Search results for: customer value

Authors: Miky Lee, K. Kim, D. Lim, D. Cho

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This paper presents the planning, rationale for test specification derivation, sampling requirements, test facilities, and result analysis used to conduct lifetime expectancy endurance tests on power window switches (PWS) considering thermally induced mechanical stress under diurnal cyclic temperatures during normal operation (power cycling). The detail process of analysis and test results on the selected PWS set were discussed in this paper. A statistical approach to ‘life time expectancy’ was given to the measurement standards dealing with PWS lifetime determination through endurance tests. The approach choice, within the framework of the task, was explained. The present task was dedicated to voltage drop measurement to derive lifetime expectancy while others mostly consider contact or surface resistance. The measurements to perform and the main instruments to measure were fully described accordingly. The failure data from tests were analyzed to conclude lifetime expectancy through statistical method using Weibull cumulative distribution function. The first goal of this task is to develop realistic worst case lifetime endurance test specification because existing large number of switch test standards cannot induce degradation mechanism which makes the switches less reliable. 2nd goal is to assess quantitative reliability status of PWS currently manufactured based on test specification newly developed thru this project. The last and most important goal is to satisfy customer’ requirement regarding product reliability.

Keywords: power window switch, endurance test, Weibull function, reliability, degradation mechanism

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Authors: Troy A. Tyre

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Organizational behavior and organizational change are elements of the ever-changing global business environment. Leadership and organizational behavior are 21st century disciplines. Network marketing organizations need to understand the ever-changing nature of global business and be ready and willing to adapt to the environment. Network marketing organizations have a challenge keeping up with a rapid escalation in global growth. Network marketing growth has been steady and global. Network marketing organizations have been slow to develop a 21st century global strategy to manage the rapid escalation of growth degrading organizational behavior, job satisfaction, increasing attrition, and degrading customer service. Development of an organizational behavior and leadership theory for the 21st century to help network marketing develops a global business strategy to manage the rapid escalation in growth that affects organizational behavior. Managing growth means organizational leadership must develop and adapt to the organizational environment. Growth comes with an open mind and one’s departure from the comfort zone. Leadership growth operates in the tacit dimension. Systems thinking and adaptation of mental models can help shift organizational behavior. Shifting the organizational behavior requires organizational learning. Organizational learning occurs through single-loop, double-loop, and triple-loop learning. Triple-loop learning is the most difficult, but the most rewarding. Tools such as theory U can aid in developing a landscape for organizational behavioral development. Additionally, awareness to espoused and portrayed actions is imperatives. Theories of motivation, cross-cultural diversity, and communications are instrumental in founding an organizational behavior suited for the 21st century.

Keywords: global, leadership, network marketing, organizational behavior

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Authors: Ronita Singh, Yaman Pattanaik, Soham Lalwala

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In today’s highly competitive business environment, every organization is striving towards lean manufacturing systems to achieve lower Production Lead Times, lower costs, less inventory and overall improvement in supply chains efficiency. Based on the similar idea, this paper presents the practical application of Value Stream Mapping (VSM) tool and ECRS (Eliminate, Combine, Reduce, and Simplify) technique in the receipt section of the material management center of an oil refinery. A value stream is an assortment of all actions (value added as well as non-value added) that are required to bring a product through the essential flows, starting with raw material and ending with the customer. For drawing current state value stream mapping, all relevant data of the receipt cycle has been collected and analyzed. Then analysis of current state map has been done for determining the type and quantum of waste at every stage which helped in ascertaining as to how far the warehouse is from the concept of lean manufacturing. From the results achieved by current VSM, it was observed that the two processes- Preparation of GRN (Goods Receipt Number) and Preparation of UD (Usage Decision) are both bottle neck operations and have higher cycle time. This root cause analysis of various types of waste helped in designing a strategy for step-wise implementation of lean tools. The future state thus created a lean flow of materials at the warehouse center, reducing the lead time of the receipt cycle from 11 days to 7 days and increasing overall efficiency by 27.27%.

Keywords: current VSM, ECRS, future VSM, receipt cycle, supply chain, VSM

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Authors: Chandan Deep Singh

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In present days, companies are facing the rapid competition in terms of customer requirements to be satisfied, new technologies to be integrated into future products, new safety regulations to be followed, new computer-based tools to be introduced into design activities that becomes more scientific. In today’s highly competitive market, survival focuses on various factors such as quality, innovation, adherence to standards, and rapid response as the basis for competitive advantage. For competitive advantage, companies have to produce various competencies: for improving the capability of suppliers and for strengthening the process of integrating technology. For more competitiveness, organizations should operate in a strategy driven way and have a strategic architecture for developing core competencies. Traditional ways to take such experience and develop competencies tend to take a lot of time and they are expensive. A new learning environment, which is built around a gaming engine, supports the development of competences in specific subject areas. Technology competencies have a significant role in firm innovation and competitiveness; they interact with the competitive environment. Technological competencies vary according to the type of competitive environment, thus enhancing firm innovativeness. Technological competency is gained through extensive experimentation and learning in its research, development and employment in manufacturing. This is a review paper based on competency and strategic success of automobile industry. The aim here is to study strategy formulation and competency tools in the industry. This work is a review of literature related to competency and strategy in automobile industry. This study involves review of 34 papers related to competency and strategy.

