Faculty of Technical Sciences in Čačak, University of Kragujevac , Kragujevac , Serbia
Technical Faculty “Mihajlo Pupin”, University of Novi Sad , Novi Sad , Serbia
Technical Faculty “Mihajlo Pupin”, University of Novi Sad , Novi Sad , Serbia
School of Electrical and Computer Engineering, Academy of Technical and Art Applied Studies , Beograd , Serbia
Belgrade Business and Art Academy of Applied Studies , Beograd , Serbia
This paper analyses the operations of domestic small and medium-sized enterprises (SMEs) in the conditions of the modern business environment, as brought about by the aspects of Industry 4.0 and Society 5.0. The globalized market and escalating geopolitical conflicts have already brought, and will be increasingly bringing, a series of challenges to companies. In order to achieve competitiveness, the focus of SMEs should be on continuous improvement of quality and operations. Finally, the approach to business improvement is considered, which takes into account the technologies of Industry 4.0 and the framework of Society 5.0 and their effect on business processes, which provides insight into the necessity of continuous improvement of business
processes.
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