Search results for: business process model and notation

Authors: Rui Sun, Tamer M. Ismail, Xiaohan Ren, M. Abd El-Salam

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Incineration of municipal solid waste (MSW) is one of the key scopes in the global clean energy strategy. A computational fluid dynamics (CFD) model was established. In order to reveal these features of the combustion process in a fixed porous bed of MSW. Transporting equations and process rate equations of the waste bed were modeled and set up to describe the incineration process, according to the local thermal conditions and waste property characters. Gas phase turbulence was modeled using k-ε turbulent model and the particle phase was modeled using the kinetic theory of granular flow. The heterogeneous reaction rates were determined using Arrhenius eddy dissipation and the Arrhenius-diffusion reaction rates. The effects of primary air flow rate and temperature in the burning process of simulated MSW are investigated experimentally and numerically. The simulation results in bed are accordant with experimental data well. The model provides detailed information on burning processes in the fixed bed, which is otherwise very difficult to obtain by conventional experimental techniques.

Keywords: computational fluid dynamics (CFD) model, waste incineration, municipal solid waste (MSW), fixed bed, primary air

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Authors: Gelareh Changizi, Mahsa Khajavi, Ladan Shahhosseini

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Corporate-level strategy, or simply ‘parent strategy’, is a topic that has received much attention since the very early days of the strategic planning field. Since the multi level enterprises have different sub enterprises which deal with different business environments, we cannot define the same strategic perspective for all of them. Therefore, the determination of a perspective to manage and deal with affiliates of such enterprises is the main challenge. The parent strategy in mother enterprises' level has been analyzed in this research. A case study has been carried to comprehensively describe the proposed model.

Keywords: parent strategy, multi-business companies, performance evaluation, lifecycle

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Authors: Aedah Abd Rahman

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Software organisations may implement single or multiple frameworks in order to remain competitive. There are wide selection of generic Software Process Improvement (SPI) frameworks, best practices and standards implemented with different focuses and goals. Issues and difficulties emerge in the SPI practices from the context of software development and IT Service Management (ITSM). This research looks into the integration of multiple frameworks from the perspective of software development and ITSM. The research question of this study is how to define steps of methodology to solve the multi model software process improvement problem. The objective of this study is to define the research approach and methodologies to produce a more integrated and efficient Multi Model Process Improvement (MMPI) solution. A multi-step methodology is used which contains the case study, framework mapping and Delphi study. The research outcome has proven the usefulness and appropriateness of the proposed framework in SPI and quality practice in Malaysian software industries. This mixed method research approach is used to tackle problems from every angle in the context of software development and services. This methodology is used to facilitate the implementation and management of multi model environment of SPI frameworks in multiple domains.

Keywords: Delphi study, methodology, multi model software process improvement, service management

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Authors: Lindie Grebe

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This paper reports on a study that explored the strategizing practices of professional accountants in the mining industry, based on Jarratt and Stiles’ dominant strategizing practice models framework. Drawing on a strategy-as-practice perspective, the paper recognises qualified professional accountants in strategic management such as Chief Executive Officers, as strategy practitioners that perform their strategizing practices and praxis within a specific context. The main findings of this paper were produced through semi-structured individual interviews with accountants that perform strategy on a business level in the South African mining industry. Qualitative data were analysed through conversation analysis over two coding-cycles. Findings describe accountant strategists as practitioners who challenge the dominant business model when a disconnect seems to exist between international corporate level strategy and business level strategy in the South African mining industry. Accountant strategy practitioners described their dominant strategizing practice model as incremental change during strategic planning and as a lived experience during strategy implementation. Findings portrayed these strategists as taking initiative as strategy leaders in a dynamic and volatile environment to combine their accounting background with strategic management and challenge the dominant business model. Understanding how accountant strategists perform strategizing offers insight into the social practice of strategic management. This understanding contributes to the body of knowledge on strategizing in the South African mining industry. In addition, knowledge on the transformation of accountants as strategists could provide valuable practice relevant insights for accounting educators and the accounting profession alike.

Keywords: accountant strategists, dominant strategizing practice models framework, mining industry, strategy-as-practice

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Authors: Charlie Yang

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The idea that business practitioners urgently need a more holistic and humanistic philosophy about the free market economy has gained some attraction among business practitioners and business professors. Those who have endorsed “conscious capitalism” as an emerging business philosophy also contended that business education should be grounded in a more positive understanding of capitalism, which enables future business leaders to have a greater impact on the world. This study is designed to critically examine the theoretical foundations of conscious capitalism and its practical and pedagogical possibilities as an emerging business movement. Based on the analysis of qualitative data collected through reflective essays written by business students, I will discuss the pedagogical and practical implications for developing conscious leadership in the context of more transformative and contemplative management education.

