Search results for: business innovation

Authors: Sujesh F. Sujan, Steve W. Jones, Arto Kiviniemi

Abstract:

The use of Building Information Modelling (BIM) in the Architectural-Engineering-Construction (AEC) industry is a form of systemic innovation. Unlike incremental innovation, (such as the technological development of CAD from hand based drawings to 2D electronically printed drawings) any form of systemic innovation in Project-Based Inter-Organisational Networks requires complete collaboration and results in numerous benefits if adopted and utilised properly. Proper use of BIM involves people collaborating with the use of interoperable BIM compliant tools. The AEC industry globally has been known for its adversarial and fragmented nature where firms take advantage of one another to increase their own profitability. Due to the industry’s nature, getting people to collaborate by unifying their goals is critical to successful BIM adoption. However, this form of innovation is often being forced artificially in the old ways of working which do not suit collaboration. This may be one of the reasons for its low global use even though the technology was developed more than 20 years ago. Therefore, there is a need to develop a metric/method to support and allow industry players to gain confidence in their investment into BIM software and workflow methods. This paper departs from defining systemic risk as a risk that affects all the project participants at a given stage of a project and defines categories of systemic risks. The need to generalise is to allow method applicability to any industry where the category will be the same, but the example of the risk will depend on the industry the study is done in. The method proposed seeks to use individual perception of an example of systemic risk as a key parameter. The significance of this study lies in relating the variance of individual perception of systemic risk to how much the team is collaborating. The method bases its notions on the claim that a more unified range of individual perceptions would mean a higher probability that the team is collaborating better. Since contracts and procurement devise how a project team operates, the method could also break the methodological barrier of highly subjective findings that case studies inflict, which has limited the possibility of generalising between global industries. Since human nature applies in all industries, the authors’ intuition is that perception can be a valuable parameter to study collaboration which is essential especially in projects that utilise systemic innovation such as BIM.

Keywords: building information modelling, perception of risk, systemic innovation, team collaboration

Procedia PDF Downloads 184

Authors: J. J. M. Trienekens, H. L. Romero, L. Cuenca

Abstract:

While process harmonization is increasingly mentioned and unanimously associated with several benefits, there is a need for more understanding of how it contributes to business process redesign and improvement. This paper presents the application, in an industrial case study, of a conceptual harmonization model on the relationship between drivers and effects of process harmonization. The drivers are called contextual factors which influence harmonization. Assessment of these contextual factors in a particular business domain, clarifies the extent of harmonization that can be achieved, or that should be strived at. The case study shows how the conceptual harmonization model can be made operational and can act as a valuable assessment tool. From both qualitative, as well as some quantitative, assessment results, insights are being discussed on the extent of harmonization that can be achieved, and action plans are being defined for business (process) harmonization.

Keywords: case study, contextual factors, process harmonization, industrial company

Procedia PDF Downloads 395

Authors: Fehmi Bouguezzi

Abstract:

This paper studies optimal licensing regimes in a linear Hotelling model where firms are located at the end points of the city and where the transportation cost is not linear but quadratic. We study for that a more general cost function and we try to compare the findings with the results of the linear cost. We find the same optimal licensing regimes. A per unit royalty is optimal when innovation is not drastic and no licensing is better when innovation is drastic. We also find that no licensing is always better than fixed fee licensing.

Keywords: Hotelling model, technology transfer, patent licensing, quadratic transportation cost

Procedia PDF Downloads 349

Authors: Deborah O. Ajumobi, Michael Kyobe

Abstract:

Studies show that women entrepreneurs are constrained and faced with challenges that inhibit the growth and performance of their businesses. However, with their human competencies, mobile technology and the appropriate business strategy, women-led SMEs can steer their businesses to better performance. While the need for SMEs to align these three elements has been suggested, there is limited knowledge on how SMEs can achieve this and no studies to the authors’ knowledge have examined this in women-led SMEs. This study therefore seeks to fill this gap by investigating how Women-led SMEs can best align these three elements to enhance business performance. In light of this, extensive literature review and theoretical work on the phenomenon has been conducted. Given the existence of the interplay between these three elements, we argue that the perspective of alignment as gestalts is most appropriate in determining the best way women-Led SMEs may align these aspects.

