Smart Framework: Application under the Conditions of Modern Economy

'Smart' is a term that has earned considerable scientific attention in different areas of research over the last few years. The variety of areas the term ‘smart’ is used nowadays calls for the development of a comprehensive and inclusive definition that would fit to all the contexts and situations. Many researchers focus on the fragmentary aspects of the concept ‘smart’, but systematic research in this area is hard to find. In response to the increasing use of the concept ‘smart’, the main aim of this paper is to provide an accurate definition of ‘smart’ which would be applicable in different areas of modern economy. A standardized definition could be used as an ‘umbrella’ for the development of other relevant topics. This conceptual paper also introduces the ‘smart’ framework, which incorporates all the components of the definition: challenges, environment, orchestration and sustainable welfare. The ‘smart’ framework was built by integrating different concepts and principles, such as technology reference models (TRM), open systems interconnection principles (OSI), etc. It reveals the peculiarities of ‘smart’ performance and application under the conditions and challenges of modern economy.