Keywords: conscious capitalism, conscious leadership, contemplative management education, contemplative pedagogy

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Authors: Giulio Mangano, Alberto De Marco, Giovanni Zenezini

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The concept of City Logistics (CL) has emerged to improve the impacts of last mile freight distribution in urban areas. In this paper, a System Dynamics (SD) model exploring the dynamics of the diffusion of a ICT platform for CL management across different populations is proposed. For the development of the model two sources have been used. On the one hand, the major diffusion variables and feedback loops are derived from a literature review of existing diffusion models. On the other hand, the parameters are represented by the value propositions delivered by the platform as a response to some of the users’ needs. To extract the most important value propositions the Business Model Canvas approach has been used. Such approach in fact focuses on understanding how a company can create value for her target customers. These variables and parameters are thus translated into a SD diffusion model with three different populations namely municipalities, logistics service providers, and own account carriers. Results show that, the three populations under analysis fully adopt the platform within the simulation time frame, highlighting a strong demand by different stakeholders for CL projects aiming at carrying out more efficient urban logistics operations.

Keywords: city logistics, simulation, system dynamics, business model

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Authors: Xiang Zhang, David Rey, S. Travis Waller

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Stochastic User Equilibrium (SUE) model is a widely used traffic assignment model in transportation planning, which is regarded more advanced than Deterministic User Equilibrium (DUE) model. However, a problem exists that the performance of the SUE model depends on its error term parameter. The objective of this paper is to propose a systematic method of determining the appropriate error term parameter value for the SUE model. First, the significance of the parameter is explored through a numerical example. Second, the parameter calibration method is developed based on the Logit-based route choice model. The calibration process is realized through multiple nonlinear regression, using sequential quadratic programming combined with least square method. Finally, case analysis is conducted to demonstrate the application of the calibration process and validate the better performance of the SUE model calibrated by the proposed method compared to the SUE models under other parameter values and the DUE model.

Keywords: parameter calibration, sequential quadratic programming, stochastic user equilibrium, traffic assignment, transportation planning

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Authors: Dinesh Khanduja, Sahib Sartaj Singh

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In India, among the start ups, many new ventures fail and for the few that survive and grow, there are always numerous problems. In order to make these surviving units productive and cost effective-in today’s competitive environment, the traditional ways of supporting small enterprises and the related programs of governmental assistance need to be significantly transformed. In this context, ‘Business Incubation’ is emerging as one of the most innovative instruments to support small enterprise creation and development all over the world. Incubators, by providing on the-spot diagnosis and treatment of business problems, dramatically lower the early stage failure rate. In Europe, US and countries like China, Singapore, Thailand etc., the exceptionally fast growth of business incubators has baffled even the researchers. In this direction in India, following on the world pattern, several initiatives have been taken over the last decade to encourage the concept of business incubation. Besides profiling the existing ‘Business Incubators’ in India, the paper dwells upon a case study of SMEs in state of Punjab for exploring the relevance of business incubation for enhancing their productive capacity.

Keywords: business incubation, Technology Business Incubator (TBI), Rural Business Hub (RBH), entrepreneurship, Business Development Services (BDS), technology management

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Authors: Batuhan Kocaoglu

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Nowadays digital transformation is a hot topic both in service and production business. For the companies who want to stay alive in the following years, they should change how they do their business. Industry leaders started to improve their ERP (Enterprise Resource Planning) like backbone technologies to digital advances such as analytics, mobility, sensor-embedded smart devices, AI (Artificial Intelligence) and more. Selecting the appropriate technology for the related business problem also is a hot topic. Besides this, to operate in the modern environment and fulfill rapidly changing customer expectations, a digital transformation of the business is required and change the way the business runs, affect how they do their business. Even the digital transformation term is trendy the literature is limited and covers just the philosophy instead of a solid implementation plan. Current studies urge firms to start their digital transformation, but few tell us how to do. The huge investments scare companies with blur definitions and concepts. The aim of this paper to solidify the steps of the digital transformation and offer a roadmap for the companies and academicians. The proposed roadmap is developed based upon insights from the literature review, semi-structured interviews, and expert views to explore and identify crucial steps. We introduced our roadmap in the form of 8 main steps: Awareness; Planning; Operations; Implementation; Go-live; Optimization; Autonomation; Business Transformation; including a total of 11 sub-steps with examples. This study also emphasizes four dimensions of the digital transformation mainly: Readiness assessment; Building organizational infrastructure; Building technical infrastructure; Maturity assessment. Finally, roadmap corresponds the steps with three main terms used in digital transformation literacy as Digitization; Digitalization; and Digital Transformation. The resulted model shows that 'business process' and 'organizational issues' should be resolved before technology decisions and 'digitization'. Companies can start their journey with the solid steps, using the proposed roadmap to increase the success of their project implementation. Our roadmap is also adaptable for relevant Industry 4.0 and enterprise application projects. This roadmap will be useful for companies to persuade their top management for investments. Our results can be used as a baseline for further researches related to readiness assessment and maturity assessment studies.

