024 period, employing Data Envelopment Analysis (DEA) and Malmquist Productivity Index (MPI) methodologies. The research evaluates the relative efficiency of 11 departments by analysing the relationship between input variables (number of beds and physicians) and output variables (number of discharged patients and outpatient examinations), providing insights into productivity dynamics within the hospital system.
The study utilizes an input-oriented CCR model to establish efficiency scores and applies the Malmquist index to measure productivity changes over time. This methodological approach enables both static efficiency evaluation and dynamic tracking of performance trends, with productivity decomposed into technical efficiency change and technological change components. The longitudinal design overcomes limitations inherent in cross-sectional studies by capturing efficiency fluctuations across multiple time periods. Results reveal significant heterogeneity among departments, with substantial variations in resource distribution and operational capacity. The average number of physicians was 36 (SD=36.39), ranging from 9 to 128, while the average number of beds was 18 (SD=13.66), ranging from 5 to 54. The majority of departments (7 out of 11) demonstrated continuous efficiency improvements throughout the study period. The Surgery Department exhibited exceptional efficiency growth (183% increase), likely attributable to innovative practices and optimized resource management. Conversely, the Department of Infectious Diseases recorded the most substantial efficiency decline (-28.6%), potentially associated with post-COVID-19 pandemic epidemiological shifts. The Department of Ophthalmology and Optometry showed consistent efficiency reduction across all three years, indicating a need for resource reallocation and operational model optimization.
The scientific contribution of this research lies in developing a robust yet straightforward model for evaluating healthcare department performance that integrates fundamental input and output variables. The empirical findings provide evidence-based guidelines for resource management improvement and strategic interventions. Key limitations include the model’s simplicity, which excludes qualitative aspects of healthcare delivery and other variables that might further explain interdepartmental differences. Future research directions should incorporate additional variables such as service quality indicators, patient satisfaction metrics, and case complexity measures to create a more comprehensive performance assessment. Furthermore, methodological advancements could address DEA limitations through case-mix adjustments accounting for departmental heterogeneity, benchmarking against similar hospitals, and combining quantitative analysis with qualitative research methods to better understand organizational factors influencing efficiency.
This study contributes to understanding efficiency dynamics within hospital systems, offering empirically grounded insights for healthcare resource management improvement while establishing a foundation for future research addressing identified limitations and enhancing healthcare system efficiency evaluation models.

USE OF ARTIFICIAL INTELLIGENCE IN MARKETING AND MANAGEMENT – THE USEFULNESS OF TOOLS AND APPLICATIONS FOR CONTENT CREATION

Jana Aleksić — 2026-01-09

In modern business, artificial intelligence (AI) is increasingly taking a significant place in marketing and management, especially through tools for automated content creation. This paper explores key AI tools and their applications, highlighting advantages such as improved efficiency, enhanced creativity, and content personalization.
The aim of this paper is to demonstrate the positive use of AI tools, while also emphasizing the importance of human involvement, creativity, and authenticity in the content creation process. Using AI without a personal touch results in an automated, robotic process; however, with proper use, it provides an easier path to achieving the creative outcomes we seek.
AI is a true partner and ally in text creation. One of the most important segments of marketing and management is high-quality and relevant textual content—from blogs, social media posts, and email campaigns to advertising slogans and product descriptions. These tools do not replace human creativity; rather, they serve as assistants that reduce the time needed for research and writing. They save time and resources, allowing the focus to remain on strategy and creative refinement of the final content.
Creating visuals within AI applications is also possible. In addition to text, visual content is essential for capturing the audience’s attention. Modern AI applications enable the generation of images, graphics, and even attractive visuals that support a campaign’s message, without the need to hire design teams.
Co-creating content thus becomes a multidisciplinary process in which AI helps synchronize the textual and visual components, ensuring brand consistency and aesthetic appeal.
Artificial intelligence is not a replacement for human creativity—it is its ally. In the context of content co-creation, AI enables brands to engage their consumers on a deeper level, respond more quickly to their needs, and jointly create content that is original, personalized, and authentic.
Artificial intelligence represents one of the key drivers of modern digital transformation in the fields of marketing and management. Analysis shows that the application of AI technologies significantly improves the quality of business decisions and increases team capacities, especially in segments that require speed, creativity, and adaptability. However, despite all the advantages, it is necessary to consider the challenges that AI brings — including ethical dilemmas, technical limitations, data security, and the risk of excessive automation. Therefore, the successful integration of AI tools should not be viewed solely through a technical or economic lens, but also through human, organizational, and societal dimensions. Human oversight, strategic planning, and continuous employee education are key factors that enable the responsible and sustainable use of AI technologies.
Companies that develop digital competencies, promote the ethical use of technology, and nurture creativity will be able to fully harness the potential of artificial intelligence in the service of development and innovation.

