Selma Selimović

Bosnia and Herzegovina

Željka Simić

Bosnia and Herzegovina

We are witnessing a dynamic business environment around the word and the struggle for survival in the market. Changes are inevitable in the business word. Organizations that is imposed if they want to be competitive have to innovate, which represent an essential factor in every business. Strength of any organization is reflected in the willingness of its management to innovate in their business. Today, the ability to innovate is most important factor creating a competitive advertange and success od the company. Gaining a competitive advantage in today's business requires new ideas that are inspired by carefully observing current trends in the market. The aim is to highlight the importance of innovation in the modern business organization. Innovations are an important factor in the entrepreneurial process and their introduction into business is the main task of management. In business terms, innovation can be a new product, service or a new way of delivery of existing products. The importance of innovation leads to more pronounced thanks to modern business processes, such as increased competition, shortening product life cycle and the like. A key aspect of any efficient organization is the active participation of each organizational until in the innovation process. Innovation is not just the responsibility of research and development, marketing and production. These include simultaneous engagement of all functional areas among which the most important are: research and development, marketing, production, finance and accounting, human resources management, and resources outside the company.