Keywords: manufacturing competency, strategic success, competitiveness, strategy formulation

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Authors: Elaine Wong Yee-Sing, Liaw Wee Tong

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Rapid transformations in demographic and socioeconomic shifts are leading to a growing global demand for health and beauty products and services that demands holistic concepts of well-being. In addition, technological breakthroughs such as internet of things make it convenient and offer innovative solutions for well-being and engage consumers to track their own health conditions and fitness goals. This 'new health economy' encompasses three key concepts: well-being, well-conditioned and well-shaped; which are shaped by wellness segments and goals that influence purchasing decisions of consumers. The research protocol aims to examine the feasibility, challenges, and capabilities in provision for each customer with an ecosystem, or platform, that organizes data and insights to create an individual health and fitness, nutrition, and beauty profile. Convenience sampling of 100 consumers residing in private housing within five major districts in Singapore will be selected to participate in the study. Statistical Package for Social Science 25 will be used to conduct descriptive statistics for quantitative data while qualitative data results using focus interviews, will be translated and transcribed to identify improvements in provision of these services. Rising income in emerging global markets is fuelling the demand for these general wellbeing products and services. Combined with technological advances, it is imperative to understand how these highly personalized services with integrated technology can be designed better to support consumer preferences; provide greater flexibility and high-quality service, and generate better health awareness among consumers.

Keywords: beauty, consumers, health, technology, wellness

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Authors: Elham Taghizadeh, Mostafa Abedzadeh, Mostafa Setak

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Logistics network is expected that opened facilities work continuously for a long time horizon without any failure; but in real world problems, facilities may face disruptions. This paper studies a reliable joint inventory location problem to optimize cost of facility locations, customers’ assignment, and inventory management decisions when facilities face failure risks and doesn’t work. In our model we assume when a facility is out of work, its customers may be reassigned to other operational facilities otherwise they must endure high penalty costs associated with losing service. For defining the model closer to real world problems, the model is proposed based on p-median problem and the facilities are considered to have limited capacities. We define a new binary variable (Z_is) for showing that customers are not assigned to any facilities. Our problem involve a bi-objective model; the first one minimizes the sum of facility construction costs and expected inventory holding costs, the second one function that mention for the first one is minimizes maximum expected customer costs under normal and failure scenarios. For solving this model we use NSGAII and MOSS algorithms have been applied to find the pareto- archive solution. Also Response Surface Methodology (RSM) is applied for optimizing the NSGAII Algorithm Parameters. We compare performance of two algorithms with three metrics and the results show NSGAII is more suitable for our model.

Keywords: joint inventory-location problem, facility location, NSGAII, MOSS

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Authors: Mohammad Mehdi Mohebi, Nima Kazempour, Mohammad Naeim Kazempour

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Strategic thinking enables managers to find out what factors are effective in achieving the desired goals and how these factors create value for the customer. Strategic thinking can be interpreted as a form of mental and inner strength in the manager, who by utilizing it, while considering the conditions of the environment and unstable global environment changes, takes decisions, and plans actions, and designs the strategy of his organization in today's changing and unsustainable business environment. Strategic thinking is very important in today’s business world, because without this thinking, the organization's efforts to achieve developed strategies will not be effective. In this study, through a detailed study of the challenges and barriers to strategic thinking that is carried out by various scholars and experts theoretically and experimentally, 7 major factors were identified. Then, based on these main factors of challenges and related elements, a tool in the form of a questionnaire was developed in order to determine their importance and priority from the perspective of strategic management experts. Using statistical tests the reliability and validity of this instrument, including its structural validity, has been examined and approved using factor analysis. These factors are weighted and prioritized using AHP techniques and the opinions of scholars and experts. Prioritization of barriers to strategic thinking include: lack of participatory management, lack of a systematic approach, difficulty in aligning the organization members, lack of incentive organizational culture, behavioural and internal barriers of managers, lack of key managers and lack of access to timely and accurate information.

Keywords: strategic thinking, challenges and barriers to strategic thinking, EN bank, AHP method

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Authors: Fayza M. Obied-Allah

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Customer’ needs, quality, and value creation while reducing costs through supply chain management provides challenges and opportunities for companies and researchers. In the light of these challenges, modern ideas must contribute to counter these challenges and exploit opportunities. Perhaps this paper will be one of these contributions. This paper discusses the impact of the quality cost on revenue sharing as a most important incentive to configure business networks. No doubt that the costs directly affect the size of income generated by a business network, so this paper investigates the impact of quality costs on business networks revenue, and their impact on the decision to participate the revenue among the companies in the supply chain. This paper develops the quality cost approach to align with the modern era, the developed model includes five categories besides the well-known four categories (namely prevention costs, appraisal costs, internal failure costs, and external failure costs), a new category has been developed in this research as a new vision of the relationship between quality costs and innovations of industry. This new category is Recycle Cost. This paper is organized into six sections, Section I shows quality costs overview in the supply chain. Section II discusses revenue sharing between the parties in supply chain. Section III investigates the impact of quality costs in revenue sharing decision between partners in supply chain. The fourth section includes survey study and presents statistical results. Section V discusses the results and shows future opportunities for research. Finally, Section VI summarizes the theoretical and practical results of this paper.

