Search results for: business continuity management
11324 A Study on Characteristics of Entrepreneur Spirit-Focus on Ventures
Authors: Do Jaesoo, Kim Kyoung Seok
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Under the recent difficult economic conditions, a number of people are increasingly expecting fostering ventures as the breakthrough in economic recovery and thus more attention is socially paid to an entrepreneur spirit. However, even though the role of managers is very important for the success of a venture company, programs to cultivate their qualities and skills are quite insufficient. In recent years, programs to foster entrepreneurs and business men have proliferated, which are led mainly by national agencies, research institutions, and large corporations. However, these programs still remain at a tottering stage, since there is no accumulated knowledge in many aspects, including systemic know-how and education. Therefore, this study attempted to introduce the definition of the entrepreneur (founder’s) spirit and furthermore identify the characteristics required for entrepreneurs as the subject of management. It thus tried to examine how those characteristics have an influence on entrepreneurs as their successful conditions, and presented foreign cases after analyzing the entrepreneur spirit through case studies. The entrepreneur spirit and the venture management emerge as a new field in business administration and scholars have reported various theories. Further research activities and efforts for active exchanges are also needed thereof.Keywords: venture, entrepreneur, entrepreneur (founder’s) spirit, characteristics of entrepreneur spirit
Procedia PDF Downloads 21711323 Motivational Factors Influencing Women’s Entrepreneurship: A Case Study of Female Entrepreneurship in South Africa
Authors: Natanya Meyer, Johann Landsberg
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Globally, many women are still disadvantaged when it comes to business opportunities. Entrepreneurship development programs, specifically designed to assist women entrepreneurs, are assisting in solving this problem to a certain extent. The purpose of this study is to identify the factors that motivate females to start their own business. Females, from three different groups (2013, 2014, and 2015), who were all enrolled in a short learning program specifically designed for women in early start-up stage or intending to start a business, were asked what motivated them to start a business. The results indicated that, from all three groups, the majority of the women wanted to start a business to be independent and have freedom and to add towards a social goal. The results further indicated that, in general, women would enter into entrepreneurship activity due to pull factors rather than push factors.Keywords: entrepreneurship programs, female entrepreneur-ship, motivational factors, South Africa
Procedia PDF Downloads 45711322 Towards a Framework for Embedded Weight Comparison Algorithm with Business Intelligence in the Plantation Domain
Authors: M. Pushparani, A. Sagaya
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Embedded systems have emerged as important elements in various domains with extensive applications in automotive, commercial, consumer, healthcare and transportation markets, as there is emphasis on intelligent devices. On the other hand, Business Intelligence (BI) has also been extensively used in a range of applications, especially in the agriculture domain which is the area of this research. The aim of this research is to create a framework for Embedded Weight Comparison Algorithm with Business Intelligence (EWCA-BI). The weight comparison algorithm will be embedded within the plantation management system and the weighbridge system. This algorithm will be used to estimate the weight at the site and will be compared with the actual weight at the plantation. The algorithm will be used to build the necessary alerts when there is a discrepancy in the weight, thus enabling better decision making. In the current practice, data are collected from various locations in various forms. It is a challenge to consolidate data to obtain timely and accurate information for effective decision making. Adding to this, the unstable network connection leads to difficulty in getting timely accurate information. To overcome the challenges embedding is done on a portable device that will have the embedded weight comparison algorithm to also assist in data capture and synchronize data at various locations overcoming the network short comings at collection points. The EWCA-BI will provide real-time information at any given point of time, thus enabling non-latent BI reports that will provide crucial information to enable efficient operational decision making. This research has a high potential in bringing embedded system into the agriculture industry. EWCA-BI will provide BI reports with accurate information with uncompromised data using an embedded system and provide alerts, therefore, enabling effective operation management decision-making at the site.Keywords: embedded business intelligence, weight comparison algorithm, oil palm plantation, embedded systems
Procedia PDF Downloads 28011321 Role of Senior Management in Implementing Lean Manufacturing Practices: A Study of Manufacturing Companies of Pakistan
Authors: Saima Yaqoob
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Due to advancement in technologies and cutting cost competition, especially in manufacturing business, organizations are now becoming more focused toward achieving exceptional quality standards with low manufacturing cost. In this concern, many process improvement strategies are becoming popular in the way of increasing productivity and output. Lean manufacturing principles are among one of them, increasingly used for improving productivity by reducing wastages. Many success factors are involved in lean implementation. But, the role of senior management is most important in developing the lean culture in an organization. Purpose of this study is to investigate the perception of executive level management related to the successful implementation of lean practices and its comparison with the existing practices in the organization. In order to collect data, survey questionnaire comprised of eight statements rendering the critical success factors were sent to the top management of fifty (50) automotive manufacturing companies of Karachi. After analyzing their feedbacks, the trend of lean manufacturing principles and the commitment of senior management toward its implementation was identified in the manufacturing industries of Karachi, Pakistan.Keywords: lean manufacturing, process improvement, senior management, perception, involvement, waste reduction