Keywords: digital transformation, digital business, ERP, roadmap

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Authors: Ömer Akkaya, Muammer Zerenler

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Ethics is important for all shareholders and stakeholders that a firm has in its environment. Whether a firm behaves ethically or unethically has a significant influence on consumers’ decision making and buying process. This research tries to explain business ethics from consumers’ perspective. The survey includes several questions to explain how consumers react if they know a firm behave unethically or ethically. What are consumers’ expectations regarding the ethical behavior of firm? Do consumer reward or punish the firms considering the ethics? Does it really important for consumers firms behaving ethical?

Keywords: business ethics, consumer behavior, ethics, social responsibility

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Authors: Mette Dalgaard Nielsen

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The paper serves the purpose of providing an eco-systemic typology of fashion resale business models in Denmark while pointing to possibilities to learn from its wisdom during a time when a fundamental break with the dominant linear fashion paradigm has become inevitable. As we transgress planetary boundaries and can no longer continue the unsustainable path of over-exploiting the Earth’s resources, the global fashion industry faces a tremendous need for change. One of the preferred answers to the fashion industry’s sustainability crises lies in the circular economy, which aims to maximize the utilization of resources by keeping garments in use for longer. Thus, in the context of fashion, resale business models that allow pre-owned garments to change hands with the purpose of being reused in continuous cycles are considered to be among the most efficient forms of circularity. Methodologies: The paper is based on empirical data from an ongoing project and a series of qualitative pilot studies that have been conducted on the Danish resale market over a 2-year time period from Fall 2021 to Fall 2023. The methodological framework is comprised of (n) ethnography and fieldwork in selected resale environments, as well as semi-structured interviews and a workshop with eight business partners from the Danish fashion and textiles industry. By focusing on the real-world circulation of pre-owned garments, which is enabled by the identified resale business models, the research lets go of simplistic hypotheses to the benefit of dynamic, vibrant and non-linear processes. As such, the paper contributes to the emerging research field of circular economy and fashion, which finds itself in a critical need to move from non-verified concepts and theories to empirical evidence. Findings: Based on the empirical data and anchored in the business partners, the paper analyses and presents five distinct resale business models with different product, service and design characteristics. These are 1) branded resale, 2) trade-in resale, 3) peer-2-peer resale, 4) resale boutiques and consignment shops and 5) resale shelf/square meter stores and flea markets. Together, the five business models represent a plurality of resale-promoting business model design elements that have been found to contribute to the circulation of pre-owned garments in various ways for different garments, users and businesses in Denmark. Hence, the provided typology points to the necessity of prioritizing several rather than single resale business model designs, services and initiatives for the resale market to help reconfigure the linear fashion model and create a circular-ish future. Conclusions: The article represents a twofold research ambition by 1) presenting an original, up-to-date eco-systemic typology of resale business models in Denmark and 2) using the typology and its eco-systemic traits as a tool to understand different business model design elements and possibilities to help fashion grow out of its linear growth model. By basing the typology on eco-systemic mechanisms and actual exemplars of resale business models, it becomes possible to envision the contours of a genuine alternative to business as usual that ultimately helps bend the linear fashion model towards circularity.

Keywords: circular business models, circular economy, fashion, resale, strategic design, sustainability

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Authors: Vladimir Simovic, Matija Varga, Tonco Marusic

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This research paper shows matrix technology models and examples of information systems in education (in the Republic of Croatia and in the Germany) in support of business, education (when learning and teaching) and e-learning. Here we researched and described the aims and objectives of the main process in education and technology, with main matrix classes of data. In this paper, we have example of matrix technology with detailed description of processes related to specific data classes in the processes of education and an example module that is support for the process: ‘Filling in the directory and the diary of work’ and ‘evaluation’. Also, on the lower level of the processes, we researched and described all activities which take place within the lower process in education. We researched and described the characteristics and functioning of modules: ‘Fill the directory and the diary of work’ and ‘evaluation’. For the analysis of the affinity between the aforementioned processes and/or sub-process we used our application model created in Visual Basic, which was based on the algorithm for analyzing the affinity between the observed processes and/or sub-processes.