Keywords: women-led SMEs, human Competencies, mobile technology, business strategy, alignment

Procedia PDF Downloads 502

Authors: Danika Tynes

Abstract:

Telehealth is a promising advancement in health care, though there are certain conditions under which telehealth has a greater chance of success. This research sought to further the understanding of what conditions compel the success of telehealth adoption at the systems level applying Diffusion of Innovations (DoI) theory (Rogers, 1962). System-level indicators were selected to represent four components of DoI theory (relative advantage, compatibility, complexity, and observability) and regressed on 5 types of telehealth (teleradiology, teledermatology, telepathology, telepsychology, and remote monitoring) using multiple logistic regression. The analyses supported relative advantage and compatibility as the strongest influencers of telehealth adoption, remote monitoring in particular. These findings help to quantitatively clarify the factors influencing the adoption of innovation and advance the ability to make recommendations on the viability of state telehealth adoption. In addition, results indicate when DoI theory is most applicable to the understanding of telehealth diffusion. Ultimately, this research may contribute to more focused allocation of scarce health care resources through consideration of existing state conditions available foster innovation.

Keywords: adoption, diffusion of innovation theory, remote monitoring, system-level indicators

Procedia PDF Downloads 136

Authors: Heide Imai

Abstract:

The paper will introduce and discuss specific examples of urban practices which take place within the dynamic urban landscape of contemporary Tokyo. The rising interest and importance of derelict places as resilient and creative clusters will be analysed, before relating this to the rediscovery of small urban niches and the emergence of different forms of social entrepreneurs. Secondly, two different case study areas will be introduced before discussing different forms of hybrid lifestyles, social micro scale enterprises and social innovations, understanding the concept of ‘small places of resilience’ as zones of human interaction, desire and care in which spontaneous practices take place.

Keywords: entrepreneurship, social innovation, Tokyo, urban regeneration

Procedia PDF Downloads 477

Authors: Abdellatif Amouri, Sami Boudabbous

Abstract:

The current study provides insights on the importance of entrepreneurial coaching as a source of developing entrepreneurial intentions among entrepreneurs and a determinant factor of business creation process and growth. Coaching, which implies exchange of adequate information and a mutual understanding between entrepreneurs and their partners, requires a better mutual knowledge of the representations and the perceptions of ideas which are widely present in their dealings and transactions. Therefore, to analyze entrepreneurs’ perceptions of business creation, we addressed a survey questionnaire to a group of Tunisian entrepreneurs and experts in business creation to indicate their level of approval concerning the prominence of coaching. The factor analysis indicates that more than 60% of the respondents believe that each statement reflects an aspect of coaching, with no bias to its position in the entrepreneurial process. Therefore, the image drawn from our respondents’ perceptions is that an entrepreneur is rather "constructed" and "shaped" by multiple apprenticeships both before and during the entrepreneurial act, through an accompaniment process and within interactions with trainers, consultants or professionals in starting a business. Similarly, the results indicate that the poor support structures and lack of accompaniment procedures stand as an obstacle impeding the development of entrepreneurial intention among business creators.

Keywords: Entrepreneurial Behavior, Entrepreneurial Coaching, Entrepreneurial Intention, Perceptions, Venture Creation

Procedia PDF Downloads 438

Authors: Till Gramberg

Abstract:

In the dynamic world of machine and plant engineering, stagnation in the growth of new product sales compels companies to reconsider their business models. The increasing shift toward service orientation, known as "servitization," along with challenges posed by digitalization and sustainability, necessitates an adaptation of product portfolio management (PPM). Against this backdrop, this study investigates the current challenges and requirements of PPM in this industrial context and develops a framework for the application of generative artificial intelligence (AI) to enhance agility and efficiency in PPM processes. The research approach of this study is based on a mixed-method design. Initially, qualitative interviews with industry experts were conducted to gain a deep understanding of the specific challenges and requirements in PPM. These interviews were analyzed using the Gioia method, painting a detailed picture of the existing issues and needs within the sector. This was complemented by a quantitative online survey. The combination of qualitative and quantitative research enabled a comprehensive understanding of the current challenges in the practical application of machine and plant engineering PPM. Based on these insights, a specific framework for the application of generative AI in PPM was developed. This framework aims to assist companies in implementing faster and more agile processes, systematically integrating dynamic requirements from trends such as digitalization and sustainability into their PPM process. Utilizing generative AI technologies, companies can more quickly identify and respond to trends and market changes, allowing for a more efficient and targeted adaptation of the product portfolio. The study emphasizes the importance of an agile and reactive approach to PPM in a rapidly changing environment. It demonstrates how generative AI can serve as a powerful tool to manage the complexity of a diversified and continually evolving product portfolio. The developed framework offers practical guidelines and strategies for companies to improve their PPM processes by leveraging the latest technological advancements while maintaining ecological and social responsibility. This paper significantly contributes to deepening the understanding of the application of generative AI in PPM and provides a framework for companies to manage their product portfolios more effectively and adapt to changing market conditions. The findings underscore the relevance of continuous adaptation and innovation in PPM strategies and demonstrate the potential of generative AI for proactive and future-oriented business management.

