Even though Industry 4.0 is primarily focused on the implementation of advanced digital technologies, this is not the only aspect that should be considered. One of the aspects that calls for attention is the ability to create a sustainable and agile industrial environment. In this sense, the role of project management is crucial for achieving business excellence in a new industrial paradigm. The main goal of this paper was to determine the impact of different levels of project management maturity on business excellence in the context of Industry 4.0. The research in the paper was made using a sample of 124 organizations, differing in industry type and size, and recognized through the business excellence awards or recognitions given by European Foundation for Quality Management (EFQM). Using the Project Management Maturity Model (ProMMM), a significant connection was found between project management maturity and business excellence. Considering technology advances, these relationships were further examined in the context of Industry 4.0. Empirically based conclusions were drawn, which contribute to the literature on project management and business excellence in the context of Industry 4.0. Practitioners can implement them for more effective project management with the intention of bringing excellence into the organization’s operations and results. Additionally, they can be useful to help organizations better cope with changing technology trends.

With the rapid advancements in Information and Communication Technologies (ICT) and the widespread enthusiasm of both theoreticians and practitioners, the broader transition to Industry 4.0 (I4.0) in major industries appears imminent. This empirical study analyzes business data from 1140 automotive companies operating in Europe, utilizing various business intelligence platforms and employing decision tree analytics to establish connections between enablers, drivers, company size, and financial resources. The goal is to identify persistent barriers hindering the rational transition to Industry 4.0. The findings reveal an uneven transformation within the industry nexus. While larger companies possess the financial means to allocate collective intelligence, technical resources, and drive necessary for fulfilling I4.0 requirements, smaller members of the nexus lag behind despite their enthusiasm and intent. This imbalanced evolution poses a threat to the comprehensive transformation required for realizing all the benefits of Industry 4.0 within the sector. The primary discovery indicates that small to medium-sized enterprises do not exhibit the same rates of Industry 4.0 adoption, a lag highly correlated with their available financial and human resources for digital transition. The decision tree proposed in this study offers guidelines for achieving an Industry 4.0-compliant nexus. Given its diversity and substantial global impact, the case study from the automotive industry proves intriguing and may later be generalized to other sectors. The study’s outcome could empower engineering managers and researchers to implement, execute, and assess the impact of digital strategies based on the financial capabilities of industrial institutions.

The subject of this paper is pharmaceutical companies and the risk factors that occur in the distribution of drugs. The paper will present guidelines for the risk management of changes in the environment of pharmaceutical distribution channels. To identify, analyse, and prioritise risks, we used a systematic literature review and the Delphi method. Identification and assessment of important risk factors in drug distribution channels were conducted based on opinions of experts from 10 international pharmaceutical companies operating in Southeast Europe. The purpose of the research was to get opinions from experts about the impacts of the risk factors on the distribution of drugs, which was accomplished through interviews and questionnaires that were conducted. Our study demonstrated a total of 78 risk factors in the distribution channels of drugs and pharmaceutical services. The results of the research combined separate evaluations for risk factors in all categories for easier data analysis. After data were obtained, results were arranged to show which risk factors had the biggest influence upon the distribution of drugs and to determine the negative effects they can produce. The research of risks was done primarily to help the representatives of distribution channels gain better insight into drug distribution.

Research Question: This paper explores the potential of new start-ups and spin-offs within the university capacity and their impact on the process of creating an entrepreneurial ecosystem. Motivation: The research presented in this paper is motivated by the desire to analyse the role of university in entrepreneurial ecosystem based on the real case of the University of Novi Sad. An insight into relevant literature sources revealed that there exists a large influence of university’s new companies in developing the entire business environment and business sustainability. This example could be relevant to similar universities in the other developing countries, because current literature covers only examples from developed countries. One of this is a research paper conducted by the Stanford University under the name “An analysis of the entrepreneurial activity of the Stanford community over 50 years”. Idea: The main idea is to present the importance of University’s new companies in creating an entrepreneurial ecosystem, and their impact on the creation of economic activity and sustainable development. Data: This research includes economic activity data of business entities at the University of Novi Sad. This paper presents data on new companies within the University of Novi Sad in the period 1990-2015 which were available, as well as data on companies in the territory of the Republic of Serbia, Vojvodina region and the City of Novi Sad. In this analysis, 123 companies from the University of Novi Sad were included. Tools: In this paper comparative statistics was used based on collected data of the total number of companies and the number of employees according to company’s size and geographical location. For the purpose of this research, we used interactive internet portals Trading Economics and IvanStat. Findings: According to the analysis, the University of Novi Sad is a prominent example of the establishment and operation of new companies founded within it. The percentage of companies that have survived in the observed period is high and it is approximately 63%. Contribution: This paper gives us an overview of newly founded companies (start-ups and spin-offs) within the University of Novi Sad, especially focusing on economic activity and creating conditions for sustainable development.

In today's business environment, which offers great opportunities for innovation, more individuals are looking to develop new business ideas and become entrepreneurs. The constant emergence of new trends, continuous monitoring, and adaptation to these trends are integral parts of conducting business. Managing those projects generally requires adherence to certain rules and guidelines. This is a complex whole, and it is important to start with understanding the basic concepts. This paper aims to highlight the importance of key project management skills and to examine whether they can be applied to leading an entrepreneurial venture. The study was conducted based on a sample of 46 entrepreneurs engaged in various activities. Based on the obtained and analyzed results, a significant correlation was established with the basic skills applied in both fields. The insights gained can contribute to the further education of entrepreneurs, enabling them to plan and conduct their business systematically to achieve better results.