Keywords: designing, education management, information systems, matrix technology, process affinity

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Authors: Fernando Doral

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Family businesses are a key phenomenon within the business landscape. Nevertheless, it involves two terms (“family” and “business”) which are nowadays rapidly evolving. Consequently, it isn't easy to diagnose if a family business will be a growing or decreasing phenomenon, which is the objective of this study. For that purpose, a sample of 50 Spanish-established companies from various sectors was taken. Different factors were identified for each enterprise, related to the profile of the founders, such as age, the number of sons and daughters, or support received from the family at the moment to start it up. That information was taken as an input for a clustering method to identify groups, which could help define the founders' profiles. That characterization was carried as a base to identify three factors whose evolution should be analyzed: family structures, business landscape and entrepreneurs' motivations. The analysis of the evolution of these three factors seems to indicate a negative tendency of family businesses. Therefore the consequent diagnosis of this study is to consider family businesses as a declining phenomenon.

Keywords: business diagnose, business trends, family business, family business founders

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Authors: Rui G. Serôdio, Carina Martins, Alexandra Serra, José A. Lima, Luísa Catita, Paula Lopes

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Building on social identity approach, we tested the impact of social categorization and comparison in the psychosocial process by which social entrepreneurs define their group identity. Specifically, we address how both differentiation and assimilation processes are set of in the context of constructing a novel, distinctive and socially salient – social entrepreneurs. As part of a larger research line, a quasi-experimental study with Social and Business Entrepreneurs, as well as “Lay People” provided evidence consistent with our predictions: (1) Social Entrepreneurs, in contrast with Lay People and Business Entrepreneurs, value more strongly social identity than personal identity, and the later is the only group that values Personal Differentiation; (2) unlike Entrepreneurs, Social Entrepreneurs display an ingroup bias across group evaluations; (3) Lay People, display a self-serving bias, although, overall, they allocate a more positive image to the target groups; (4) combining own vs. others evaluations across all groups, Social Entrepreneurs receive the more positive value. From the standpoint of social identity and self-categorization theories and their approach to group process, we discuss the processes of intergroup comparison and differentiation as core processes in the construction of a positive social identity. We illustrate it within the context of social entrepreneurship, a political and social “wave” that flows across Europe at this time.

Keywords: group processes, social entrepreneurship, social identity, business entrepreneurs

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Authors: Shah Hussain Awan

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This study investigates the role of Business Incubation Centers (BICs) in fostering entrepreneurship in Pakistani universities. The high failure rate in new startups around the world has opened a challenging discussion. Though encouraging steps and strategies have been taken to overcome these challenges, still more aggressive action needs to be taken. However, Pakistan is one of the countries that promote entrepreneurship through BICs. The purpose of the present study is to develop a conceptual model that assesses the moderating impact of government policy on entrepreneurship development through business incubation centers of public and private universities. This area is under-researched, particularly in the context of Pakistan; therefore, this research may contribute to the existing body of knowledge to appraise the industry in Pakistan. The data collection procedure included a survey of stakeholders from private and public universities in Pakistan and was analyzed by SmartPLS 4.0. The findings show that Business incubation centers and government support have a significant impact on entrepreneurship development in Pakistan. Moderation analysis showed that for business incubation centers to be successful and effective, the government needs to implement efficient policies to inculcate entrepreneurship.

Keywords: business incubation centers, government support, policies, startup performance, entrepreneurship development

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Authors: Nor Azlina A. Rahman, Jamaliah Said, Salwana Hassan

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Prompt changes in global business environment, such as passionate competition, managerial/operational, changing governmental regulation and innovation in technology have significant impacts on the organizations. At present, global business environment demands for more proactive institutions on microfinance to provide an opportunity for the business success. Microfinance providers in Malaysia still accelerate its activities of funding by cash and cheque. These institutions are at high risk as the paper-based system is deemed to be slow and prone to human error, as well as requiring a major annual reconciliation process. The global transformation of financial services, growing involvement of technology, innovation and new business activities had progressively made risk management profile to be more subjective and diversified. The persistent, complex and dynamic nature of risk management activities in the institutions arise due to highly automated advancements of technology. This may thus manifest in a variety of ways throughout the financial services sector. This study seeks out to examine current operational risks management being experienced by microfinance providers in Malaysia; investigate the process of current practices on facilitator control factor mechanisms, and explore how the adoption of technology, innovation and use of management accounting practices would affect the risk management process of operation system in microfinance providers in Malaysia. A case study method was employed in this study. The case study also need to find that the vital past role of management accounting will be used for mitigation of risk management activities towards accountability as an information or guideline to microfinance provider. An empirical element obtainable with qualitative method is needed in this study, where multipart and in-depth information are essential to understand the issues of these institution phenomena. This study is expected to propose a theoretical model for implementation of technology, innovation and management accounting practices into the system of operation to improve internal control and subsequently lead to mitigation of risk management activities among microfinance providers to be more successful.