Procedia PDF Downloads 18311320 Implementation of the Outputs of Computer Simulation to Support Decision-Making Processes
Authors: Jiri Barta
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At the present time, awareness, education, computer simulation and information systems protection are very serious and relevant topics. The article deals with perspectives and possibilities of implementation of emergence or natural hazard threats into the system which is developed for communication among members of crisis management staffs. The Czech Hydro-Meteorological Institute with its System of Integrated Warning Service resents the largest usable base of information. National information systems are connected to foreign systems, especially to flooding emergency systems of neighboring countries, systems of European Union and international organizations where the Czech Republic is a member. Use of outputs of particular information systems and computer simulations on a single communication interface of information system for communication among members of crisis management staff and setting the site interoperability in the net will lead to time savings in decision-making processes in solving extraordinary events and crisis situations. Faster managing of an extraordinary event or a crisis situation will bring positive effects and minimize the impact of negative effects on the environment.Keywords: computer simulation, communication, continuity, critical infrastructure, information systems, safety
Procedia PDF Downloads 32911319 Multi-Source Data Fusion for Urban Comprehensive Management
Authors: Bolin Hua
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In city governance, various data are involved, including city component data, demographic data, housing data and all kinds of business data. These data reflects different aspects of people, events and activities. Data generated from various systems are different in form and data source are different because they may come from different sectors. In order to reflect one or several facets of an event or rule, data from multiple sources need fusion together. Data from different sources using different ways of collection raised several issues which need to be resolved. Problem of data fusion include data update and synchronization, data exchange and sharing, file parsing and entry, duplicate data and its comparison, resource catalogue construction. Governments adopt statistical analysis, time series analysis, extrapolation, monitoring analysis, value mining, scenario prediction in order to achieve pattern discovery, law verification, root cause analysis and public opinion monitoring. The result of Multi-source data fusion is to form a uniform central database, which includes people data, location data, object data, and institution data, business data and space data. We need to use meta data to be referred to and read when application needs to access, manipulate and display the data. A uniform meta data management ensures effectiveness and consistency of data in the process of data exchange, data modeling, data cleansing, data loading, data storing, data analysis, data search and data delivery.Keywords: multi-source data fusion, urban comprehensive management, information fusion, government data
Procedia PDF Downloads 38411318 Development of Web Application for Warehouse Management System: A Case Study of Ceramics Factory
Authors: Thanaphat Suwanaklang, Supaporn Suwannarongsri
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Presently, there are many industries in Thailand producing various products for both domestic distribution and export to foreign countries. Warehouse is one of the most important areas of business needing to store their products. Such businesses need to have a suitable warehouse management system for reducing the storage time and using the space as much as possible. This paper proposes the development of a web application for a warehouse management system. One of the ceramics factories in Thailand is conducted as a case study. By applying the ABC analysis, fixed location, commodity system, ECRS, and 7-waste theories and principles, the web application for the warehouse management system of the selected ceramics factory is developed to design the optimal storage area for groups of products and design the optimal routes of forklifts. From experimental results, it was found that the warehouse management system developed via the web application can reduce the travel distance of forklifts and the time of searching for storage area by 100% once compared with the conventional method. In addition, the entire storage area can be on-line and real-time monitored.Keywords: warehouse management system, warehouse design method, logistics system, web application
Procedia PDF Downloads 13111317 Topics of Blockchain Technology to Teach at Community College
Authors: Penn P. Wu, Jeannie Jo
