"One reason artificial intelligence is such a significant innovation is that intelligence itself is the primary driver of innovation. This rapid technological change could accelerate even more if driven by human intelligence and AI. If this happens, changes that currently take decades could occur in a very short time – possibly within a year or even faster," says Nenad Tešić, partner at the domestic consulting and technology innovation company Egzakta Group.

In an interview for our portal, Tešić predicts the changes that rapid AI development could bring to business and life:

"Many experts believe there is a chance that human-level AI will develop in the coming decades. 'Artificial General Intelligence' (AGI) refers to the type of AI that can understand, learn, and apply knowledge across various tasks, similar to human intelligence. Unlike the currently dominant 'Artificial Narrow Intelligence' (ANI), which is specialized for specific tasks, AGI can perform any intellectual task that a human can. And, of course, the main question awaiting an answer is: What new will AI bring to Development? The expectations are epochal, comparable to the moment in civilization's Development when man invented the wheel."

So, significant changes are yet to come?

"Changes driven by process automation and digitalization of business not only reduce costs and increase efficiency but also lead to changes in jobs and new skills. IoT increases real-time connectivity and improves operational management, while Big Data and advanced analytics enable better understanding of customers, their behavior, and opportunities to track trends."

What business environment and conditions do these latest technological changes bring?

"The business environment currently creates numerous opportunities for innovation and significant challenges for adaptation. Those who adopted new technologies in time are generating incredible opportunities today. In contrast, others struggle with adaptation or resist the new environment, primarily because they have not yet understood it."

At what pace do you expect the Development of new technologies to be?

"The emergence of technology – artificial intelligence (AI), which could profoundly change our world and bring significant (expected) changes in the speed of further development, which, from the 'shoes we wear today,' we can hardly predict."

Tešić: We are witnessing a comprehensive digitalization process at the state level, and the awareness of necessity is, in my opinion, very present. I expect the implementation of AI as a technology in state institutions very soon.

How does Serbia fit into the changes brought by new technologies?

"Serbia has adopted a national AI strategy covering the period until 2025. The strategy aims to promote the Development and application of AI technologies in various sectors, including public administration. Some initiatives encourage cooperation between universities, research institutions, and government bodies to develop AI technologies. Serbia also hosts various conferences and workshops dedicated to this field. A major problem is the need for more experts in AI, greater investments in infrastructure and education, and issues of privacy and ethics related to AI technologies. It is necessary to provide more educational programs to train experts needed for AI projects and for the continuous training of public sector employees. Although the state should create an environment for Development, further implementation and Development will depend solely on individuals and their readiness to accept it. We are witnessing a comprehensive digitalization process at the state level, and the awareness of necessity is very present. I expect the implementation of AI as a technology in state institutions very soon."

And how does Egzakta Group contribute to applying the latest technologies in the companies it collaborates with? What does that look like on the Serbian business scene?

"The Egzakta Group team primarily provides expert consultations that help companies identify technological needs and opportunities. Through a detailed analysis of business processes, we help them develop strategic plans for implementing technologies to improve their business. This includes integrating digital tools, automating processes, implementing advanced analytics tools, and finding the best applications for some AI models.

We still most often bring practices and experiences in innovations from the global market. Before starting any project, we explain the advantages and define expectations with clients. After implementation, we continue to monitor the efficiency of the introduced technologies and provide support for their further optimization. This enables companies to continuously improve their technological capacities and respond to new market opportunities."

Tešić: Introducing the Board of Directors will allow us to bring in critical experts for the areas needed at the Group level and separate the Group's operations from business entities, with better management through management lines.

In a relatively short time, Egzakta Group has expanded its businesses. It is now moving to new organizational forms, introducing the institution of the Board of Directors and some other changes... What is it about? What business transformation are you entering and why?

"With the acquisitions and mergers we have done in the last two years, we have moved from a management consulting firm to a technology innovation company that no longer has multiple businesses but, as we see it, only one business, which is divided into three pillars of operation: Management Consulting, IT (with our software solutions), and IoT/AI. This direction of Development is precisely conditioned by the rapid adaptation and understanding of needs that will change global business and the knowledge of business in the next five to seven years.

From a flat, horizontal organization, typical for startups, which brings speed and the involvement of the entire team, we are transitioning to the 'corporatization' of the company. This will be a slightly different path than expected, primarily due to the culture we cultivate, and we will not give up. Introducing the Board of Directors will allow us to bring in critical experts for the areas needed at the Group level and separate the Group's operations from business entities, with better management through management lines."

Tešić: Offices have been opened in Amsterdam, Ljubljana, and Dubai. Through the office in Ljubljana, we want to cover the markets of Slovenia, Croatia, and northern Italy, while through the office in Amsterdam, we want to expand our presence in the EU, primarily in the Baltic countries and the DACH region.

You also announced the regional expansion of the Egzakta Group. Which markets are involved, when do you start, what are your goals, and how will you operate in those markets?

"Offices have been opened in Amsterdam, Ljubljana, and Dubai. Through the office in Ljubljana, we want to cover the markets of Slovenia, Croatia, and northern Italy, while through the office in Amsterdam, we want to expand our presence in the EU, primarily in the Baltic countries and the DACH region.

The Dubai office was launched because the management consulting industry has experienced significant growth over the past five years, driven by government strategies for economic diversification. Saudi Arabia stands out with ambitious plans within its Vision 2030, including developing new economic sectors and digital transformation. This creates significant opportunities in the strategic part and support for transformation programs. Our Group, judging by the initial projects we are negotiating, has excellent potential, and we expect significant growth in our office in a very short time.

Local teams are planned to be formed in all offices because our job and work culture involves close relationships with clients, and most work at the client's site. Local teams will, of course, be led by the most experienced team members from Belgrade.

Tešić: A quote from Peter Drucker, often cited by our oldest team member, perfectly captures this philosophy: 'Culture eats strategy for breakfast.' This quote emphasizes that no matter how clear and well-defined strategic plans are, an organization's true strength and success lie in its culture.

What is the most crucial message or business insight you have come to in your work and partnership at Egzakta Group?

"The most crucial message is creating a culture of learning and innovation within the team. Establishing transparency, mutual trust, and clear, shared goals is vital. This philosophy improves team functionality and encourages every member to contribute to building a global company. Learning, following innovations, and continuous team education are essential to maintaining competitiveness and leadership in a fast-paced technological world.

In line with the importance of teamwork and innovation, a quote from Peter Drucker, often cited by the oldest team member, perfectly captures this philosophy: 'Culture eats strategy for breakfast.' This quote emphasizes that no matter how clear and well-defined strategic plans are, the actual San organization and the success of an organ culture are essential. At Egzakta Group, we are focused on creating a culture that values learning, openness to new ideas, and a team spirit that believes in global success."

And what are the biggest challenges for the global economy now, in mid-2024?

"The biggest challenges in Europe, as well as globally, remain unchanged from the beginning of the year. They primarily include inflation and the alignment of monetary policies of countries affected by high inflation and the expectation of long-term high interest rates, which is considered the new golden era of banking. Additionally, we still have conflicts such as the war in Ukraine and instability in the Middle East, which bring general uncertainty, an energy crisis, and the transition to a green economy that requires significant investments, the long-term impact of the COVID-19 pandemic, changes in work habits, the need to balance private and professional life, and technological changes that require adaptation from industries and the workforce. These factors together can lead to serious market disruptions and increased inequality, which is why they require vigilance and diligent activities, often involving additional investments to remain competitive in the market," said Nenad Tešić, partner at Egzakta Group, in an interview for our portal.