IMPORTANCE OF ADVANCED TECHNOLOGIES FOR BETTER COMPETITIVENESS OF SMALL AND MEDIUM COMPANIES
IMPORTANCE OF ADVANCED TECHNOLOGIES FOR BETTER COMPETITIVENESS OF SMALL AND MEDIUM COMPANIES

Summary/Abstract: Advanced is any technology used in the design, engineering, fabrication and assembly, automated materials management, as well as in the development of systems of information, integration and control. There is a growing interdependence between a firm’s ability to use advanced technology and its ability to implement corporate strategies and achieve corporate goals. Managers who implement advanced technologies achieve cost savings, develop more intensive business links with their suppliers and customers, achieve better market position and develop more profound strategies. These benefits of the advanced technologies improve the competitiveness of their businesses. However, studies show that the introduction of some advanced technology does not necessarily bring superior returns. Moreover, the advanced technology calls for parallel improvement of the managerial practices and for development of corporate culture that fosters innovation. Our survey demonstrates that the owners and the managers of the small and medium-sized enterprises in the Republic of Macedonia have considerable level of awareness about the importance of the constant investment in new technologies. Thus, it corresponds with the rating of the economy of the Country as efficiency driven. However, their management practices are not sophisticated sufficiently to promote the Country into the group of the innovation driven economies.

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