Keywords: quality cost, recycle cost, revenue sharing, supply chain management

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Authors: Rizgar Abdullah Sabir Jaf, Bayan Sedeeq Azeez Hussin, Dler Moosa Ahmed Karim

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Presently, economic and technological developments are growing faster in an unparalleled way. The result of that is innovative changing a great deal of a great deal of assumption, concepts, transactions, and high of competition between companies all over the world. The title of the thesis is one of the subjects that get large concerns in the financial and business world in the present time. That is because many competitive firms have appeared in the regional and global markets and the rapid changes that covered all fields of life. The subjects of the dissertation have a special importance in making the firm's businesses succeed in general and the industrial firms especially. Thus, the basic purpose of this study is to determine whether target costing is used in the costing application process in their customer expectation, profit margin, cost and price determination, cost reduction and management operations. In today’s intensely competitive and highly volatile business environment, consistent development of low cost and high quality products meeting the functional requirements is a key to a company's survival. Companies continuously strive to reduce the costs while still producing quality products to stay ahead in the competition. Many companies have turned to target costing to achieve this objective. The results indicate that there is a significant positive relationship (at the significance level less than 0.05) between the factors competitive advantage and management accounting techniques in the firm's sample study.

Keywords: strategic information, target cost, competitive advantage, Iraqi soft drink firms

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Authors: Noriyuki Suyama

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The progress and spread of digitalization have led to the provision of a variety of new services. The recent progress in digitization can be attributed to rapid developments in science and technology. First, the research and diffusion of artificial intelligence (AI) has made dramatic progress. Around 2000, the third wave of AI research, which had been underway for about 50 years, arrived. Specifically, machine learning and deep learning were made possible in AI, and the ability of AI to acquire knowledge, define the knowledge, and update its own knowledge in a quantitative manner made the use of big data practical even for commercial PCs. On the other hand, with the spread of social media, information exchange has become more common in our daily lives, and the lending and borrowing of goods and services, in other words, the sharing economy, has become widespread. The scope of this trend is not limited to any industry, and its momentum is growing as the SDGs take root. In addition, the Social Network Service (SNS), a part of social media, has brought about the evolution of the retail business. In the past few years, social network services (SNS) involving users or companies have especially flourished. The People's Republic of China (hereinafter referred to as "China") is a country that is stimulating enormous consumption through its own unique SNS, which is different from the SNS used in developed countries around the world. This paper focuses on the effectiveness and challenges of influencer marketing by focusing on the influence of influencers on users' behavior and satisfaction with Chinese SNSs. Specifically, Conducted was the quantitative survey of Tik Tok users living in China, with the aim of gaining new insights from the analysis and discussions. As a result, we found several important findings and knowledge.

Keywords: customer satisfaction, social networking services, influencer marketing, Chinese consumers’ behavior

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Authors: Farzam Chakherlouy, Amirmehdi Dokhanchi

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Nowadays organizations have to identify, evaluate and manage intangible assets which enable them to provide maximum requirements to achieve their goals and strategies. Organizations also have to try to promote and improve these kinds of assets continuously. It seems necessary to implement developed strategies in today’s competitive world where all the organizations and companies spend great amounts of expenses for developing their own strategies. In fact, after determining strategies to be implemented, the management process is not completed and it will not have any effect on the success and existence of the organization until these strategies are implemented. The objective of this article is to define the intellectual capital and it components and studying the impact of intellectual capital on the implementation of strategy based upon the Bozbura model. Three dimensions of human capital, relational capital, and the structural capital. According to the test’s results, the correlation between the intellectual capital and three components of strategic implementation (leadership, human resource management, and culture) has not been approved yet. According to results of Friedman’s test in relation with the intellectual capital, the maximum inadequacy of this company is in the field of human capital (with an average of 3.59) and the minimum inadequacy is in the field of the relational capital (customer) with an average of 2.83. Besides, according to Friedman test in relation with implementation of the strategy, the maximum inadequacy relates to the culture of the organization and the corporate control with averages of 2.60 and 3.45 respectively. In addition, they demonstrate a good performance in scopes of human resources management and financial resources management strategies.

Keywords: Bozbura model, intellectual capital, strategic management, implementation of strategy, Modiran Ideh Pardaz company

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Authors: Daniela Evtimovska, Ivana Srbinovska, Padraig O’Rourke

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Kostal Macedonia has the challenge to mill a rigid-flex printed circuit board (PCB). The PCB elaborated in this paper is made of FR4 material covered with polyimide through the whole surface on the one side, including the tabs where PCBs need to be separated. After milling only 1.44 meters, the updraft routing tool isn’t effective and causes polyimide debris on all PCB cuts if it continues to mill with the same tool. Updraft routing tool is used for all another product in Kostal Macedonia, and it is changing after milling 60 meters. Changing the tool adds 80 seconds to the cycle time. One solution is using a laser-cut machine. Buying a laser-cut machine for cutting only one product doesn’t make financial sense. The focus is given to find an internal solution among the options under review to solve the issue with polyimide debris. In the paper, the design of the rigid-flex panel is described deeply. It is evaluated downdraft routing tool as a possible solution which could be used for the flex rigid panel as a specific product. It is done a comparison between updraft and down draft routing tools from a technical and financial aspect of view, taking into consideration the customer requirements for the rigid-flex PCB. The results show that using the downdraft routing tool is the best solution in this case. This tool is more expensive for 0.62 euros per piece than updraft. The downdraft routing tool needs to be changed after milling 43.44 meters in comparison with the updraft tool, which needs to be changed after milling only 1.44 meters. It is done analysis which actions should be taken in order further improvements and the possibility of maximum serving of downdraft routing tool.

