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
DOI: https://doi.org/10.31410/eraz.2018.521
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
Abstract
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
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