Keywords: microfinance, accountability, operational risks, management accounting practices

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Authors: Nasrin Akter, Prem Chhetri, Shams Rahman

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The present study tested Ajzen’s Theory of Planned Behavior (TPB) model to explain the formation of business customers’ intention to use 3PL services in Bangladesh. The findings show that the TPB model has a good fit to the data. Based on theoretical support and suggested modification indices, a refined TPB model was developed afterwards which provides a better predictive power for intention. Consistent with the theory, the results of a structural equation analysis revealed that the intention to use 3PL services is predicted by attitude and subjective norms but not by perceived behavioral control. Further investigation indicated that the paths between (attitude and intention) and (subjective norms and intention) did not statistically differ between 3PL user and non-user. Findings of this research provide an evidence base to formulate business strategies to increase the use of 3PL services in Bangladesh to enhance productivity and to gain economic efficiency.

Keywords: Bangladesh, intention, third-party logistics, Theory of Planned Behavior

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Authors: A. Seleem, M. Mortada, M. El-Morsi, M. Younan

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Diffusion stills have been effective in water desalination. The present work represents a model of the distillation process by using vertical single-effect diffusion stills. A semi-analytical model has been developed to model the process. A software computer code using Engineering Equation Solver EES software has been developed to solve the equations of the developed model. An experimental setup has been constructed, and used for the validation of the model. The model is also validated against former literature results. The results obtained from the present experimental test rig, and the data from the literature, have been compared with the results of the code to find its best range of validity. In addition, a parametric analysis of the system has been developed using the model to determine the effect of operating conditions on the system's performance. The dominant parameters that affect the productivity of the still are the hot plate temperature that ranges from (55-90 °C) and feed flow rate in range of (0.00694-0.0211 kg/m2-s).

Keywords: analytical model, solar distillation, sustainable water systems, vertical diffusion still

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Authors: Krassimir Todorov

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The purpose of the paper is to redefine the levels of structure of corporate, business and functional strategies that were established over the past several decades, to a conceptual model, consisting of corporate, business and operations strategies, that are reinforced by functional strategies. We will propose a conceptual framework of different perspectives in the role of strategic operations as a separate strategic place and reposition the remaining functional strategies as supporting tools, existing at all three levels. The proposed model is called ‘the strategic engine’, since the mutual relationships of its ingredients are identical with main elements and working principle of the internal combustion engine. Based on theoretical essence, related to every strategic level, we will prove that the strategic engine model is useful for managers seeking to safeguard the competitive advantage of their companies. Each strategy level is researched through its basic elements. At the corporate level we examine the scope of firm’s product, the vertical and geographical coverage. At the business level, the point of interest is limited to the SWOT analysis’ basic elements. While at operations level, the key research issue relates to the scope of the following performance indicators: cost, quality, speed, flexibility and dependability. In this relationship, the paper provides a different view for the role of operations strategy within the overall strategy concept. We will prove that the theoretical essence of operations goes far beyond the scope of traditionally accepted business functions. Exploring the applications of Resource-based theory and Market-based theory within the strategic levels framework, we will prove that there is a logical consequence of the theoretical impact in corporate, business and operations strategy – at every strategic level, the validity of one theory is substituted to the level of the other. Practical application of the conceptual model is tested in automotive industry. Actually, the proposed theoretical concept is inspired by a leading global automotive group – Inchcape PLC, listed on the London Stock Exchange, and constituent of the FTSE 250 Index.