STRATEGIC PLANNING FOR MICRO-COMPANIES IN NETHERLANDS – USE OF AI-BASED TECHNOLOGY

Chris Terpelle — 2026-01-09

This paper examines how Artificial Intelligence (AI) can enhance strategic planning for micro-enterprises operating in an uncertain business environment, with a special emphasis on the Netherlands. Micro-enterprises often lack the time, financial resources, strategic knowledge or motivation to conduct formalized strategic planning. Existing strategic frameworks are often too complex or abstract for microenterprises, especially owner-managed enterprises (OMEs), whose primary objectives may be survival, autonomy or social value rather than growth. The research draws on the concept of bounded rationality to argue that micro-entrepreneurs make decisions under strong cognitive and informational constraints. It proposes that AI, when used as a cognitive enabler rather than a decision-maker, can help overcome these limitations by providing structure, clarity, and analytical support.
Using design science research (DSR) and action research methods, the research develops and tests a customized twelve-step strategic planning process embedded in an AI-powered digital tool. The tool was developed iteratively and evaluated with microenterprise managers through surveys and prototype testing on a low-code platform.
The results show that participants recognize the value of structured planning when presented in a practical, non-intimidating format enabled by AI. The tool significantly increased users’ confidence improved strategic planning skills, and their ability to formulate long-term goals. Features of explainable AI (XAI), such as the tool’s ability to reason recommendations based on market data and user input, played a critical role in building confidence and enabling learning. The study shows that strategic planning for microenterprises can be democratized through intuitive, adaptive and explainable AI-driven tools. The paper offers recommendations for future research to investigate the long-term implications and ethical considerations of AI-enabled strategic decision-making.

CULTURAL EMPLOYMENT IN THE CENTRAL AND EASTERN EUROPEAN COUNTRIES: ANALYSIS AND IMPLICATIONS

Marija Šain — 2026-01-09

Cultural and creative industries are an important driver of economic development because they stimulate innovation, create new jobs, increase added value and strengthen the competitiveness and global recognition of the economy. They are important for the European economy, which is reflected, among other things, in the number of employees in this industry, which makes a valuable contribution to total employment. The aim of the paper is to identify the economic contribution of the countries of Central and Eastern Europe (EU-11: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia, Estonia, Lithuania and Latvia) to the total EU economy using indicators of cultural employment and GDP. Through the analysis of existing research, the aim of the paper is to identify the key characteristics of the labor market in CCIs in the countries of Central and Eastern Europe, with a special emphasis on the educational status of employees and their role in cultural employment. The specificity of these countries is reflected in the transition process from a planned to a market economy in which cultural and creative industries play a significant role in the transformation of their economy. It is important because it also facilitates their integration into the European cultural and economic space.
This research is based on the Eurostat methodological framework and uses an approach based on a combination of economic activities and occupations, which seeks to provide a comprehensive assessment of total cultural employment. Using descriptive statistics and correlation analysis, the paper identifies trends and differences in cultural employment in the EU-11 countries in the period 2013-2022 and examines whether there is a statistically significant relationship between cultural employment and GDP. The research results show that there are inequalities in the distribution of cultural employment in these countries, which, among other things, can be linked to both historical development and transition, as well as to their adaptation to changes and new technologies, for which a highly educated workforce is key, contributing to the development of innovation and competitiveness of these industries. Likewise, a positive correlation between cultural employment and GDP is established, which indicates that the cultural sector has an impact on overall economic growth and long-term economic benefits and, following the example of some of the analyzed countries, it is necessary to invest in the aforementioned sector. The paper contributes to the understanding of the specificities of cultural employment and its potential in the economies of countries in transition, which is important for decision-makers and public policy makers.