Keywords: Kostal Macedonia, rigid flex PCB, polyimide, debris, milling process, up/down draft routing tool

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Authors: Nitish Suvarna, Anjali Awasthi

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In an era marked by rapid technological advancements, the integration of Autonomous Vehicles into supply chain networks represents a transformative shift, promising to redefine the paradigms of logistics and transportation. This thesis delves into a comprehensive assessment of the impact of autonomous vehicles on supply chain performance, with a particular focus on network design, operational efficiency, and environmental sustainability. Employing the advanced simulation capabilities of anyLogistix (ALX), the study constructs a digital twin of a conventional supply chain network, encompassing suppliers, production facilities, distribution centers, and customer endpoints. The research methodically integrates Autonomous Vehicles into this intricate network, aiming to unravel the multifaceted effects on transportation logistics including transit times, cost-efficiency, and sustainability. Through simulations and scenarios analysis, the study scrutinizes the operational resilience and adaptability of supply chains in the face of dynamic market conditions and disruptive technologies like Autonomous Vehicles. Furthermore, the thesis undertakes carbon footprint analysis, quantifying the environmental benefits and challenges associated with the adoption of Autonomous Vehicles in supply chain operations. The insights from this research are anticipated to offer a strategic framework for industry stakeholders, guiding the adoption of Autonomous Vehicles to foster a more efficient, responsive, and sustainable supply chain ecosystem. The findings aim to serve as a cornerstone for future research and practical implementations in the realm of intelligent transportation and supply chain management.

Keywords: autonomous vehicle, agri-food supply chain, ALX simulation, anyLogistix

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Authors: Hamid Hanifi, Adel Azar, Alireza Booshehri

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In order to know about the capability level of R & D units in automotive industry, it is essential that organizations always compare themselves with standard level and higher than themselves so that to be improved continuously. In this research, with respect to the importance of this issue, we have tried to present an assessment model for R & D capabilities having reviewed on new products development in automotive industry of Iran. Iran Khodro Company was selected for the case study. To this purpose, first, having a review on the literature, about 200 indicators effective in R & D capabilities and new products development were extracted. Then, of these numbers, 29 indicators which were more important were selected by industry and academia experts and the questionnaire was distributed among statistical population. Statistical population was consisted of 410 individuals in Iran Khodro Company. We used the 410 questionnaires for exploratory factor analysis and then used the data of 308 questionnaires from the same population randomly for confirmatory factor analysis. The results of exploratory factor analysis led to categorization of dimensions in 9 secondary dimensions. Naming the dimensions was done according to a literature review and the professors’ opinion. Using structural equation modeling and AMOS software, confirmatory factor analysis was conducted and ultimate model with 9 secondary dimensions was confirmed. Meanwhile, 9 secondary dimensions of this research are as follows: 1) Research and design capability, 2) Customer and market capability, 3) Technology capability, 4) Financial resources capability, 5) Organizational chart, 6) Intellectual capital capability, 7) NPD process capability, 8) Managerial capability and 9) Strategy capability.

Keywords: research and development, new products development, structural equations, exploratory factor analysis, confirmatory factor analysis

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Authors: Abdul Azarrudin M. A., Pothiraj K., Kandasamy Satish

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In the current automobile scenario, there comes a demand on more sophistication and comfort drive feel on passenger segments. The clutch pedal effort is one such customer touch feels in manual transmission vehicles, where the driver continuous to operate the clutch pedal in his entire the driving maneuvers. Hence optimum pedal efforts at green condition and over mileage to be ensured for fatigue free the driving. As friction is one the predominant factor and its tendency to challenge the technicality by causing the function degradation. One such semi-hydraulic systems shows load efficiency of about 70-75% over lifetime only due to the increase in friction which leads to the increase in pedal effort and cause fatigue to the vehicle driver. This work deals with the study of friction with different interfaces and its influence in the fulcrum points over mileage, with the objective of understanding the trend over mileage and determining the alternative ways of resolving it. In that one way of methodology is the reduction of friction by experimental investigation of various friction reduction interfaces like metal-to-metal interface and it has been tried out and is detailed further. Also, the specific attention has been put up considering the fulcrum load and its contact interfaces to move on with this study. The main results of the experimental data with the influence of three different contact interfaces are being presented with an ultimate intention of ending up into less fatigue with longer consistent pedal effort, thus smoothens the operation of the end user. The Experimental validation also has been done through rig-level test setup to depict the performance at static condition and in-parallel vehicle level test has also been performed to record the additional influences if any.

Keywords: automobile, clutch, friction, fork

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Authors: Syed Asif Hassan, Tabrej Khan, Ibrahim Manssor Al Najar, Mohammed Nasser

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The incredible accomplishment achieved by e-commerce in consumer durable area encouraged us to implement the online e-commerce model to tap the business benefits of electronic pharmacy in Saudi Arabia. The Kingdom of Saudi Arabia is famous for traditional herbal medicine. The rich heritage of traditional medicine has helped the mushrooming of regional pharmaceutical industries manufacturing drugs and other therapeutic against various diseases. However, the implementation of e-commerce in pharmacy has not been employed in the Kingdom of Saudi Arabia. The electronic pharmacy (E-Pharm) is an important sector that is flourishing across the globe and providing benefits of E-Pharm to the customers and suppliers all around the world. In this context, our web-based application of electronic pharmacy is the one of its kind in the Kingdom of Saudi Arabia. Surveys and personal interviews were used to identify key objectives of the proposed web-based portal. As per the findings of the surveys and personal interviews, following key objectives were identified: (a) The online platform will be used for ordering of prescription based medications for consumers. (b) The e-portal will provide space for pharmaceutical retailers who do not have an electronic platform to upload and sell their therapeutic products in an organized way. (c) The web portal will provide a tracking system to track the customer’s behavior like choice, offer, order, shipment, payment, etc. The web-based e-pharmacy portal will be developed using MySQL and PHP. The development of e-pharmacy web portal and e-prescription practices will not only improve the growth of electronic pharmacy but would also decrease the possibility of prescription alteration thus providing safety and improving the quality of service provided to the patient or consumers.