Keywords: business strategy, corporate strategy, functional strategies, operations strategy

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Authors: Akshay Paranjape, Nils Plettenberg, Robert Schmitt

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Producing faulty products can be costly for manufacturing companies and wastes resources. To reduce scrap rates in manufacturing, process parameters can be optimized using machine learning. Thus far, research mainly focused on optimizing specific processes using traditional algorithms. To develop a framework that enables real-time optimization based on a predictive model for an arbitrary production process, this study explores the application of reinforcement learning (RL) in this field. Based on a thorough review of literature about RL and process parameter optimization, a model based on maximum a posteriori policy optimization that can handle both numerical and categorical parameters is proposed. A case study compares the model to state–of–the–art traditional algorithms and shows that RL can find optima of similar quality while requiring significantly less time. These results are confirmed in a large-scale validation study on data sets from both production and other fields. Finally, multiple ways to improve the model are discussed.

Keywords: reinforcement learning, production process optimization, evolutionary algorithms, policy optimization, actor critic approach

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Authors: Ujwal Kishor Zore, Shankar Balajirao Kausley, Aniruddha Bhalchandra Pandit

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There are some important design parameters of activated sludge process (ASP) for wastewater treatment and they must be optimally defined to have the optimized plant working. To know them, developing a mathematical model is a way out as it is nearly commensurate the real world works. In this study, a mathematical model was developed for ASP, solved under activated sludge model no 1 (ASM 1) conditions and MATLAB tool was used to solve the mathematical equations. For its real-life validation, the developed model was tested for the inputs from the municipal wastewater treatment plant and the results were quite promising. Additionally, the most cardinal assumptions required to design the treatment plant are discussed in this paper. With the need for computerization and digitalization surging in every aspect of engineering, this mathematical model developed might prove to be a boon to many biological wastewater treatment plants as now they can in no time know the design parameters which are required for a particular type of wastewater treatment.

Keywords: waste water treatment, activated sludge process, mathematical modeling, optimization

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Authors: Jesus Argueta

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This study aims to explore the Business Demography Phenomena along the Central American context, through the examination of its theoretical background, and the revision of Central American corporations success stories, that will eventually guide this research towards the business Demography Key Performance Indicators, across the Central American Business Ambiance. Considering that this analysis will support the development of a Small and Medium Business Observatory over the Honduran commercial landscapes, as platform for the reinforcement of this global topic.

Keywords: business demography, economic dynamism, small, medium and large enterprises, corporate demography

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Authors: K. Indra Gandhi

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Wireless Sensor Networks (WSNs) have always been characterized for application-specific sensing, relaying and collection of information for further analysis. However, software development was not considered as a separate entity in this process of data collection which has posed severe limitations on the software development for WSN. Software development for WSN is a complex process since the components involved are data-driven, network-driven and application-driven in nature. This implies that there is a tremendous need for the separation of concern from the software development perspective. A layered approach for developing data acquisition design based on Model Driven Development (MDD) has been proposed as the sensed data collection process itself varies depending upon the application taken into consideration. This work focuses on the layered view of the data acquisition process so as to ease the software point of development. A metamodel has been proposed that enables reusability and realization of the software development as an adaptable component for WSN systems. Further, observing users perception indicates that proposed model helps in improving the programmer's productivity by realizing the collaborative system involved.

Keywords: data acquisition, model-driven development, separation of concern, wireless sensor networks

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Authors: Sarah Müller-Sägebrecht

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Today’s volatile environment challenges executives to make the right strategic decisions to gain sustainable success. Entrepreneurship scholars postulate mainly positive effects of environmental changes on entrepreneurship behavior, such as developing new business opportunities, promoting ingenuity, and the satisfaction of resource voids. A strategic solution approach to overcome threatening environmental changes and catch new business opportunities is business model innovation (BMI). Although this research stream has gained further importance in the last decade, BMI research is still insufficient. Especially BMI barriers, such as inefficient strategic decision-making processes, need to be identified. Strategic decisions strongly impact organizational future and are, therefore, usually made in groups. Although groups draw on a more extensive information base than single individuals, group-interaction effects can influence the decision-making process - in a favorable but also unfavorable way. Decisions are characterized by uncertainty and risk, whereby their intensity is perceived individually differently. Individual risk-willingness influences which option humans choose. The special nature of strategic decisions, such as in BMI processes, is that these decisions are not made individually but in groups due to their high organizational scope. These groups consist of different personalities whose individual risk-willingness can vary considerably. It is known from group decision theory that these individuals influence each other, observable in different group-interaction effects. The following research questions arise: i) Which impact has the individual risk-willingness on BMI decisions? And ii) how do group interaction effects impact BMI decisions? After conducting 26 in-depth interviews with executives from the manufacturing industry, the applied Gioia methodology reveals the following results: i) Risk-averse decision-makers have an increased need to be guided by facts. The more information available to them, the lower they perceive uncertainty and the more willing they are to pursue a specific decision option. However, the results also show that social interaction does not change the individual risk-willingness in the decision-making process. ii) Generally, it could be observed that during BMI decisions, group interaction is primarily beneficial to increase the group’s information base for making good decisions, less than for social interaction. Further, decision-makers mainly focus on information available to all decision-makers in the team but less on personal knowledge. This work contributes to strategic decision-making literature twofold. First, it gives insights into how group-interaction effects influence an organization’s strategic BMI decision-making. Second, it enriches risk-management research by highlighting how individual risk-willingness impacts organizational strategic decision-making. To date, it was known in BMI research that risk aversion would be an internal BMI barrier. However, with this study, it becomes clear that it is not risk aversion that inhibits BMI. Instead, the lack of information prevents risk-averse decision-makers from choosing a riskier option. Simultaneously, results show that risk-averse decision-makers are not easily carried away by the higher risk-willingness of their team members. Instead, they use social interaction to gather missing information. Therefore, executives need to provide sufficient information to all decision-makers to catch promising business opportunities.