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Blockchain technology has rapidly gained popularity in industry. This paper attempts to assist academia to answer four questions. First, should community colleges begin offering education to nurture blockchain-literate students for the job market? Second, what are the appropriate topical areas to cover? Third, should it be an individual course? And forth, should it be a technical or management course? This paper starts with identifying the knowledge domains of blockchain technology and the topical areas each domain has, and continues with placing them in appropriate academic territories (Computer Sciences vs. Business) and subjects (programming, management, marketing, and laws), and then develops an evaluation model to determine the appropriate topical area for community colleges to teach. The evaluation is based on seven factors: maturity of technology, impacts on management, real-world applications, subject classification, knowledge prerequisites, textbook readiness, and recommended pedagogies. The evaluation results point to an interesting direction that offering an introductory course is an ideal option to guide students through the learning journey of what blockchain is and how it applies to business. Such an introductory course does not need to engage students in the discussions of mathematics and sciences that make blockchain technologies possible. While it is inevitable to brief technical topics to help students build a solid knowledge foundation of blockchain technologies, community colleges should avoid offering students a course centered on the discussion of developing blockchain applications.Keywords: blockchain, pedagogies, blockchain technologies, blockchain course, blockchain pedagogies
Procedia PDF Downloads 12611316 Harmonising the Circular Economy: An Analysis of 160 Papers
Authors: M. Novak, J. Dufourmount, D. Wildi, A. Sutherland, L. Sosa, J. Zimmer, E. Szabo
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The circular economy has grounded itself amongst scholars and practitioners operating across governments and enterprises. The aim of this paper is to augment the circular economy concept by identifying common core and enabling circular business models. To this aim, we have analysed over 150 papers regarding circular activities and identified 8 clusters of business models and enablers. We have mapped and harmonised the most prominent frameworks conceptualising the circular economy. Our findings indicate that circular economy core business models include regenerative in addition to reduce, reuse and recycle activities. We further find enabling activities in design, digital technologies, knowledge development and sharing, multistakeholder collaborations, and extended corporate responsibility initiatives in various forms. We critically contrast the application of these business models across the European and African contexts. Overall, we find that seemingly varied circular economy definitions distill the same conceptual business models. We hope to contribute towards the coherence of the circular economy concept, and the continuous development of practical guidance to select and implement circular strategies.Keywords: Circular economy, content analysis, business models, definitions, enablers, frameworks
Procedia PDF Downloads 21411315 Analysis of Cyber Activities of Potential Business Customers Using Neo4j Graph Databases
Authors: Suglo Tohari Luri
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Data analysis is an important aspect of business performance. With the application of artificial intelligence within databases, selecting a suitable database engine for an application design is also very crucial for business data analysis. The application of business intelligence (BI) software into some relational databases such as Neo4j has proved highly effective in terms of customer data analysis. Yet what remains of great concern is the fact that not all business organizations have the neo4j business intelligence software applications to implement for customer data analysis. Further, those with the BI software lack personnel with the requisite expertise to use it effectively with the neo4j database. The purpose of this research is to demonstrate how the Neo4j program code alone can be applied for the analysis of e-commerce website customer visits. As the neo4j database engine is optimized for handling and managing data relationships with the capability of building high performance and scalable systems to handle connected data nodes, it will ensure that business owners who advertise their products at websites using neo4j as a database are able to determine the number of visitors so as to know which products are visited at routine intervals for the necessary decision making. It will also help in knowing the best customer segments in relation to specific goods so as to place more emphasis on their advertisement on the said websites.Keywords: data, engine, intelligence, customer, neo4j, database
Procedia PDF Downloads 18911314 The Evolving Customer Experience Management Landscape: A Case Study on the Paper Machine Companies
Authors: Babak Mohajeri, Sen Bao, Timo Nyberg
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Customer experience is increasingly the differentiator between successful companies and those who struggle. Currently, customer experiences become more dynamic; and they advance with each interaction between the company and a customer. Every customer conversation and any effort to evolve these conversations would be beneficial and should ultimately result in a positive customer experience. The aim of this paper is to analyze the evolving customer experience management landscape and the relevant challenges and opportunities. A case study on the “paper machine” companies is chosen. Hence, this paper analyzes the challenges and opportunities in customer experience management of paper machine companies for the case of “road to steel”. Road to steel shows the journey of steel from raw material to end product (i.e. paper machine in this paper). ALPHA (Steel company) and BETA (paper machine company), are chosen and their efforts to evolve the customer experiences are investigated. Semi-structured interviews are conducted with experts in those companies to identify the challenges and opportunities of the evolving customer experience management from their point of view. The findings of this paper contribute to the theory and business practices in the realm of the evolving customer experience management landscape.Keywords: Customer Experience Management, Paper Machine , Value Chain Management, Risk Analysis
Procedia PDF Downloads 35311313 Study of the Business Ethics Based on Daimler Bribery Case in China