Keywords: servitization, product portfolio management, generative AI, disruptive innovation, machine and plant engineering

Procedia PDF Downloads 82

Authors: D. Lalitha Rani, K. Sankar Rao

Abstract:

MSMEs, due to their unique characteristics, are found to have inherent capabilities to undertake technological and non-technological innovations successfully across industries and nations. While there is considerable empirical evidence to throw light on SME innovation contributions in the context of developed countries, there is hardly any evidence to reveal how innovative SMEs are in rapidly industrializing economies like India. Indian MSMEs are largely incremental innovators, prompted by their customers and involved in product and/or process innovations. But majority carried out innovations with internal efforts only whereas the minority which obtained external support, had better technical strength, indulged in more frequent and both product & process innovations. Such MSMEs achieved better innovation performance as well as better economic performance. Some of them internationalized themselves in the process. However such achievements are “an oasis” in the vast Indian SME sector. How to promote (i) innovations, (ii) quality of innovations and (iii) patenting culture among the SMEs is a challenge for Indian Policy Makers. However this paper examines what are the innovation practices which are being carried out in this sector and identified the barriers for innovations in this sector and concludes with proposing some policy recommendations for promoting innovations in MSME sector in India.

Keywords: MSMEs, incremental innovators, policies, non-technological innovations

Procedia PDF Downloads 479

Authors: Natnicha Hasoontree

Abstract:

The purpose of this paper was to study the relationship between brand value and perceived brand quality of television viewers in Bangkok towards the television business in Thailand. The population included television viewers in Bangkok, Thailand. A probability sampling technique was performed to get a sample group that included 500 respondents. Taro Yamane technique was utilized to get a proper sample size. A five Likert scale questionnaire was designed specifically to investigate brand value and perceived brand quality from the perspectives of television viewers in Bangkok. The findings implied that consumers in Bangkok attached a high importance towards the brand equity of television companies that comprised brand ability, brand reputation, brand credibility, and business ethics. Perceived brand quality received high rank in all aspects.

Keywords: brand value, perceived brand quality, television business, television viewers

Procedia PDF Downloads 438

Authors: Ayanda Magida

Abstract:

The paper aims to provide a critical review of the current state-of-the-art literature on emerging digital business theories. They are specifically focusing on the emergent theories on digital transformation, digitization, and digitalization and their importance in the global south. Digital business is an emergent field that cuts across the different existing disciplines. The paper is threefold- to provide the conceptual and theoretical definition of the DT, digitization and digitization. There is a growing need to provide some of the differences between digitalization, digitization and digital transformation from a theoretical and conceptual basis. These tend to be confused and often use interchangeably the second aim is to focus on the emerging theories on digital transformation and digital business. Finally, the paper provides some critical review of the importance of scholarship in the field from the global south. The systematic review of the literature was conducted through the different research databases to provide some of the major theories in the field of digital business and critically argue for the global south stance. Much of the research on the development and adoption of digital technologies, specifically digital transformation, has been done in the west and developed countries. There is thus a dearth of research conducted in developing countries and the global south.

Keywords: digital transformation, digitization, digital business, digitalization

Procedia PDF Downloads 273

Authors: Danika Tynes

Abstract:

Innovations in technology have implications for sustainable development in health and wellness. Remote monitoring is one innovation for which the evidence-base has grown to support its viability as a quality healthcare delivery adjunct. This research reviews global data on telehealth adoption, in particular, remote monitoring, and the conditions under which its success becomes more likely. System-level indicators were selected to represent four constructs of DoI theory (relative advantage, compatibility, complexity, and observability) and assessed against 5 types of Telehealth (Teleradiology, Teledermatology, Telepathology, Telepsychology, and Remote Monitoring) using ordinal logistic regression. Analyses include data from 84 countries, as extracted from the World Health Organization, World Bank, ICT (Information Communications Technology) Index, and HDI (Human Development Index) datasets. Analyses supported relative advantage and compatibility as the strongest influencers of remote monitoring adoption. Findings from this research may help focus on the allocation of resources, as a sustainability concern, through consideration of systems-level factors that may influence the success of remote monitoring adoption.

Keywords: remote monitoring, diffusion of innovation, telehealth, digital health

Procedia PDF Downloads 133

Authors: Raveena Naz

Abstract:

The concept of ‘Corporate Social Responsibility’ (CSR) has often relied on firms thinking beyond their economic interest despite the larger debate of shareholder versus stakeholder interest. India gave legal recognition to CSR in the Companies Act, 2013 which promises better corporate governance. CSR in India is believed to be different for two reasons: the dominance of family business and the history of practice of social responsibility as a form of philanthropy (mainly among the family business). This paper problematises the actual structure of business houses in India and the role of CSR in India. When the law identifies each company as a separate business entity, the economics of institutions emphasizes the ‘business group’ consisting of a plethora of firms as the institutional organization of business. The capital owned or controlled by the family group is spread across the firms through the interholding (interlocked holding) structures. This creates peculiar implications for CSR legislation in India. The legislation sets criteria for individual firms to undertake liability of mandatory CSR if they are above a certain threshold. Within this framework, the largest family firms which are all part of family owned business groups top the CSR expenditure list. The interholding structures, common managers, auditors and series of related party transactions among these firms help the family to run the business as a ‘family business’ even when the shares are issued to the public. This kind of governance structure allows family owned business group to show mandatory compliance of CSR even when they actually spend much less than what is prescribed by law. This aspect of the family firms is not addressed by the CSR legislation in particular or corporate governance legislation in general in India. The paper illustrates this with an empirical study of one of the largest family owned business group in India which is well acclaimed for its CSR activities. The individual companies under the business group are identified, shareholding patterns explored, related party transactions investigated, common managing authorities are identified; and assets, liabilities and profit/loss accounting practices are analysed. The data has been mainly collected from mandatory disclosures in the annual reports and financial statements of the companies within the business group accessed from the official website of the ultimate controlling authority. The paper demonstrates how the business group through these series of shareholding network reduces its legally mandated CSR liability. The paper thus indicates the inadequacy of CSR legislation in India because the unit of compliance is an individual firm and it assumes that each firm is independent and only connected to each other through market dealings. The law does not recognize the inter-connections of firms in corporate governance structures of family owned business group and hence is inadequate in its design to effect the threshold level of CSR expenditure. This is the central argument of the paper.

Keywords: business group, corporate governance, corporate social responsibility, family firm

Procedia PDF Downloads 280

Authors: Radmila Hajkova, Jiri Palecek, Hana Malachova, Alena Oulehlova

Abstract:

Ensuring of continuity of business is the basic strategy of every company. Continuity of organization activities includes comprehensive procedures that help in solving unexpected situations of natural and anthropogenic character (for example flood, blaze, economic situations). Planning of continuity operations is a process that helps identify critical processes and implement plans for the security and recovery of key processes. The aim of this article demonstrates application of system approach to managing business continuity called business continuity management systems in military issues. This article describes the life cycle of business continuity management which is based on the established cycle PDCA (plan-do-check-act). After this is carried out by activities which are making by the University of Defence during activation of forces and means of the Integrated rescue system in case of emergencies - accidents at a nuclear power plant in Czech republic. Activities of various stages of deployment earmarked forces and resources are managed and evaluated by using MCMS application (military continuity management system).

Keywords: business continuity management system, emergency management, military, nuclear safety

Procedia PDF Downloads 455

Authors: Chipo Mugova, Zuko Mjobo

Abstract:

The aim of this study was to evaluate the cost of quality (COQ) at a local foundry business to identify the contribution of its units and processes to quality costs within the foundry’s operations. The foundry selected for detailed case study is one of major businesses that have been targeted by the government to produce components for building and re-furbishing wagons and trains. The study aimed at identifying areas in the foundry’s processes in which investment needs to be made to reduce quality costs. This is in alignment with government’s vision of promoting local business to support local markets leading to creation of jobs, and hence reduction of unemployment rate in South Africa. The methodology adopted used cost of quality models. Results from the study indicated that internal failure costs were significantly higher than all other cost of quality categories, taking more than 60% of the business’s income.

Keywords: appraisal costs, cost of quality, failure costs, local content, prevention costs

Procedia PDF Downloads 341

Authors: M. Tahir Demirsel, Mustafa Atsan

Abstract:

Many elements of the environment in which businesses operate today leave them faced with unexpected threats and opportunities. One of the major threats is business crisis. The crisis is a state of affairs in a business wherein the executives must take urgent and unprecedented action to try to save the business from failure. In order to survive in the business environment, organizations should be prepared for the potential crises. Technological developments, uncertainty in the market and the intense competition increase the probability of encountering a crisis for organizations. Therefore, by acting proactively to predict crisis, to detect signals of crisis and be prepared for a crisis by taking necessary precautions accordingly, is of great importance for businesses. In this context, the objective of this study is to reveal that how much organizations are proactive and can predict the future crises and investigate whether they are prepared for possible crises or not. The research was conducted on 222 business executives in one of the major industrial zones of Turkey, Konya Organized Industrial Zone (KOS). The findings are analyzed through descriptive statistics and multiple regression analysis. According to the results, it has been observed that organizations cannot predict the crisis signals and are not prepared for potential crises.