Keywords: business model innovation, decision-making, group biases, group decisions, group-interaction effects, risk-willingness

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Authors: Chante Van Tonder, Bart Bossink, Chris Schachtebeck, Cecile Nieuwenhuizen

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Small and Medium-Sized Enterprises (SMEs) play a key role in national economies around the world, being contributors to economic and social well-being. Due to this, the success, growth and competitiveness of SMEs are critical. However, there are many factors that undermine this, such as resource constraints, poor information communication infrastructure (ICT), skills shortages and poor management. The Fourth Industrial Revolution offers new tools and opportunities such as digital transformation and business model innovation (BMI) to the SME sector to enhance its competitiveness. Adopting and leveraging digital technologies such as cloud, mobile technologies, big data and analytics can significantly improve business efficiencies, value proposition and customer experiences. Digital transformation can contribute to the growth and competitiveness of SMEs. However, SMEs are lagging behind in the participation of digital transformation. Extant research lacks conceptual and empirical research on how digital transformation drives BMI and the impact it has on the growth and competitiveness of SMEs. The purpose of the study is, therefore, to close this gap by developing and empirically validating a conceptual model to determine if SMEs are achieving BMI through digital transformation and how this is impacting the growth, competitiveness and overall business performance. An empirical study is being conducted on 300 SMEs, consisting of 150 South-African and 150 Dutch SMEs, to achieve this purpose. Structural equation modeling is used, since it is a multivariate statistical analysis technique that is used to analyse structural relationships and is a suitable research method to test the hypotheses in the model. Empirical research is needed to gather more insight into how and if SMEs are digitally transformed and how BMI can be driven through digital transformation. The findings of this study can be used by SME business owners, managers and employees at all levels. The findings will indicate if digital transformation can indeed impact the growth, competitiveness and overall performance of an SME, reiterating the importance and potential benefits of adopting digital technologies. In addition, the findings will also exhibit how BMI can be achieved in light of digital transformation. This study contributes to the body of knowledge in a highly relevant and important topic in management studies by analysing the impact of digital transformation on BMI on a large number of SMEs that are distinctly different in economic and cultural factors

Keywords: business models, business model innovation, digital transformation, SMEs

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Authors: Vesali Naseh Morteza, Najafi Mohammad Hosein

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The possibility of trading in-game items for real money provides a high economic capacity for online games and turns them into a business model. Nowadays, the market for in-game item purchases and microtransactions or micropayments has been growing increasingly. Since the market should be legal, lawyers and lawmakers around the world have expressed concerns over the legality of online gaming and in-game transactions. The issue is highlighted by the recent emergence of an in-game business model in the name of loot boxes. Similarities between loot boxes gaming and gambling features activities have started a legal debate as to whether loot boxes constitute a form of gambling or whether the game’s use of loot boxes should be considered gambling. Hence, based on the relationship between loot boxes purchasing and problem gambling, the paper investigates the legal effect of the newly emergent phenomenon of loot boxes on online games from the perspective of Iranian law.