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In order to study the business ethics of the international enterprise, the thirteenth-largest car manufacturer and second-largest truck manufacturer in the world, Daimler AG was taken as research object. At first, Daimler AG is briefly introduced and the bribery affairs of Daimler AG in China are simply reviewed. Subsequently, the causes of the bribery are discussed in depth and the manifestations of the value conflict are analyzed in detail. Based on the analyzed results, the reasons why they bribe are investigated. Furthermore, some proposals for improving business ethics of international enterprises are put forward based on the study of Daimler bribery case.Keywords: business ethics, Daimler AG, bribe, cultural conflict
Procedia PDF Downloads 37411312 Reducing the Negative Effects of Infrastructure Deficit through Continuity in Governance
Authors: Edoghogho Ogbeifun, Charles Mbohwa, J. H. C. Pretorius
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Effective infrastructure development scheme planned and executed has positive influence on the quantity of available stock of infrastructure to meet the immediate and expansion needs of an organization, as well as contribute to the overall economic development of a nation, community or the local entity where the infrastructure is hosted. It is noteworthy, however, that infrastructure development scheme spans a long time frame, usually longer than the political life of the administration that initiates the scheme. In the majority of circumstances, execution may start and achieve different levels of completion; at best, only limited numbers are completed and put into functional use during the life of the administration that initiated the infrastructure scheme. When there is a change in leadership, many of the uncompleted projects are usually abandoned. The new administration repeats the circle of its predecessors and develops another set of infrastructure scheme which will suffer similar fate as the ones developed by their predecessors; thus doting the landscape with many uncompleted projects, which leads to infrastructure deficit. These circle will continue unless each succeeding leader sees governance as single continuum. Therefore, infrastructure projects not completed by one administration should be continued by succeeding administration, in order to increase the stock of relevant infrastructure available for the smooth operations organization and enhance the needed developments, as well as reduce the negative effects of infrastructure deficit. The single case study of qualitative research method was adopted to investigate the actions of the administration of three successive Vice-Chancellors, in a higher education institution in Nigeria, over a longitudinal period of twelve years. This is with a view to exploring the effects of each administration on the development and execution of infrastructure projects, with particular interest on abandoned projects. The findings revealed that although two of Vice-Chancellors were committed to infrastructure upgrade, they executed more new projects than completing abandoned ones, while the current leader has shown more pragmatism in completing abandoned projects alongside constructing new ones; thus demonstrating the importance of the continuity of governance. In this regard, there is a steady increase in the stock of infrastructure to accommodate the expansion of existing academic programmes, host new ones as well as reduce the negative effects of infrastructure deficit caused by abandoned projects.Keywords: abandoned projects, continuity of governance, infrastructure development scheme, long time frame
Procedia PDF Downloads 17511311 Challenges Faced by Family-Owned Education Institutions in Nepal in Implementing Effective Succession Planning Strategies
Authors: Arpan Upadhyaya, Sunaina Kuknor
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The paper examines the succession management strategies and the preparation level of heirs in the context of family-owned educational institutions in Nepal. Sixteen in-depth, semi-structured interviews with the institution's leader were conducted. The study's findings show the lack of awareness about the importance of succession planning among the institution owners due to the availability of limited resources. The paper also provides some insights into how family ownership and management are done and the lack of formal processes in succession management strategies. It will aid researchers in considering the societal perspective of the successor, which is also a significant worry.Keywords: effective plans, family business, interest, leadership, successor
Procedia PDF Downloads 10211310 Business Intelligence for Profiling of Telecommunication Customer
Authors: Rokhmatul Insani, Hira Laksmiwati Soemitro
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Business Intelligence is a methodology that exploits the data to produce information and knowledge systematically, business intelligence can support the decision-making process. Some methods in business intelligence are data warehouse and data mining. A data warehouse can store historical data from transactional data. For data modelling in data warehouse, we apply dimensional modelling by Kimball. While data mining is used to extracting patterns from the data and get insight from the data. Data mining has many techniques, one of which is segmentation. For profiling of telecommunication customer, we use customer segmentation according to customer’s usage of services, customer invoice and customer payment. Customers can be grouped according to their characteristics and can be identified the profitable customers. We apply K-Means Clustering Algorithm for segmentation. The input variable for that algorithm we use RFM (Recency, Frequency and Monetary) model. All process in data mining, we use tools IBM SPSS modeller.Keywords: business intelligence, customer segmentation, data warehouse, data mining
Procedia PDF Downloads 47311309 Linking Business Process Models and System Models Based on Business Process Modelling
Authors: Faisal A. Aburub
