Improving Business Efficiency and Profitability

Lean and Environmental Management System (EMS) are widely appreciated by organizations in improving business efficiency and productivity. The distinct systems have worked towards the enhancement of business capabilities, reducing production costs and meeting ISO standards. This paper analyzes these two systems and provides an understanding of how these processes have contributed in improving business efficiencies. Past research studies have revealed that there are wide ranging possibilities and scope of expanding the application potential of these systems to provide even better business models. The research study aims to provide an understanding of the individual systems and then goes on to explore the possibilities of integrating the two models to provide an effective approach to achieving organizational efficiency.

This study analyzed the influence of information and communication technology (ICT) on the business performance of incubated small business enterprises (SBEs) in Tanzania. Purposive sampling and structured questionnaires were used on fifty SBEs incubated at the Tanzania Engineering and Manufacturing Development Organization (TEMDO) incubation center from a population of incubated SBEs in various government institutions, including the Small Industries Development Organization (SIDO) Centre of Agricultural Mechanization and Rural Technologies (CARMMATEC), the Tanzania Industrial Research and Development Organization (TIRDO), and the Tanzania Engineering and Manufacturing Development Organization (TEMDO). Statistical Package for Social Science and R Programming Language were used for data analysis The study established that ICT increases SBE’s market access through information accessibility (70%), market share (80%), promotion strategies (88%) and financial conveniences (74%). Furthermore, SBEs can boost their operational outputs by creating a favorable business environment (64%), lowering business barriers (78%), increasing speed to market (72%), and improving business efficiency (50%). Moreover, SBEs with the aid of ICT have a high chance of increasing business profit through increased sales volume (76%), income level (82%), profit margin (60%) and liquidity level (52%). However, the observed low rating on business efficiency and liquidity due to factors related to the availability and affordability of ICT infrastructure must be addressed to the substantial influence of ICT on SBEs’ business performance.

Supply chain financing has become a vital tool for businesses to enhance their operational efficiency and competitiveness in today's dynamic market environment. This research aims to explore the impact of supply chain financing on business efficiency and competitiveness. The study examines how supply chain financing can improve cash flow management, optimize inventory management, and foster collaboration among supply chain partners. By providing timely access to working capital, supply chain financing helps businesses optimize their cash flow, reduce receivables collection time, and minimize the need for costly short-term borrowing. This enhances financial stability and enables companies to meet their financial obligations promptly. Furthermore, supply chain financing offers flexible financing options, such as inventory financing and vendor-managed inventory programs, which enable companies to optimize inventory levels, reduce stockouts, and lower holding costs. This allows businesses to respond quickly to market demands, reduce lead times, and improve overall supply chain efficiency.In addition, supply chain financing platforms facilitate the sharing of financial information and streamline payment processes, enhancing transparency and trust among supply chain partners. This fosters better coordination of production and delivery schedules, reduces supply chain disruptions, and enhances the overall reliability and efficiency of the supply chain.The research methodology includes a comprehensive review of existing literature, case studies, and interviews with industry experts to gather empirical evidence on the impact of supply chain financing on business efficiency and competitiveness. The findings of this research will contribute to a better understanding of the benefits and challenges of supply chain financing and provide insights for businesses seeking to enhance their operational efficiency and competitiveness. Overall, the research highlights the significant role of supply chain financing in improving business efficiency and competitiveness. By leveraging supply chain financing, companies can optimize cash flow, streamline inventory management, and foster collaboration among supply chain partners. This, in turn, enables businesses to respond effectively to market dynamics, gain a competitive edge, and achieve sustainable growth in today's rapidly changing business landscape.

The accuracy of financial data within electronic accounting information systems plays a vital role in improving business efficiency. This paper investigates how the accuracy of data on financial information systems moderates the relationship between these systems and business efficiency. A questionnaire survey was applied to a sample of companies that specialise in the field of accounting information systems. The gathered data was analysed using partial least squares structural equation modelling. To be precise, financial data accuracy shows a higher positive return on electronic accounting information systems in the alignment of business capabilities. To achieve the highest possible level of automated accounting systems, financial information accuracy is crucial. Data analysis techniques and overall improvement of the accounting information systems industry can achieve this.

This study investigates the transformative impact of Artificial Intelligence (AI) on PT. Perhutani Anugerah Kimia, with a focus on user experience, AI investments, digital transformation, and their collective influence on increased business efficiency. Through path analysis, the study reveals statistically significant direct effects, highlighting the pivotal role of user experience and strategic AI investments in propelling digital transformation and, consequently, improving business efficiency. The indirect effects analysis underscores the mediating role of digital transformation, elucidating how enhancements in user experience and AI investments positively cascade to boost business efficiency. These findings advocate for a strategic emphasis on user-centric approaches and substantial AI investments, positioning organizations to navigate the evolving business landscape by fostering digital transformation and realizing tangible operational efficiency gains. This research contributes valuable insights to organizations seeking to harness the full potential of AI for holistic and impactful digital evolution.