UNDERSTANDING CELEBRITY ENDORSEMENT OUTCOMES THROUGH THE LENS OF FAME TYPOLOGIES: A SYSTEMATIC REVIEW

Iva Buljubašić — 2026-01-09

This aim of the paper is to investigate the link between a celebrity’s social origin - categorized as achieved, ascribed, or attributed - and the success of brand endorsement campaigns. By applying Rojek’s tripartite fame typology, the study analyses ten recent celebrity endorsement cases from various industries and world. Through comparative qualitative analysis, the research explores the degree to which a celebrity’s fame origin influences consumer response (through purchase, brand recognition and perception) and endorsement outcomes. The findings suggest that while social origin plays a role in shaping public perception, the alignment between brand image and celebrity persona is a stronger determinant of campaign success. Most campaigns analyzed were successful, indicating that effective strategic branding can transcend the limitations posed by fame origin. This study introduces the social origin of celebrity status - based on Rojek’s typology - as a key variable in understanding endorsement outcomes, offering a new perspective beyond traditional marketing models. Scientific contribution of this paper can be found in strategic insights for designing more targeted and socially - informed celebrity endorsement campaigns across diverse media and market contexts.

PERCEIVING THE EFFECTIVENESS OF A NEW APPROACH TO SELLING IN A DIGITAL ENVIRONMENT: A CONVERSATIONAL SALES FUNNEL WITH STATES

Jasmina Dlačić — 2026-01-09

The constant evolution of digital technologies is significantly changing the way potential customers receive information about products or services. In the digital environment, potential customers rely on various sources of information to sufficiently investigate all the advantages and possible disadvantages of a product or service before making a purchase decision. Their search in the digital environment leads them to advertisements and then to websites or web stores that offer more comprehensive information about the advertised products or services. On the other hand, advertisers use search engines to passively influence potential customers to take further steps in the purchase decision process through carefully crafted advertisements. To better understand the behavior of potential customers and their path through the different stages of the sales funnel, depending on the types of search queries they enter into web search engines, a Conversational Sales Funnel with states was developed. This model consists of six clearly defined stages, including a new initial stage, Tabula. Unlike previous sales funnel models, this stage represents a state of complete ignorance about the product or service. Each subsequent stage consists of a state of awareness of the potential customer and a change of state of awareness. The key for the advertiser is to recognize the state of awareness of the potential customer and persuade the potential customer to change. The primary research conducted concludes that sales professionals have a general understanding of the Conversational Sales Funnel and emphasize that the model accurately reflects real-life customer behavior during the purchasing decision process. The results of the research show that the proposed new approach to the sales funnel in the digital environment is used by sales professionals, but its application is still intuitive. The application of the sales funnel depends on the context, i.e. the specifics of the sales environment, the type of products or services, the complexity of the sales process and the target customers. Therefore, in order to promote a broader and more conscious application of the Conversational Sales Funnel in the creation and optimization of sales strategies, there is a clear need for further training of sales professionals, as well as practical guidelines for classifying search queries into the appropriate stages of the sales funnel. This is particularly important given the different industries in which the behavior of potential customers can vary greatly. To summarize, while sales professionals point out the usefulness of the suggested modification of the sales funnel, the individual stages of the Conversational Sales Funnel need to be adjusted depending on the type of business, factors such as seasonality and preferences of potential customers. Adapting the Conversational Sales Funnel according to certain guidelines would contribute to better overall results for the company.