Keywords: crisis preparedness, crisis signals, industrial organizations, proactivity

Procedia PDF Downloads 516

Authors: Jun Zhou, Xingping Wang, Paul Milbourne

Abstract:

Evidences in the world shows that the industry and population have being greatly concentrated in metropolitan regions which is getting to be the most important area for the economic power and people living standard in the future. In the meanwhile, the relevant innovation theories of Agglomeration, New Industrial Geography and Modern Evolutionary innovation prove that the reason why the agglomeration in world-class city and metropolitan areas and also verify innovation is the key point for the development of metropolis. The primary purpose of this paper is to analyze the geographical spatial characteristics of innovative subjects which contain firm, university, research institution, government and intermediary organ in metropolis throughout the amount data analysis in Yangtze River Metropolis in China. The results show three main conclusions. The first is different subjects in different regions have different spatial characteristics. The second one is different structure and pattern between the subjects also can produce different innovative effect. The last but not the least is agglomeration of innovative subjects’ is not only influenced by the innovative network or local policies but also affected by the localized industry characteristics and culture which are getting to be the most important crucial factors.

Keywords: metropolitan development, innovative subject, spatial, Yangtze River Metropolis, China

Procedia PDF Downloads 376

Authors: Iruka C. Anugwo, Winston M. Shakantu

Abstract:

The objective of this study is to uncover the basic business-forces that necessitated the survival and sustainable performance of the medium scale contractors in the South African construction market. This study is essential as it set to contribute towards long-term strategic solutions for combating the incessant failure of start-ups construction organizations within South African. The study used a qualitative research methodology; as the most appropriate approach to elicit and understand, and uncover the phenomena that are basic business-forces for the active contractors in the market. The study also adopted a phenomenological study approach; and in-depth interviews were conducted with 20 medium scale contractors in Port Elizabeth, South Africa, between months of August to October 2015. This allowed for an in-depth understanding of the critical and basic business-forces that influenced their survival and performance beyond the first five years of business operation. Findings of the study showed that for potential contractors (startups), to survival in the competitive business environment such as construction industry, they must possess the basic business-forces. These forces are educational knowledge in construction and business management related disciplines, adequate industrial experiences, competencies and capabilities to delivery excellent services and products as well as embracing the spirit of entrepreneurship. Convincingly, it can be concluded that the strategic approach to minimize the endless failure of startups construction businesses; the potential construction contractors must endeavoring to access and acquire the basic educationally knowledge, training and qualification; need to acquire industrial experiences in collaboration with required competencies, capabilities and entrepreneurship acumen. Without these basic business-forces as been discovered in this study, the majority of the contractors gaining entrance in the market will find it difficult to develop and grow a competitive and sustainable construction organization in South Africa.

Keywords: basic business-forces, medium scale contractors, South Africa, sustainable organisations

Procedia PDF Downloads 291

Authors: Gelareh Changizi, Mahsa Khajavi, Ladan Shahhosseini

Abstract:

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

Procedia PDF Downloads 367

Authors: Aisha M. Memon, Arabella Bhutto, Zahid A. Memon, Adnan Pitafi

Abstract:

This study aims to identify the existing and non-existing elements in the entrepreneurial ecosystem which include finance, institutions, laws and regulations, human capital, culture, and markets, to measure the level of effectiveness of existing elements and to develop recommendations for improving the ecosystem to facilitate the women entrepreneurs in Jamshoro, Pakistan. The nature of this study is qualitative. Data were drawn from 25 in-depth, semi-structured interviews and a focus group discussion with women entrepreneurs in rural Jamshoro, Pakistan. The findings show the lack of awareness and knowledge among women entrepreneurs about available financial resources, lack of knowledge about laws, an absence of familial and societal support for women in accessing the entrepreneurial ecosystem, the absence of business and innovation enablers in rural areas, communication gaps, and unskilled human capital. The study found that institutions like non-for-profit organizations are playing an active role in the growth of women entrepreneurs. The existing entrepreneurial ecosystem in Jamshoro can be improved through culturally sensitive coordinated approach, interventions aimed at increasing awareness about the resources, promoting an understanding about the laws and regulations, making business enablers more effective, establishing public-private partnerships, and providing the women entrepreneurs easy access to market and financial resources.

Keywords: entrepreneurship, entrepreneurship ecosystem, Pakistan, women entrepreneurs

Procedia PDF Downloads 193

Authors: Júlia Szőke

Abstract:

Negotiating across cultures needs consideration as different cultures have different norms, habits and behavioral patterns. The significance of cross-cultural negotiations lies in the fact that many business relationships have already failed due to the lack of cultural knowledge. Therefore, the paper deals with cross-cultural negotiations in case of Hungarian business negotiators. The aim of the paper is to introduce the findings of a two-phase research conducted among Hungarian business negotiators. In the first phase a qualitative research was conducted to reveal the importance of cultural differences in case of cross-cultural business negotiations from the viewpoint of Hungarian negotiators, whereas in the second phase a quantitative one was conducted to figure out whether cultural stereotypes affect the way how the respondents negotiate with people coming from different cultures. The research found out that in case of Hungarian negotiators it is mostly the lack of cultural knowledge that lurks behind the problems and miscommunication occurring during the negotiations. The research also revealed that stereotypes have an influence on the negotiation styles of Hungarian negotiators. The paper concludes that culture and cultural differences must be taken into consideration in case of cross-cultural negotiations so that problems and misunderstandings could be avoided.