Keywords: e-commerce, E-Pharm, MySQL, PHP

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Authors: Kvnkc Sharma

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Globalization, coupled with increase in competition is compelling organizations to adopt innovative strategies and identify core competencies in order to distinguish themselves from the competition. The capability of an organization is no longer determined by their products or services alone. The intellectual assets and quality of the human resource are fast emerging as key differentiators. Corporations are now positioning themselves as ‘brands’ not solely to market their products and services, but also to lure and to retain the best talent in the business. This paper identifies leadership as the ‘key element’ in developing an organization’s brand, which has a significant influence on the employee’s eventual perception of this external brand as portrayed by the organization. External branding incorporates innovation, consumer concern, trust, quality and sustainability. The paper contends that employees are indeed an organization’s ‘brand ambassadors. Internal branding involves taking care of these ambassadors of corporate brand i.e. human resource. If employees of an organization are not exposed to the organization’s branding (an ongoing process that functionally aligns, motivates and empower employees at all levels to consistently provide a satisfying customer experience), the external brand could be jeopardized. Internal branding, on the other hand, refers to employee’s perception of the organization’s brand. The current business environment can at best, be termed as volatile. Employees with the right technical and behavioral skills remain a scarce resource and the employers need to be ready to capture the attention, interest and commitment of the best and brightest candidates. This paper attempts to review and understand the relationship between employer branding and employee retention. The paper also seeks to identify potential impact of employer branding across all the factors affecting employees.

Keywords: external branding, human resource, internal branding, leadership

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Authors: R. Geetha, J. Arunkumar, P. Gopal, D. Loganathan, K. Pavithra, C. Vikashini

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Mobile Number Portability is an attempt to switch over from one network to another network facility for mobile based on applications. This facility is currently not available for mobile handsets. This application is intended to assist the mobile network and its service customers in understanding the criteria; this will serve as a universal set of requirements which must be met by the customers. This application helps the user's network portability. Accessing permission from the network provider to enable services to the user and utilizing the available network signals. It is enabling the user to make a temporary switch over to other network. The main aim of this research work is to adapt multiple networks at the time of no network coverage. It can be accessed at rural and geographical areas. This can be achieved by this mobile application. The application is capable of temporary switch over between various networks. With this application both the service provider and the network user are benefited. The service provider is benefited by charging a minimum cost for utilizing other network. It provides security in terms of password that is unique to avoid unauthorized users and to prevent loss of balance. The goal intended to be attained is a complete utilization of available network at significant situations and to provide feature that satisfy the customer needs. The temporary switch over is done to manage emergency calls when user is in rural or geographical area, where there will be a very low network coverage. Since people find it trend in using Android mobile, this application is designed as an Android applications, which can be freely downloaded and installed from Play store. In the current scenario, the service provider enables the user to change their network without shifting their mobile network. This application affords a clarification for users while they are jammed in a critical situation. This application is designed by using Android 4.2 and SQLite Version3.

Keywords: mobile number, random number, alarm, imei number, call

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Authors: Saikiran Subbagari, Avinash Malladhi

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Anti Money Laundering (AML) regulations are designed to prevent money laundering and terrorist financing activities worldwide. Financial institutions around the world are legally obligated to identify, assess and mitigate the risks associated with money laundering and report any suspicious transactions to governing authorities. With increasing volumes of data to analyze, financial institutions seek to automate their AML processes. In the rise of financial crimes, optical character recognition (OCR), in combination with machine learning (ML) algorithms, serves as a crucial tool for automating AML processes by extracting the data from documents and identifying suspicious transactions. In this paper, we examine the utilization of OCR for AML and delve into various OCR techniques employed in AML processes. These techniques encompass template-based, feature-based, neural network-based, natural language processing (NLP), hidden markov models (HMMs), conditional random fields (CRFs), binarizations, pattern matching and stroke width transform (SWT). We evaluate each technique, discussing their strengths and constraints. Also, we emphasize on how OCR can improve the accuracy of customer identity verification by comparing the extracted text with the office of foreign assets control (OFAC) watchlist. We will also discuss how OCR helps to overcome language barriers in AML compliance. We also address the implementation challenges that OCR-based AML systems may face and offer recommendations for financial institutions based on the data from previous research studies, which illustrate the effectiveness of OCR-based AML.