THE ROLE OF POLITICS AND SIGNIFICANT FACTORS IN THE DEVELOPMENT OF FEMALE ENTREPRENEURSHIP IN BOSNIA AND HERZEGOVINA AND THE RUSSIAN FEDERATION

Mirjana Milovanović — 2026-01-09

This article discusses topics such as the influence of the state and other factors, which significantly influence the development of female entrepreneurship in Republic of Srpska, Bosnia and Herzegovina and the Russian Federation. The authors considered various issues related to research, the most important of which are related to the measures defined by both entities and national policies, to help create the best possible environment for development. In this connection, a hypothesis has been defined: State incentives are sufficient for the development of female entrepreneurship. Research was conducted in Republic of Srpska and Bosnia and Herzegovina, the most significant results of which are presented in the work. All relevant data, which indicate the importance and encouragement of female entrepreneurship in the Russian Federation, were also explored. In conclusion, it is stated that it is necessary to improve the policies that deal with this type of entrepreneurship in both countries to ensure sustainable growth.

BUSINESS INTELLIGENCE MODEL FOR MULTIDIMENSIONAL ANALYSIS OF THE INSURANCE MARKET BASED ON OPEN DATA

Ana Šego — 2026-01-09

This paper explores the role of open data and business intelligence (BI) in analyzing the insurance market, with a specific focus on Bosnia and Herzegovina. Using available vehicle registration data, a system has been developed that enables territorial and temporal analysis of insurance companies’ market shares. The system contributes to making informed business decisions through an overview of key indicators, such as the number of policies issued, changes compared to previous periods, and the geographic distribution of the market. The use of open data has enhanced transparency, accessibility, and repeatability of analysis, thereby encouraging broader adoption of analytical tools. The system does not require advanced analytical knowledge from users but facilitates result interpretation through visual indicators and automated reports. In addition to presenting the existing solution, the paper proposes expanding the system through the application of artificial intelligence, including predictive analysis, market segmentation and identification of customer churn risk. The proposed model shows how open data can serve as the basis for powerful BI systems, accessible even to smaller organizations, with the potential for wider application in the public sector, industry and scientific research. This paves the way for intelligent business analytics that support strategic decision-making, improve efficiency, and promote the development of data-driven practices.

TOWARD AI‑ENABLED INSTITUTIONAL REPORTING: A CONCEPTUAL PROPOSAL WITH A CROATIAN HEI CASE STUDY

Verica Budimir — 2026-01-09

The aim of this paper is to assess the possibilities and limitations of applying AI—huge language models (LLMs) and retrieval-augmented generation (RAG)—to support the preparation of institutional quality and performance reports. The study explores the key challenges of current reporting practices and assesses the potential of AI to enhance the quality, efficiency, and usefulness of reporting in higher education.
The methodology is based on a scoping literature review covering quality assurance in higher education, stakeholder information needs, institutional quality and performance reporting, and the use of LLMs and related AI technologies in reporting processes. A case study of a Croatian higher education institution was used to analyse stakeholder information requirements, types of existing reports, data sources and databases, reporting frequency, and the main limitations of current reporting practices. The findings show that stakeholders’ needs differ significantly, requiring a range of report formats (e.g., KPIs, plans, self-assessment reports, survey results). Additionally, data sources are fragmented and dispersed across multiple systems, making data collection and analysis difficult and increasing the subjectivity of result interpretation.
Based on these findings, the paper proposes a conceptual model that links specific business and reporting challenges with potential AI-based solutions. The results suggest that AI can streamline and accelerate report preparation, while tailoring outputs to diverse stakeholder groups. However, due to institutional diversity, a universal “one-size-fits-all” solution is unlikely. Instead, institutions should conduct pilot projects using real documentation enriched with metadata and AI models adapted to the Croatian language and institutional context.
Following implementation, it will be necessary to critically evaluate the accuracy of AI-generated outputs, assess the ability to link conclusions with supporting evidence, and identify any unintended consequences.