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Organizations today need to invest in software in order to run their businesses, and to the organizations’ objectives, the software should be in line with the business process. This research presents an approach for linking process models and system models. Particularly, the new approach aims to synthesize sequence diagram based on role activity diagram (RAD) model. The approach includes four steps namely: Create business process model using RAD, identify computerized activities, identify entities in sequence diagram and identify messages in sequence diagram. The new approach has been validated using the process of student registration in University of Petra as a case study. Further research is required to validate the new approach using different domains.Keywords: business process modelling, system models, role activity diagrams, sequence diagrams
Procedia PDF Downloads 37511308 Expanding Business Strategy to Native American Communities Using Experiential Learning
Authors: A. J. Otjen
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Native American communities are struggling with unemployment and depressed economies. A major cause is a lack of business knowledge, education, and cultural desire. And yet, in the history of the American West, Native Americans were considered the best traders and negotiators for everything from furs to weapons to buffalo. To improve these economies, there has been an effort to reintroduce that heritage to todays and tomorrows generation of tribal members, such Crow, Cheyenne, and Blackfeet. Professors at the College of Business Montana State University-Billings (MSUB) teach tribal students in Montana to create business plans. These plans have won national small business plan competitions. The teaching and advising method used at MSUB is uniquely successful as theses business students are now five time national champions. This article reviews the environment and the method of learning to achieve a winning small business plan with Native American students. It discusses the five plans that became national champions. And it discusses the problems and solutions discovered in the process of achieving results. Students who participated in this endeavor have graduated and become CPAs, MBAs, and gainfully employed in their chosen professions. They have also worked to improve the economies of their native lands and homes. By educating members of these communities with business strategy and plan development, they are better able to impact their own economies.Keywords: entrepreneurship, native American economies, small businesses, unemployment
Procedia PDF Downloads 46911307 The Mediating Effect of Taxpayers’ Compliance on Internal Business Process-Tax Revenue Relationship: A Case Study at the Directorate General of Taxation in Indonesia
Authors: Efrizal, Ferdiansyah, Noorlailie Soewarno, Bambang Tjahjadi
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Tax revenue plays an important role in the State Budget of the Government of Indonesia (GOI). The GOI keeps raising tax revenue portion of the Budget from year to year. The low tax ratio of 11 percent in Indonesia shows a big opportunity to collect taxes in the future. The Directorate General of Taxation (DGT) is the institution mandated by the Law to collect tax revenue. This is a case study using quantitative and qualitative approaches. This study introduces contingent factors of taxpayers’ compliance as the mediating variable and internal business process as the independent variable. This study aims to empirically test the contingency theory, especially the mediating effect of taxpayers’ compliance on internal business process-tax revenue relationship. Internal business processes of the DGT include servicing, counseling, expanding, supervising, inspecting, and enforcing. The secondary data of 31 regional offices representing 293 tax offices in Indonesia was collected and analyzed using Partial Least Square. The result showed the following: (1) internal business process affected tax revenue; (2) taxpayers’ compliance did not mediate internal business processes - tax revenue relationship, and (3) taxpayers’ compliance affected tax revenue. In-depth interviews revealed that the DGT needs to make more innovations in business processes in the future.Keywords: innovations, internal business process, taxpayers’ compliance, tax revenue
Procedia PDF Downloads 34611306 The Role of Information Technology in Supply Chain Management
Authors: V. Jagadeesh, K. Venkata Subbaiah, P. Govinda Rao
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This paper explaining about the significance of information technology tools and software packages in supply chain management (SCM) in order to manage the entire supply chain. Managing materials flow and financial flow and information flow effectively and efficiently with the aid of information technology tools and packages in order to deliver right quantity with right quality of goods at right time by using right methods and technology. Information technology plays a vital role in streamlining the sales forecasting and demand planning and Inventory control and transportation in supply networks and finally deals with production planning and scheduling. It achieves the objectives by streamlining the business process and integrates within the enterprise and its extended enterprise. SCM starts with customer and it involves sequence of activities from customer, retailer, distributor, manufacturer and supplier within the supply chain framework. It is the process of integrating demand planning and supply network planning and production planning and control. Forecasting indicates the direction for planning raw materials in order to meet the production planning requirements. Inventory control and transportation planning allocate the optimal or economic order quantity by utilizing shortest possible routes to deliver the goods to the customer. Production planning and control utilize the optimal resources mix in order to meet the capacity requirement planning. The above operations can be achieved by using appropriate information technology tools and software packages for the supply chain management.Keywords: supply chain management, information technology, business process, extended enterprise
Procedia PDF Downloads 37111305 Racial Diversity in Founding Ownership Teams and Business Performance in New Firms
Authors: Cedric Herring, Loren Henderson, Hayward Derrick Horton, Melvin Thomas