Keywords: anti-money laundering, compliance, financial crimes, fraud detection, machine learning, optical character recognition

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Authors: Tang Mui Joo, Chan Eang Teng

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The use of social media has become more defined. It has been widely used for the purpose of business. More marketers are now using social media as tools to enhance their businesses. Whereas on the other hand, there are more and more people spending their time through mobile apps to be engaged in the social media sites like YouTube, Facebook, Twitter and others. Social media has even become common in Public Relations (PR). It has become number one platform for creating and sharing content. In view to this, social media has changed the rules in PR where it brings new challenges and opportunities to the profession. Although corporate websites, chat-rooms, email customer response facilities and electronic news release distribution are now viewed as standard aspects of PR practice, many PR practitioners are still struggling with the impact of new media though the implementation of social media is potentially reducing the cost of communication. It is to the point that PR practitioners are not fully embracing new media, they are ill-equipped to do so and they have a fear of the technology. Somehow that social media has become a new style of communication that is characterized by conversation and community. It has become a platform that allows individuals to interact with one another and build relationship among each other. Therefore, in the use of business world, consumers are able to interact with those companies that have joined any social media. Based on their experiences with social networking site interactions, they are also exposed to personal interaction while communicating. This paper is to study the impact of social media to PR. This paper discovers the potential changes of PR practices in a developing country like Malaysia. Eventually the study reflects on how PR practitioners are actually using social media in the country. This paper is based on two theories in its development of this research foundation. Media Ecology Theory is to support the impact and changes to PR. Social Penetration Theory is to reflect on how the use of social media is among PRs. This research is using survey with PR practitioners in its data collection. The results have shown that PR professionals value social media more than they actually use it and the way of organizations communicate had been changed due to the transformation of social media.

Keywords: new media, social media, PR, change of trend, communication, digital culture

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Authors: Kadiri Kayode Ibrahim, Kadiri Omowunmi

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The research study was concerned with an evaluation of the effect of marketing strategy on the performance of SMEs in Abuja. This was achieved, specifically, through the examination of the effect of disaggregated components of Marketing Strategy (Product, Price, Promotion, Placement and Process) on Sales Volume (as a proxy for performance). The study design was causal in nature, with the use of quantitative methods involving a cross-sectional survey carried out with the administration of a structured questionnaire. A multistage sample of 398 respondents was utilized to provide the primary data used in the study. Subsequently, path analysis was employed in processing the obtained data and testing formulated hypotheses. Findings from the study indicated that all modeled components of marketing strategy were positive and statistically significant determinants of performance among businesses in the zone. It was, therefore, recommended that SMEs invest in continuous product innovation and development that are in line with the needs and preferences of the target market, as well as adopt a dynamic pricing strategy that considers both cost factors and market conditions. It is, therefore, crucial that businesses in the zone adopt marker communication measures that would stimulate brand awareness and increase engagement, including the use of social media platforms and content marketing. Additionally, owner-managers should ensure that their products are readily available to their target customers through an emphasis on availability and accessibility measures. Furthermore, a commitment to consistent optimization of internal operations is crucial for improved productivity, reduced costs, and enhanced customer satisfaction, which in turn will positively impact their overall performance.

Keywords: product, price, promotion, placement

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Authors: C. Hipp

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The EU Regulation (EC) No 261/2004 under which air passengers can claim compensation in the event of denied boarding, cancellation or long delay of flights has to be regarded as a substantial progress for the consumer protection in the field of air transport since it went into force in February 2005. Nevertheless, different reviews of its effective functioning demonstrate that most passengers affected by service disruptions do not enforce their complaints and claims towards the airline. The main cause of this is not only the unclear legal situation due to the fact that the regulation itself suffers from many undetermined terms and loopholes it is also attributable to the strategy of the airlines which do not handle the complaints of the passengers or exclude their duty to compensate them. Economically contemplated, reasons like the long duration of a trial and the cost risk in relation to the amount of compensation make it comprehensible that passengers are deterred from enforcing their rights by filing a lawsuit. The paper focusses on the alternative dispute resolution namely the recently established conciliation bodies which deal with air passenger rights. In this paper, the Conciliation Body for Public Transport in Germany (Schlichtungsstelle für den öffentlichen Personenverkehr – SÖP) is examined as a successful example of independent consumer arbitration service. It was founded in 2009 and deals with complaints in the field of air passenger rights since November 2013. According to the current situation one has to admit that due to its structure and operation it meets on the one hand the needs of the airlines by giving them an efficient tool of their customer relation management and on the other hand that it contributes to the enforcement of air passenger rights effectively.

Keywords: air passenger rights, alternative dispute resolution, consumer protection, EU law regulation (EC) 261/2004

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Authors: Deviana Yuanitasari

Abstract:

The rapid development of world commerce and trade nowadays has created fast-paced demand in every business activities and transactions. That also includes the need for ready to use and practical form of standard contract. For the company or business owner, the use of standard contract is an alternative way to achieve economic goals faster, effectively and efficiently. In the other hand, for the consumer the practice of using standard contract usually unfavorable, because the contract clauses usually have been defined by the company and cannot be individually negotiated. That means consumer cannot influence the substances of the contract clauses. The purpose of this study is to get deeper understanding and analyze the role of Consumer Dispute Settlement Body in the monitoring of standard clause inclusion by businesses and industries within the context of practicing consumer protection law. Furthermore, this study will focus on the procedure of sanction and the effectiveness of the sanction for the business practitioners which disregard the inclusion of the prohibited standard clause. Therefore, this study will depict the law issues and other phenomenon that related with the role of Consumer Dispute Settlement Body in monitoring the inclusion of standard clause and procedure of sanction for the business practitioners that still use exemption clause within Consumer Protection Law System. This study results that BPSK has been assigned to monitor the inclusion of standard clause and settle consumer dispute. At this stage, BPSK role is passive, which means BPSK only takes an action if there are consumer complaints. The procedure of sanction is not part of BPSK tasks, since should there be a violation of standard clause; BPSK can only ask the business practitioners to remove the prohibited clause and not give a sanction. As a result, the procedure of sanction rule for the Standard Clause violation in this context can be considered as ineffective.

