THE SIGNIFICANCE OF INNOVATION AS A DEVELOPMENTAL ELEMENT OF AN ORGANIZATION – RESEARCH RESULTS

Abstract

This paper explores innovation as a developmental element of an organization by examining various types of innovations and defining the concepts of innovation and innovativeness. The study also focuses on the role and significance of innovations in organizations, both in general business operations and specifically in the context of business in Serbia. Therefore, the paper clarifies the role and significance of innovations through macro and micro events. However, the paper is not solely confined to the framework of innovations. It also illustrates, using the example of digitalization as a means of establishing innovations, how these innovations specifically impact the operations of companies. A special section of the paper is dedicated to generating primary data. Through a questionnairebased survey, quantitative research confirms the theoretical assumptions. The significance of innovation, specifically digitalization, as a developmental element of an organization is demonstrated through the example of the company "KOŠ". The research results indicate that by assessing the innovative capacity of a company, it is possible to provide a comprehensive overview of the current state of the company and potential avenues for improvement.