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This paper asks whether business startups benefit from having racially diverse founding ownership teams. Using nationally representative data from the Kauffman Firm Survey, the analysis examines the relationship between the racial diversity of the founding ownership teams of business startups and their net worth, revenue, debt, and profits. The analysis shows that, net of firm characteristics and human capital characteristics, startups with racially diverse founding teams have higher net worth, lower debt, and greater profits than their non-diverse counterparts. The racial diversity of ownership teams is not, however, related to startup firms’ revenues, net of other factors. The implications of these findings are explored.Keywords: racial diversity, business startups, founding ownership teams, diversity and business performance
Procedia PDF Downloads 36911304 Implementation of Lean Management in Non-Governmental Organizations: A Case Study on WrocłAw Food Bank
Authors: Maciej Pieńkowski
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Lean Management is nowadays one of the most dominating management concepts within industrial and service environment, providing compelling business benefits to many companies. At the same time, its application in the non-governmental organizations has not been extensively researched yet. Filling this gap will address clear necessity of efficient management system in NGO environment and significantly improve operational performance of many organizations. The goal of the research is to verify effectiveness of Lean Management implementation in the non-governmental organizations, based on Wrocław Food Bank case study. The case study describes a Lean Management implementation project within analyzed organization. During the project, Wrocław Food Bank went through full 5-step Lean Thinking processes, which consist of value identification, value stream mapping, creation of flow, establishing pull and seeking perfection. The research contains a detailed summary of each of those steps and provides with information regarding results of their implementation. The major findings of the study indicate, that application of Lean Management in NGO environment is possible, however physical implementation of its guidelines can be strongly impeded by multiple constraints, which non-governmental organizations are facing. Due to challenges like limited resources, project based activities and lack of traditional supplier-customer relationship, many NGOs may fail in their efforts to implement Lean Management. Successful Lean application requires therefore strong leadership commitment, which would drive transformation to remove barriers and obstacles.Keywords: lean management, non-governmental organizations, continuous improvement, lean thinking
Procedia PDF Downloads 29411303 Strategies for Success: Strategic Thinking’s Critical Role in Entrepreneurial
Authors: Silvia Rahmita
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Entrepreneurial success is crucial for economic growth, competitiveness, and job creation, yet many entrepreneurs face failure due to various challenges. This paper explores the critical role of strategic thinking in mitigating entrepreneurial failure. Entrepreneurial competencies—encompassing knowledge, skills, and traits—are essential for creating and growing ventures. Despite these competencies, numerous entrepreneurs fail due to poor management, inadequate support, and ineffective policies. The paper categorizes entrepreneurial failures into financial, operational, market, product or service, strategic, leadership, legal, human capital, technological, and environmental failures. Each failure type can be addressed through strategic thinking, which involves foresight, balancing short-term and long-term goals, and hypothesis-driven processes. By integrating strategic thinking into their approach, entrepreneurs can enhance risk management, adapt to market changes, and sustain growth. This process involves setting clear goals, innovating products, and maintaining a competitive edge. Ultimately, strategic thinking provides a framework for proactive planning, adaptation, and continuous improvement, reducing the likelihood of failure and ensuring long-term success. Entrepreneurs who prioritize strategic thinking are better equipped to navigate the complexities of the business environment and achieve sustainable growth.Keywords: entrepreneurial failure, strategic thinking, risk management, business failure
Procedia PDF Downloads 3011302 The Application and Relevance of Costing Techniques in Service-Oriented Business Organizations a Review of the Activity-Based Costing (ABC) Technique
Authors: Udeh Nneka Evelyn
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The shortcoming of traditional costing system in terms of validity, accuracy, consistency, and Relevance increased the need for modern management accounting system. Activity –Based Costing (ABC) can be used as a modern tool for planning, Control and decision making for management. Past studies on ABC system have focused on manufacturing firms thereby making the studies on service firms scanty to some extent. This paper reviewed the application and relevance of activity-based costing technique in service oriented business organizations by employing a qualitative research method which relied heavily on literature review of past and current relevant articles focusing on ABC. Findings suggest that ABC is not only appropriate for use in a manufacturing environment; it is also most appropriate for service organizations such as financial institutions, the healthcare industry and government organization. In fact, some banking and financial institutions have been applying the concept for years under other names. One of them is unit costing, which is used to calculate the cost of banking services by determining the cost and consumption of each unit of output of functions required to deliver the service. ABC in very basic terms may provide very good payback for businesses. Some of the benefits that relate directly to the financial services industry are: identification the most profitable customers: more accurate product and service pricing: increase product profitability: Well organized process costs.Keywords: business, costing, organizations, planning, techniques
