Milos Loncar
Faculty of Organizational Sciences, University of Belgrade, Serbia
Marina Jovanovic Milenkovic
Faculty of Organizational Sciences, University of Belgrade, Serbia
Milos Trkulja
Faculty of Economics, University of Banja Luka, Bosnia and Herzegovina

​​ ​ ​​ ​

4th International Conference – ERAZ 2018 – KNOWLEDGE BASED SUSTAINABLE ECONOMIC DEVELOPMENT, Sofia- Bulgaria, June 7, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia;  Faculty of Business Studies, Mediterranean University – Podgorica, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia, ISBN 978-86-80194-12-7


The current research investigated technological support to managers in adopting quantitative models of management due to the latest inventions of the Internet of Things in the digital age. The research evaluated the potential influence of IoT-based digital transformation on the internal business processes and external business processes in competitive workplace environment. It examined how successfully artificial intelligence based IoT and IoT-based Robotics supported the management of growing businesses in the manufacturing industry to improve productivity, employee performance, competitiveness and sustainability in their business operations due to latest technological developments and their implementation for the quantitative models of management. The research also explored the potential influence of IoT-based digital transformation on reducing operational costs, improving business operations and ensuring safety and security of business data through IoT-based databases. Overall, the research examined how successfully the applications of IoT-based digital transformation changed business operations and manufacturing processes by empowering the management with latest technologies and quantitative models of management to succeed in achieving their desired goals. 

Key words

Internet of Things, IoT-based digital transformation, quantitative models of management, business data, artificial intelligence, IoT-based Robotics


  1. Balic, T., & Ebrahimi, H. (2017). Automation and Digital Transformation: The ways that automation solutions can support digital transformation within ICT companies. Master of Science Thesis work in IT Management, University of Gothenburg
  2. Chen, M., Mao, S., Zhang, Y., & Leung, V., C., M. (2014). Big Data: Related Technologies, Challenges and Future Prospects. Springer Cham Heidelberg New York Dordrecht London
  3. Coleman, S., Anderson, K., Alexander, A., Lynch, M., & Cummings, J. (2017). Matching Talent to the Internet of Things era: Go beyond technical proficiency and include a more people-focused approach. Korn Ferry Institute
  4. Crump, J., & Brown, I. (2013). The Societal Impact of the Internet of Things. The Chartered Institute for IT
  5. Garetti, M., & Taisch, M. (2012). Sustainable Manufacturing: Trends and Research Challenges. Production Planning & Control, Vol. 23, No. 2-3, pp. 83-104
  6. Gubbi, J., Buyya, R., Marusic, S., & Palaniswami, M. (2013). Internet of Things (IoT): A vision, architectural elements, and future directions. Future Generation Computer Systems, Vol. 29, Issue 7, pp. 1645-1660
  7. Kranz, M., (2017). Building the Internet of Things: Implement New Business Models, Disrupt Competitors, And Transform Your Industry. John Wiley & Sons, Inc
  8. Marjani, M., Nasaruddin, F., Gani, A., Karim, A., Hashem, I., A., T., Siddiqa, A., & Yaqoob, I. (2016). Big IOT Data Analytics: Architecture, Opportunities, and Open Research Challenges. IEEE Access, Vol. 5, pp. 5247-5261
  9. Marsh, J. (2017). How Does IoT and Mobility Help Digital Transformation. WSO2, retrieved from
  10. Manika, J., Chui, M., Bisson, P., Woetzel, J., Dobbs, R., Bughin, J., & Aharon, D. (2015). The Internet of Things: Mapping the Value Beyond the Hype. McKinsey & Company
  11. Microsoft, (2015). Competing in the digital age of manufacturing: Transforming business process with Industrial IoT capabilities. TCS Global Trends Study
  12. Milojevic, M. (2017). Digital Industrial Transformation with the Internet of Things: How can European companies benefit from IoT? CXP Group, pp. 1-18
  13. Pacis, D., M., M., Subido, E., D., C., & Bugtai, N., T. (2017). Research on the Application of Internet of Things (IoT) Technology Towards a Green Manufacturing Industry: A Literature Review. DLSU Research Congress, De La Salle University, Manilla, Philippines
  14. Pundir, Y., Sharma, N., & Singh, Y. (2016). Internet of Things (IoT): Challenges and Future Directions. International Journal of Advanced Research in Computer and Communication Engineering, Vol. 5, Issue 3, pp. 960-964
  15. Rong, W., Vanan, G., T., & Phillips, M. (2016). The Internet of Things (IoT) and Transformation of the Smart Factory. In 2016 International Electronics Symposium (IES), IEEE, pp. 399-402
  16. Rossi, B. (2018). How the Internet of Things is changing Business Models. Information Age, retrieved from
  17. Shea, T. (2017). Digital Transformation Drives Operational Excellence in Oil and Gas. Industrial IoT/Industries 4.0 Viewpoints on Digitizing Industry & Infrastructure
  18. Shrouf, F., & Miragliotta, G. (2015). Energy Management based on Internet of Things: Practices and Framework for Adoption in Production Management. Journal of Cleaner Production, Vol. 100, pp. 235-246
  19. Unhelkar, B., & Murugesan, S. (2016). IoT Data Management and Analytics: Realizing Value from Connected Devices. Cutter IT JournalThe Journal of Information Technology Management, Vol. 29, No. 4, pp. 1-40
  20. Weber, R., M. (2016). Internet of Things becomes Next Big Thing. Journal of Financial Service Professionals, Vol. 70, No. 6, pp. 43-46​​