Keywords: standard contract, standard clause, consumer protection law, consumer dispute settlement body

Procedia PDF Downloads 334

Authors: KVNKC Sharma, Soujanya Pasumarthi

Abstract:

Globalization, coupled with increase in competition is compelling organizations to adopt innovative strategies and identify core competencies in order to distinguish themselves from the competition. The capability of an organization is no longer determined by their products or services alone. The intellectual assets and quality of the human resource are fast emerging as key differentiators. Corporations are now positioning themselves as ‘brands’ not solely to market their products and services, but also to lure and to retain the best talent in the business. This paper identifies leadership as the ‘key element’ in developing an organization’s brand, which has a significant influence on the employee’s eventual perception of this external brand as portrayed by the organization. External branding incorporates innovation, consumer concern, trust, quality and sustainability. The paper contends that employees are indeed an organization’s ‘brand ambassadors. Internal branding involves taking care of these ambassadors of corporate brand i.e. human resource. If employees of an organization are not exposed to the organization’s branding (an ongoing process that functionally aligns, motivates and empower employees at all levels to consistently provide a satisfying customer experience), the external brand could be jeopardized. Internal branding, on the other hand, refers to employee’s perception of the organization’s brand. The current business environment can at best, be termed as volatile. Employees with the right technical and behavioral skills remain a scarce resource and the employers need to be ready to capture the attention, interest and commitment of the best and brightest candidates. This paper attempts to review and understand the relationship between employer branding and employee retention. The paper also seeks to identify potential impact of employer branding across all the factors affecting employees.

Keywords: alignment, external branding, internal branding, leadership

Procedia PDF Downloads 303

Authors: Kveta Olsanova, Gina Cook, Marija Zlatic

Abstract:

This paper discusses the theoretical framework suggesting the dependencies between luxury brands’ CSR (Corporate Social Responsibility) variables and the purchase intention of luxury shoppers. The framework is based on a literature review and in-depth individual interviews with a sample of luxury users and buyers. The measures of the model are based on existing research and the authors' qualitative research results. The model suggests that purchase intention in the luxury segment is dependent on the luxury values (symbolic, experiential, functional and social), individual sustainable dimension (composed of societal, environmental and economic variables) and awareness of the brand’s CSR, the last two relationships being potentially moderated by certain conditions such as demographics and general attitudes towards CSR and sustainability. The model’s output is in the formulation of several hypotheses, to be tested in an upcoming quantitative study. The qualitative phase indicated that the perceived symbolic, functional and experiential value dimensions of luxury brands were stronger drivers of purchase intention compared to the sustainable dimension. The contribution of the research consists of highlighting CSR’s impact on customer purchase intent as a potential implication for luxury brand management due to two aspects: (i) consumer awareness of the existing CSR activities of luxury brands is low, and this might be challenged by the demands of Gen Z entrants into the lux industry as they are known for their positive approach to CSR; (ii) the UN’s SDGs will bring CSR to the attention of all industries, including currently 'CSR silent' segments represented by luxury. Our research should contribute to incorporation of strategic CSR into the policies and strategies of the luxury segment by providing evidence that luxury customers do care.

Keywords: CSR, luxury shoppers, purchase intention, sustainability

Procedia PDF Downloads 148

Authors: K. V. N. K. C. Sharma

Abstract:

Globalization, coupled with increase in competition is compelling organizations to adopt innovative strategies and identify core competencies in order to distinguish themselves from the competition. The capability of an organization is no longer determined by their products or services alone. The intellectual assets and quality of the human resource are fast emerging as key differentiators. Corporations are now positioning themselves as ‘brands’ not solely to market their products and services, but also to lure and to retain the best talent in the business. This paper identifies leadership as the ‘key element’ in developing an organization’s brand, which has a significant influence on the employee’s eventual perception of this external brand as portrayed by the organization. External branding incorporates innovation, consumer concern, trust, quality and sustainability. The paper contends that employees are indeed an organization’s ‘brand ambassadors. Internal branding involves taking care of these ambassadors of corporate brand i.e. human resource. If employees of an organization are not exposed to the organization’s branding (an ongoing process that functionally aligns, motivates and empower employees at all levels to consistently provide a satisfying customer experience), the external brand could be jeopardized. Internal branding, on the other hand, refers to employee’s perception of the organization’s brand. The current business environment can at best, be termed as volatile. Employees with the right technical and behavioral skills remain a scarce resource and the employers need to be ready to capture the attention, interest and commitment of the best and brightest candidates. This paper attempts to review and understand the relationship between employer branding and employee retention. The paper also seeks to identify potential impact of employer branding across all the factors affecting employees.

Keywords: external branding, organisation personnel, internal branding, leadership

Procedia PDF Downloads 239

Authors: Krish Batra

Abstract:

The advent of open banking has revolutionized the financial services industry by fostering innovation, enhancing customer experience, and promoting competition. However, this paradigm shift towards more open and interconnected banking ecosystems has introduced complex cybersecurity challenges. This research paper delves into the multifaceted cybersecurity landscape of open banking, highlighting the vulnerabilities and threats inherent in sharing financial data across a network of banks and third-party providers. Through a detailed analysis of recent data breaches, phishing attacks, and other cyber incidents, the paper assesses the current state of cybersecurity within the open banking framework. It examines the effectiveness of existing security measures, such as encryption, API security protocols, and authentication mechanisms, in protecting sensitive financial information. Furthermore, the paper explores the regulatory response to these challenges, including the implementation of standards such as PSD2 in Europe and similar initiatives globally. By identifying gaps in current cybersecurity practices, the research aims to propose a set of robust, forward-looking strategies that can enhance the security and resilience of open banking systems. This includes recommendations for banks, third-party providers, regulators, and consumers on how to mitigate risks and ensure a secure open banking environment. The ultimate goal is to provide stakeholders with a comprehensive understanding of the cybersecurity implications of open banking and to outline actionable steps for safeguarding the financial ecosystem in an increasingly interconnected world.