Keywords: business, culture, negotiations, stereotypes

Procedia PDF Downloads 231

Authors: Sautma Ronni Basana, Zeplin Jiwa Husada Tarigan, Widjojo Suprapto

Abstract:

Companies have already implemented the Enterprise Resource Planning (ERP) system to increase the data integration so that they can improve their business performance. Although some companies have managed to implement the ERP well, they still need to improve gradually so that the ERP functions can be optimized. To obtain a faster and more accurate data, the key users and IT department have to customize the process to suit the needs of the company. In reality, sustaining the ERP technology system requires soft and hard ERP so it enables to improve the business performance of the company. Soft and hard ERP are needed to build a tough system to ensure the integration among departments running smoothly. This research has three questions. First, is the soft ERP bringing impacts to the hard ERP and system integration. Then, is the hard ERP having impacts to the system integration. Finally, is the business performance of the manufacturing companies is affected by the soft ERP, hard ERP, and system integration. The questionnaires are distributed to 100 manufacturing companies in East Java, and are collected from 90 companies which have implemented the ERP, with the response rate of 90%. From the data analysis using PLS program, it is obtained that the soft ERP brings positive impacts to the hard ERP and system integration for the companies. Then, the hard ERP brings also positive impacts to the system integration. Finally, the business process performance of the manufacturing companies is affected by the system integration, soft ERP, and hard ERP simultaneously.

Keywords: soft ERP, hard ERP, system integration, business performance

Procedia PDF Downloads 405

Authors: Disha Batra

Abstract:

The Industrial Revolution 4.0 is quite different, and a paradigm shift is underway in the media industry. With the advent of automated journalism and social media platforms, newspaper organizations have changed the way news was gathered and reported. The emergence of the fourth industrial revolution in the early 21st century has made the newspapers to adapt the changing technologies to remain relevant. This paper investigates the content of Indian business-papers in the era of the fourth industrial revolution and how these organizations have emerged in the time of convergence. The study is the content analyses of the top three Indian business dailies as per IRS (Indian Readership Survey) 2017 over a decade. The parametric analysis of the different parameters (source of information, use of illustrations, advertisements, layout, and framing, etc.) have 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. Further, this study reveals the effect of high-speed algorithm-based trading, the aftermath of the fourth industrial revolution on the creative and investigative aspect of delivering financial stories by these respective newspapers. The study indicates a change heading towards an ongoing paradigm shift in the business newspaper industry with an adequate change in the source of information gathering along with the subtle increase in the coverage of financial news stories over the time.

Keywords: business-papers, business news, financial news, industrial revolution 4.0.

Procedia PDF Downloads 115

Authors: Meltem Gurunlu

Abstract:

One of the central problems in corporate finance is the allocation of funds. This usually takes two forms: allocation of funds across firms in an economy or allocation of funds across projects or business units within a firm. The first one is typically related to the external markets (the bond market, the stock market, banks and finance companies) whereas the second form of the capital allocation is related to the internal capital markets in which corporate headquarters allocate capital to their business units. (within-group transfers, within-group credit markets, and within-group equity market). The main aim of this study is to investigate the nature of capital allocation dynamics by comparing the relevant studies carried out on external and internal capital markets with paying special significance to the business groups.

Keywords: internal capital markets, external capital markets, capital structure, capital allocation, business groups, corporate finance

Procedia PDF Downloads 194

Authors: Joanna Błach, Anna Doś, Maria Gorczyńska, Monika Wieczorek-Kosmala

Abstract:

Financial innovations can be regarded as the cause and the effect of the evolution of the financial system. Most of financial innovations are created by various financial institutions for their own purposes and needs. However, due to their diversity, financial innovations can be also applied by various business entities (other than financial institutions). This paper focuses on the potential application of financial innovations by non-financial companies. It is assumed that financial innovations may be effectively applied in all fields of corporate financial decisions integrating financial management with the risk management process. Appropriate application of financial innovations may enhance the development of the company and increase its value by improving its financial situation and reducing the level of risk. On the other hand, misused financial innovations may become the source of extra risk for the company threatening its further operation. The main objective of the paper is to identify the major types of financial innovations offered to non-financial companies by the banking system in Poland. It also aims at identifying the main factors determining the creation of financial innovations in the banking system in Poland and indicating future directions of their development. This paper consists of conceptual and empirical part. Conceptual part based on theoretical study is focused on the determinants of the process of financial innovations and their application by the non-financial companies. Theoretical study is followed by the empirical research based on the analysis of the actual offer of the 20 biggest banks operating in Poland with regard to financial innovations offered to SMEs and large corporations. These innovations are classified according to the main functions of the integrated financial management, such as: Financing, investment, working capital management and risk management. Empirical study has proved that the biggest banks operating in the Polish market offer to their business customers many types and classes of financial innovations. This offer appears vast and adequate to the needs and purposes of the Polish non-financial companies. It was observed that financial innovations pertained to financing decisions dominate in the banks’ offer. However, due to high diversification of the offered financial innovations, business customers may effectively apply them in all fields and areas of integrated financial management. It should be underlined, that the banks’ offer is highly dispersed, which may limit the implementation of financial innovations in the corporate finance. It would be also recommended for the banks operating in the Polish market to intensify the education campaign aiming at increasing knowledge about financial innovations among business customers.

Keywords: banking products and services, banking sector in Poland, corporate financial management, financial innovations, theory of innovation

Procedia PDF Downloads 302

Authors: Jalal Haghighat Monfared, Zahra Akbari

Abstract:

Today, business executives need to have useful information to make better decisions. Banks have also been using information tools so that they can direct the decision-making process in order to achieve their desired goals by rapidly extracting information from sources with the help of business intelligence. The research seeks to investigate whether there is a relationship between the quality of decision making and the business intelligence capabilities of Mellat Bank. Each of the factors studied is divided into several components, and these and their relationships are measured by a questionnaire. The statistical population of this study consists of all managers and experts of Mellat Bank's General Departments (including 190 people) who use commercial intelligence reports. The sample size of this study was 123 randomly determined by statistical method. In this research, relevant statistical inference has been used for data analysis and hypothesis testing. In the first stage, using the Kolmogorov-Smirnov test, the normalization of the data was investigated and in the next stage, the construct validity of both variables and their resulting indexes were verified using confirmatory factor analysis. Finally, using the structural equation modeling and Pearson's correlation coefficient, the research hypotheses were tested. The results confirmed the existence of a positive relationship between decision quality and business intelligence capabilities in Mellat Bank. Among the various capabilities, including data quality, correlation with other systems, user access, flexibility and risk management support, the flexibility of the business intelligence system was the most correlated with the dependent variable of the present research. This shows that it is necessary for Mellat Bank to pay more attention to choose the required business intelligence systems with high flexibility in terms of the ability to submit custom formatted reports. Subsequently, the quality of data on business intelligence systems showed the strongest relationship with quality of decision making. Therefore, improving the quality of data, including the source of data internally or externally, the type of data in quantitative or qualitative terms, the credibility of the data and perceptions of who uses the business intelligence system, improves the quality of decision making in Mellat Bank.

Keywords: business intelligence, business intelligence capability, decision making, decision quality

Procedia PDF Downloads 112

Authors: Babak Mohajeri

Abstract:

In recent years, the conventional business model of ownership has been changed towards accessibility in a variety of markets. Two trends can be observed in the evolution of this rental-like business model. Firstly, the technological development that enables the emergence of new business models. These new business models increasingly become agile and flexible. For example Spotify, an online music stream company provides consumers access to over millions of music tracks, conveniently through the smartphone, tablet or computer. Similarly, Car2Go, the car sharing company accesses its members with flexible and nearby sharing cars. The second trend is the increasing communication and connections via social networks. This trend enables a shift to peer-to-peer accessibility based business models. Conventionally, companies provide access for their customers to own companies products or services. In peer-to-peer model, nonetheless, companies facilitate access and connection across their customers to use other customers owned property or skills, competencies or services .The is so-called the sharing economy business model. The aim of this study is to investigate into a new and emerging type of the sharing economy model in which role of customers and service providers may dramatically change. This new model is called Collaborative Service Networks. We propose a mechanism for Collaborative Service Networks business model. Uber and Airbnb, two successful growing companies, have been selected for our case studies and their business models are analyzed. Finally, we study the emergence of the collaborative service networks in the manufacturing domain. Our finding results to a new manufacturing paradigm called social manufacturing.