Keywords: serious games, loot boxes, online gambling, in-game purchase, virtual items

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Authors: Ali Abd El-Aty, Ahmed Tauseef, Ahmad Farooq

Abstract:

This research aims at analyzing and optimizing the hydroforming process parameters to achieve a sound bulged tube without failure. Theoretical constitutive model is formulated to develop a working diagram including process window, which represents the optimize region to carry out the hydroforming process and predict the type of tube failure during the process accurately. The model is applied into different bulging ratios for low carbon steel (C1010). From this study, it is concluded that the tubes with bulging ratios up to 50% and 70% are successfully formed without defects. The tubes with bulging ratio of 90% are successfully formed by hydroforming with optimized the loading path (axial feed versus internal pressure) within the process window. The working diagram is modified due to different types of formation of wrinkling during the hydroforming process. The formation of wrinkles with increasing axial feed can be useful in terms of the achievement of higher bulging ratio and/or less thinning and this type of wrinkles can be overcome through the internal pressure in the later stage of the hydroforming process. On the other hand, the formation of wrinkles may be harmful, if it cannot be reversed.

Keywords: finite element, hydroforming, process window, wrinkling

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Authors: Meriem Bahij, Ahmed Nafidi, Boujemâa Achchab, Sílvio M. A. Gama, José A. O. Matos

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Stochastic modeling concerns the use of probability to model real-world situations in which uncertainty is present. Therefore, the purpose of stochastic modeling is to estimate the probability of outcomes within a forecast, i.e. to be able to predict what conditions or decisions might happen under different situations. In the present study, we present a model of a stochastic diffusion process based on the bi-Weibull distribution function (its trend is proportional to the bi-Weibull probability density function). In general, the Weibull distribution has the ability to assume the characteristics of many different types of distributions. This has made it very popular among engineers and quality practitioners, who have considered it the most commonly used distribution for studying problems such as modeling reliability data, accelerated life testing, and maintainability modeling and analysis. In this work, we start by obtaining the probabilistic characteristics of this model, as the explicit expression of the process, its trends, and its distribution by transforming the diffusion process in a Wiener process as shown in the Ricciaardi theorem. Then, we develop the statistical inference of this model using the maximum likelihood methodology. Finally, we analyse with simulated data the computational problems associated with the parameters, an issue of great importance in its application to real data with the use of the convergence analysis methods. Overall, the use of a stochastic model reflects only a pragmatic decision on the part of the modeler. According to the data that is available and the universe of models known to the modeler, this model represents the best currently available description of the phenomenon under consideration.

Keywords: diffusion process, discrete sampling, likelihood estimation method, simulation, stochastic diffusion process, trends functions, bi-parameters weibull density function

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Authors: Lisete Barlach, Guilherme Ary Plonski

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Innovative ideas are not always synonymous with business opportunities. Any idea can be creative and not recognized as a potential project in which money and time will be invested, among other resources. Even in firms that promote and enhance innovation, there are two 'check-points', the first corresponding to the acknowledgment of the idea as creative and the second, its consideration as a business opportunity. Both the recognition of new business opportunities or new ideas involve cognitive and psychological frameworks which provide individuals with a basis for noticing connections between seemingly independent events or trends as if they were 'connecting the dots'. It also involves prototypes-representing the most typical member of a certain category–functioning as 'templates' for this recognition. There is a general assumption that these kinds of evaluation processes develop through experience, explaining why expertise plays a central role in this process: the more experienced a professional, the easier for him (her) to identify new opportunities in business. But, paradoxically, an increase in expertise can lead to the inflexibility of thought due to automation of procedures. And, besides this, other cognitive biases can also be present, because new ideas or business opportunities generally depend on heuristics, rather than on established algorithms. The paper presents a literature review about the Einstellung effect by tracking famous cases of rejected ideas, extracted from historical records. It also presents the results of empirical research, with data upon rejected ideas gathered from two different environments: projects rejected during first semester of 2017 at a large incubator center in Sao Paulo and ideas proposed by employees that were rejected by a well-known business company, at its Brazilian headquarter. There is an implicit assumption that Einstellung effect tends to be more and more present in contemporaneity, due to time pressure upon decision-making and idea generation process. The analysis discusses desirability, viability, and feasibility as elements that affect decision-making.

Keywords: cognitive biases, Einstellung effect, recognition of business opportunities, rejected ideas

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Authors: Kylie Leonard

Abstract:

Investment in artificial intelligence (AI) can be an attractive opportunity for business leaders as there are many easy-to-see benefits. These benefits include task completion rates, overall cost, and better forecasting. Business leaders are often unaware of the challenges that can accompany AI, such as data center costs, access to data, employee acceptance, and privacy concerns. In addition to the benefits and challenges of AI, it is important to practice AI ethics to ensure the safe creation of AI. AI ethics include aspects of algorithm bias, limits in transparency, and surveillance. To be a good business leader, it is critical to address all the considerations involving the challenges of AI and AI ethics.

Keywords: artificial intelligence, artificial intelligence ethics, business leaders, business concerns

Procedia PDF Downloads 133