Keywords: open banking, financial services industry, cybersecurity challenges, data breaches, phishing attacks, encryption, API security protocols, authentication mechanisms, regulatory response, PSD2, cybersecurity practices

Procedia PDF Downloads 60

Authors: Omar Alsetoohy, Mohamed Ezzat, Mahmoud Abou Kamar

Abstract:

The success of a restaurant or hotel depends very much on the quality and quantity of its human resources. Thus, establishing a competitive edge through human assets requires careful attention to the practices that best leverage these assets. Usually, hotel or restaurant employees recognize customer defection as an unfavorable or unpleasant occurrence associated with failure. These failures could be in handling, communication, learning, or encouragement. Besides, employees could be afraid of blame from their colleagues and managers, which prevents them from freely discussing these mistakes with them. Such behaviors, in turn, would push employees to withdraw from the workplace. However, we have a good knowledge of the leadership outcomes, but less is known about how and why these effects occur. Accordingly, mindful leaders usually analyze the causes and underlying mechanisms of failures for work improvement. However, despite the excessive literature in the field of leadership and employee behaviors, to date, no research studies had investigated the impact of a failure-tolerant restaurant culture on the employees’ withdrawal behaviors considering the moderating role of psychological empowerment and mindful leadership. Thus, this study seeks to investigate the impact of a failure-tolerant culture on the employees’ withdrawal behaviors in fast-food restaurants in Egypt considering the moderating effects of employee empowerment and mindful leaders. This study may contribute to the existing literature by filling the gap between failure-tolerant cultures and employee withdrawal behaviors in the hospitality literature. The study may also identify the best practices for restaurant operators and managers to deal with employees' failures as an improvement tool for their performance.

Keywords: failure-tolerant culture, employees’ withdrawal behaviors psychological empowerment, mindful leadership, restaurants

Procedia PDF Downloads 108

Authors: Giuseppina Settanni, Antonio Panarese, Raffaele Vaira, Maurizio Galiano

Abstract:

Nowdays, artificial intelligence is used successfully in academia and industry for its ability to learn from a large amount of data. In particular, in recent years the use of machine learning algorithms in the field of e-commerce has spread worldwide. In this research study, a prototype software platform was designed and implemented in order to suggest to users the most suitable products for their needs. The platform includes a chatbot and a recommender system based on artificial intelligence algorithms that provide suggestions and decision support to the customer. The recommendation systems perform the important function of automatically filtering and personalizing information, thus allowing to manage with the IT overload to which the user is exposed on a daily basis. Recently, international research has experimented with the use of machine learning technologies with the aim to increase the potential of traditional recommendation systems. Specifically, support vector machine algorithms have been implemented combined with natural language processing techniques that allow the user to interact with the system, express their requests and receive suggestions. The interested user can access the web platform on the internet using a computer, tablet or mobile phone, register, provide the necessary information and view the products that the system deems them most appropriate. The platform also integrates a dashboard that allows the use of the various functions, which the platform is equipped with, in an intuitive and simple way. Artificial intelligence algorithms have been implemented and trained on historical data collected from user browsing. Finally, the testing phase allowed to validate the implemented model, which will be further tested by letting customers use it.

Keywords: machine learning, recommender system, software platform, support vector machine

Procedia PDF Downloads 134

Authors: Saeed Poormoaied, Zumbul Atan

Abstract:

Emergency shipments provide a powerful mechanism to alleviate the risk of imminent stock-outs and can result in substantial benefits in an inventory system. Customer satisfaction and high service level are immediate consequences of utilizing emergency shipments. In this paper, we consider a single-echelon periodic review inventory system consisting of a single local warehouse, being replenished from a central warehouse with ample capacity in an infinite horizon setting. Since the structure of the optimal policy appears to be complicated, we analyze this problem under an order-up-to-S inventory control policy framework, the (S, T) policy, with the emergency shipment consideration. In each period of the periodic review policy, there is a single opportunity at any point of time for the emergency shipment so that in case of stock-outs, an emergency shipment is requested. The goal is to determine the timing and amount of the emergency shipment during a period (emergency shipment policy) as well as the base stock periodic review policy parameters (replenishment policy). We show that how taking advantage of having an emergency shipment during periods improves the performance of the classical (S, T) policy, especially when fixed and unit emergency shipment costs are small. Investigating the structure of the objective function, we develop an exact algorithm for finding the optimal solution. We also provide a heuristic and an approximation algorithm for the periodic review inventory system problem. The experimental analyses indicate that the heuristic algorithm is computationally more efficient than the approximation algorithm, but in terms of the solution efficiency, the approximation algorithm performs very well. We achieve up to 13% cost savings in the (S, T) policy if we apply the proposed emergency shipment policy. Moreover, our computational results reveal that the approximated solution is often within 0.21% of the globally optimal solution.

Keywords: emergency shipment, inventory, periodic review policy, approximation algorithm.

Procedia PDF Downloads 141