Keywords: sharing economy, collaborative service networks, social manufacturing, manufacturing development

Procedia PDF Downloads 317

Authors: Toby Gibbs, Glen Craigie, Suwaree Yordchim

Abstract:

Using the Speexx Online Language Training Program with Thai students has allowed us to evaluate their learning comprehension and track their progression through the English language program. Speexx sets the standard for excellence and innovation in web-based language training and online coaching services. The program is designed to improve the business communication skills of language learners for Thai students. Speexx consists of English lessons, exercises, tests, web boards, and supplementary lessons to help students practice English. The sample groups are 191 Thai sophomores studying Business English with the department of Humanities and Social Science. The data was received by standard deviation (S.D.) value from questionnaires and samples provided from the Speexx training program. The results found that most Thai sophomores fail the Speexx training program due to their learning comprehension of the English language is below average. With persisted efforts on new training methods, the success of the Speexx Language Training Program can break through the cultural barriers and help future students adopt English as a second language. The Speexx results revealed four main factors affecting the success as follows: 1) Future English training should be pursued in applied Speexx development. 2) Thai students didn’t see the benefit of having an Online Language Training Program. 3) There is a great need to educate the next generation of learners on the benefits of Speexx within the community. 4) A great majority of Thai Sophomores didn't know what Speexx was. A guideline for self-reliance planning consisted of four aspects: 1) Development planning: by arranging groups to further improve English abilities with the Speexx Language Training program and encourage using Speexx every day. Local communities need to develop awareness of the usefulness of Speexx and share the value of using the program among family and friends. 2) Humanities and Social Science staff should develop skills using this Online Language Training Program to expand on the benefits of Speexx within their departments. 3) Further research should be pursued on the Thai Students progression with Speexx and how it helps them improve their language skills with Business English. 4) University’s and Language centers should focus on using Speexx to encourage learning for any language, not just English.

Keywords: ability, comprehension, sophomore, speexx

Procedia PDF Downloads 369

Authors: Svetlana Bialkova, Marnix van Gisbergen

Abstract:

Advanced Virtual Reality (VR) technologies offer compelling multisensory and interactive experiences applicable in various fields from education to entertainment. However, serious VR applications within the financial sector are scarce, and managing ‘real’ business services with(in) VR is a challenge inviting further investigation. The current research addresses this challenge, by exploring the key parameters influencing the VR business power and the development of appropriate VR applications in real financial business. We conducted profound investigation of both B2B and B2C needs, and how these could be met. In three studies, we have approached experts from leading international banks (finance to computer specialists), and their (potential) customers. Study 1 included focus group discussions with experts. First, participants could experience different VR devices such as Samsung Gear VR, then a structured discussion was held. The outcomes are analyzed and summarized in a portfolio. Study 2 further used the portfolio analyzer to profile the management of real business services with(in) VR. Again experts participated, where first being introduced with Samsung Gear, then experiencing it and being interviewed. Based on the outcomes, a survey was developed to interview (potential) customers and test ideas created (Study 3). The results suggest that developing proper system architectures to connect people and to connect devices is crucial for building up powerful business with(in) VR. From one side, connecting devices, e.g., pairing mobile Head Mounted Displays for VR with smart-phones and/or wearable technologies would be appropriate way “to have” customers anywhere, anytime with a brand and/or business. Developing VR Apps, providing detailed real time visualization of performance and infrastructure types could enable 3D VR navigation, 3D contents viewing, but also being opportunity for connecting people in collaborative platforms. The outcomes of the current research are summarized in a model which could be applied to unlock the real business power of VR.

Keywords: business power, B2B, B2C, VR applications

Procedia PDF Downloads 289

Authors: Koko Iwan Agus Kurniawan, Dwi Purnomo, Anas Bunyamin, Arif Rahman Jaya

Abstract:

Fruters model is a concept of technopreneurship-based on empowerment, in which technology research results were designed to create high value-added products and implemented as a locomotive of collaborative empowerment; thereby, the impact was widely spread. This model still needs to be inventoried and validated concerning the influenced variables in the business growth process. Model validation accompanied by mapping was required to be applicable to Small Medium Enterprises (SMEs) agro-industry based on sustainable social business and existing real cases. This research explained the empowerment model of Yourgood, an SME, which emphasized on empowering the farmers/ breeders in farmers in rural areas, Cipageran, Cimahi, to housewives in urban areas, Bandung, West Java, Indonesia. This research reviewed some works of literature discussing the agro-industrial development associated with the empowerment and social business process and gained a unique business model picture with the social business platform as well. Through the mapped business model, there were several advantages such as technology acquisition, independence, capital generation, good investment growth, strengthening of collaboration, and improvement of social impacts that can be replicated on other businesses. This research used analytical-descriptive research method consisting of qualitative analysis with design thinking approach and that of quantitative with the AHP (Analytical Hierarchy Process). Based on the results, the development of the enterprise’s process was highly affected by supplying farmers with the score of 0.248 out of 1, being the most valuable for the existence of the enterprise. It was followed by university (0.178), supplying farmers (0.153), business actors (0.128), government (0.100), distributor (0.092), techno-preneurship laboratory (0.069), banking (0.033), and Non-Government Organization (NGO) (0.031).

Keywords: agro-industry, small medium enterprises, empowerment, design thinking, AHP, business model canvas, social business

Procedia PDF Downloads 168