APPLICATION OF ARTIFICIAL INTELLIGENCE IN THE SERBIAN ECONOMY

ACHIEVEMENTS AND LIMITATIONS

Abstract

In the modern economy, digital transformation and the application of artificial intelligence technologies serve as key drivers of business development and determinants of improved business performance. Despite the fact that the competitiveness of companies
in the market, as well as their survival and growth, are conditioned by technological modernization, the application of artificial intelligence tools and technologies in Serbian companies is still in its early stages. The stagnation in modernization is justified by the lack of financial resources, outdated technological infrastructure, and a shortage of skilled labor. Additionally, there are legal and ethical concerns, such as data protection and privacy issues, as well as worries about job preservation. A particular challenge is the lack of legislative regulation regarding the application of artificial intelligence. The aim of this paper is to highlight the importance of introducing artificial intelligence technologies into business processes, examine the progress made in this regard in Serbia, and analyze the limitations and potential solutions to ensure sustainable growth in the future.