Procedia PDF Downloads 23411301 The Effect of Technology on International Marketing Trading Researches and Analysis
Authors: Omil Nady Mahrous Maximous
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The article deals with the use of modern information technologies to achieve pro-ecological marketing goals in company-customer relationships. The purpose of the article is to show the possibilities of implementing modern information technologies. In B2C relationships, marketing departments face challenges stemming from the need to quickly segment customers and the current fragmentation of data across many systems, which significantly hinders the achievement of marketing goals. Thus, Article proposes the use of modern IT solutions in the field of marketing activities of companies, taking into account their environmental goals. As a result, its importance for the economic and social development of the emerging countries has increased. While traditional companies emphasize profit maximization as a core business principle, social enterprises must solve social problems at the expense of profit. This rationale gives social enterprises an edge over traditional businesses by meeting the needs of those at the bottom of the pyramid. This also represents a major challenge for social business, since social business acts on the one hand for the benefit of the public and on the other strives for financial stability. Otherwise, the company is unlikely to be fired from the company. Cultures play a role in business communication and research. Using the example of language in international relations, the article presents the problem of the articulation of research cultures in management and linguistics and of cultures as such. After an overview of current research on language in international relations, this article presents the approach to communication in international economy from a linguistic point of view and tries to explain the problems of communication in business starting from linguistic research. A step towards interdisciplinary research that brings together research in the fields of management and linguistics.Keywords: international marketing, marketing mix, marketing research, small and medium-sized enterprises, strategic marketing, B2B digital marketing strategy, digital marketing, digital marketing maturity model, SWOT analysis consumer behavior, experience, experience marketing, marketing employee organizational performance, internal marketing, internal customer, direct marketing, mobile phones mobile marketing, Sms advertising
Procedia PDF Downloads 3711300 A Unified Model for Predicting Particle Settling Velocity in Pipe, Annulus and Fracture
Authors: Zhaopeng Zhu, Xianzhi Song, Gensheng Li
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Transports of solid particles through the drill pipe, drill string-hole annulus and hydraulically generated fractures are important dynamic processes encountered in oil and gas well drilling and completion operations. Different from particle transport in infinite space, the transports of cuttings, proppants and formation sand are hindered by a finite boundary. Therefore, an accurate description of the particle transport behavior under the bounded wall conditions encountered in drilling and hydraulic fracturing operations is needed to improve drilling safety and efficiency. In this study, the particle settling experiments were carried out to investigate the particle settling behavior in the pipe, annulus and between the parallel plates filled with power-law fluids. Experimental conditions simulated the particle Reynolds number ranges of 0.01-123.87, the dimensionless diameter ranges of 0.20-0.80 and the fluid flow behavior index ranges of 0.48-0.69. Firstly, the wall effect of the annulus is revealed by analyzing the settling process of the particles in the annular geometry with variable inner pipe diameter. Then, the geometric continuity among the pipe, annulus and parallel plates was determined by introducing the ratio of inner diameter to an outer diameter of the annulus. Further, a unified dimensionless diameter was defined to confirm the relationship between the three different geometry in terms of the wall effect. In addition, a dimensionless term independent from the settling velocity was introduced to establish a unified explicit settling velocity model applicable to pipes, annulus and fractures with a mean relative error of 8.71%. An example case study was provided to demonstrate the application of the unified model for predicting particle settling velocity. This paper is the first study of annulus wall effects based on the geometric continuity concept and the unified model presented here will provide theoretical guidance for improved hydraulic design of cuttings transport, proppant placement and sand management operations.Keywords: wall effect, particle settling velocity, cuttings transport, proppant transport in fracture
Procedia PDF Downloads 15611299 Constriction of Economic News over Business and Financial News: Analysis of the Change in Indian Business-Papers over the Past Three Decades
Authors: Disha Batra
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With the advent of economic reforms in India in 1992, economic journalism in India has undergone a sea change along with the rise in the Indian economy. Squeezing out of economic news stories (economy-in-general) over business (individual corporate stories) and financial (financial and equity markets) news stories have been done and are still underway. The objective of the study is to explore how economic journalism – news stories about macroeconomic issues or economy-in-general has changed over the past three decades with the emergence of LPG (Liberalisation, Privatisation, and Globalisation) policies in India. The purpose of the study is to examine to what extent business and financial news are constricting economic news which is done by analysing news stories and content of business papers. The study is based on the content analyses of the top three Indian business dailies as per IRS (Indian Readership Survey) 2017. The parametric analysis of the different parameters (source of information, sub-topic, a dominant source in economic news, layout and framing, etc.) has been done in order to come across with the distinct adaptations and modifications by these dailies. The paper significantly dwells upon the thematic analysis of these newspapers in order to explore and find out the coverage given to various sub-themes of EBF (economic, business, and financial) journalism. The study revealed that stories concerning broader issues about the economy which are likely to be of public concern had been dropped. The paper further indicates an upward trend for the stories concerning individual corporate, equity, and financial markets. Findings of the study raise concern over the indicated disparity between economic and business news stories which may further limit the information that people need in order to make well-versed decisions.Keywords: business-papers, business news, economic news, financial news
Procedia PDF Downloads 12911298 A Systematic Review on Challenges in Big Data Environment
Authors: Rimmy Yadav, Anmol Preet Kaur
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Big Data has demonstrated the vast potential in streamlining, deciding, spotting business drifts in different fields, for example, producing, fund, Information Technology. This paper gives a multi-disciplinary diagram of the research issues in enormous information and its procedures, instruments, and system identified with the privacy, data storage management, network and energy utilization, adaptation to non-critical failure and information representations. Other than this, result difficulties and openings accessible in this Big Data platform have made.Keywords: big data, privacy, data management, network and energy consumption
Procedia PDF Downloads 30511297 Information Technology (IT) Outsourcing and the Challenges of Implementation in Financial Industries: A Case Study of Guarantee Trust Assurance PLC
Authors: Salim Ahmad, Ahamed Sani Kazaure, Haruna Musa
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Outsourcing had been the contractual relationship in which the responsibility for a function or task is handed over to an outside firm for a fixed period of time which is not the same as contracting where a specific one-off task is allocated to an external business; therefore in information technology a specialist area such as maintenance of web servers is controlled by an outside firm or if the department is not a critical factor the whole IT section may be outsourced. Organisation contracts is frequently a major area in successful outsourcing relationship, whereby the contracts specify the right, liability and expectation of the vendor and contracts are mostly of high value and last for very long. Therefore, in this research one particular project that is been outsourced for the financial industry (Guarantee Trust Assurance PlC) is been discussed along with the approach used and the various problems encountered, though Outsourcing is not necessarily a perfect and easy way out for business. It is extremely critical for a company to look at all the aspect of outsourcing before deciding to use it as an instrument for development. Moreover, critical analysis of the management issues encountered while implementing the outsourcing project have been fully discussed in the paper.Keywords: outsourcing, techniques used in outsourcing, challenges of outsourcing implementation, management issues during implementation of outsourcing project
Procedia PDF Downloads 36711296 Islamic Credit Risk Management in Murabahah Financing: The Study of Islamic Banking in Malaysia
Authors: Siti Nor Amira Bt. Mohamad, Mohamad Yazis B. Ali Basah, Muhammad Ridhwan B. Ab. Aziz, Khairil Faizal B. Khairi, Mazlynda Bt. Md. Yusuf, Hisham B. Sabri
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The understanding of risk and the concept of it occurs associated in Islamic financing was well-known in the financial industry by the using of Profit-and-Loss Sharing (PLS). It was presently in any Islamic financial transactions in order to comply with shariah rules. However, the existence of risk in Murabahah contract of financing is an ability that the counterparty is unable to complete its obligations within the agreed terms. Therefore, it is called as credit or default risk. Credit risk occurs when the client fails to make timely payment after the bank makes complete delivery of assets. Thus, it affects the growth of the bank as the banking business is in no position to have appropriate measures to cover the risk. Therefore, the bank may impose penalty on the outstanding balance. This paper aims to highlight the credit risk determinant and issues surrounding in Islamic bank in Malaysia in terms of Murabahah financing and how to manage it by using the proper techniques. Finally, it explores the credit risk management concept that might solve the problems arise. The study found that the credit risk can be managed properly by improving the use of comprehensive reference checklist of business partners on their character and past performance as well as their comprehensive database. Besides that, prevention of credit risk can be done by using collateral as security against the risk and we also argue on the Shariah guidelines and procedures should be implement coherently by the banking business because so that the risk would be control by having an effective instrument for Islamic modes of financing.Keywords: Islamic banking, credit risk, Murabahah financing, risk mitigation
Procedia PDF Downloads 44511295 GRABTAXI: A Taxi Revolution in Thailand
Authors: Danuvasin Charoen
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The study investigates the business process and business model of GRABTAXI. The paper also discusses how the company implemented strategies to gain competitive advantages. The data is derived from the analysis of secondary data and the in-depth interviews among staffs, taxi drivers, and key customers. The findings indicated that the company’s competitive advantages come from being the first mover, emphasising on the ease of use and tangible benefits of application, and using network effect strategy.Keywords: taxi, mobile application, innovative business model, Thailand
Procedia PDF Downloads 296