The subject of the study is an approach to sales management based on cumulative margin. The object of the study is a car sales business. The purpose of this study is to determine the essence of cumulative margin and its key features. The automotive business in Russia has been actively developing: brands, cars, customer behavior are changing, and with them approaches to managing the automotive business. The problem is that in a dynamically changing market and growing competition, it is increasingly difficult for companies to ensure sustainable business development, profit-oriented and long-term customer relationships. The situation encourages entrepreneurs to continuously look for new and improve old methods of sales management and customer interaction. Special attention is paid to the modern approach to managing and improving business efficiency. The methodology of this study is based on methods of system analysis, which allow a deeper understanding of the interrelationships and structures of the subject of research. The scientific novelty lies in the fact that cumulative margin is considered from the point of view of an approach to sales management as a tool to increase business efficiency. As part of the study, a brief analysis of the basic concepts of management and business efficiency improvement was carried out. The definition of cumulative margin is proposed. Management based on the investigated approach is considered from the point of view of the ecosystem. The functions of cumulative margin at the strategic and operational levels of management of the organization are defined. Examples of the use of cumulative margin at different levels are given. The advantages and disadvantages of the investigated approach are presented. Conclusions are formulated regarding the effectiveness of the business management approach based on cumulative margins in the field of car sales. Examples of activities in which management based on cumulative margin may be relevant are given.

General Background: E-commerce has revolutionized business practices by offering cost reduction, especially in marketing, through advancements in electronics and communication, expanding reach, and reducing operational costs. Specific Background: This study investigates the potential of e-commerce in reducing marketing costs and improving business efficiency, despite challenges faced by many firms. Knowledge Gap: While extensive research exists on e-commerce, the specific relationship between e-commerce strategies and the reduction of promotional costs remains underexplored, especially in terms of practical implementation by companies. Aims: The study explores the link between e-commerce strategies and reduced promotional expenses, highlighting how digital marketing can boost profitability and reduce costs for businesses. Results: Statistical analysis revealed that companies effectively reduced advertising costs, such as salaries, bonuses, and training expenses, by utilizing e-commerce strategies. However, many firms failed to capitalize on further cost-saving opportunities in inventory management, travel, and research expenses. The t-value (17.062) and p-value (0.000) indicate a significant relationship between e-commerce strategies and reduced promotional costs. Novelty: This research provides empirical evidence on the significant cost-saving potential of e-commerce, highlighting its underutilization in areas beyond marketing, such as operational expenses. Implications: The study emphasizes the importance of integrating e-commerce into operational strategies for cost reduction and competitive pricing, providing practical insights for businesses aiming to improve efficiency and profitability. Highlights: E-commerce reduces marketing costs and boosts business efficiency. Firms often miss broader cost-saving potential of e-commerce. Strong correlation found between e-commerce use and lower promotional expenses. Keywords: E-commerce, digital marketing, cost reduction, promotional expenses, business efficiency

Competition is increasing as trading borders continue to widen in this global marketplace. As a result, South African organisations need to improve their efficiencies. The primary objective of the study was to examine the effectiveness of the Lean Enterprise Strategy (LES) at improving business efficiency, in the electrical pre-payment industry in KZN. Several underlying objectives which support the primary objective were examined and realtionships established. Two forms of empirical studies, observation and questionaire based, were used. These studies provided substantive findings which were analysed and interpreted. A positive relationship between the LES and business efficiency were established and the various underlying objectives addressed. Communication was found to be inadequate and highlighted. It was also found that there is a substantial delay in return on investments; therefore, sustainability should be targeted and the LES should have a continual re-cycling mechanism, which allows it not only to be sustainable, but also renewable.

The article explores modern analytical tools and technologies actively applied in the transport and logistics sectors. The topic's relevance is driven by the intensification of globalization processes, the growth of e-commerce, the need to comply with environmental standards, and new challenges such as pandemics and military conflicts. These factors create a demand for effective solutions aimed at optimizing logistics processes, reducing operational costs, enhancing competitiveness, and improving business efficiency. The purpose of the article is to systematically analyze key technologies such as automation, artificial intelligence, blockchain, augmented reality, and route optimization tools. Their impact on the efficiency of supply chains, inventory management, and demand forecasting is examined. The research methods include statistical data analysis, machine learning algorithms, modeling, and an assessment of modern information systems and decision-support solutions. The article emphasizes the importance of implementing digital solutions such as automated customs procedures, including NCTS, ICS2, and AIS/AES, which facilitate faster trade turnover and reduce administrative barriers. The advantages of applying blockchain technology for ensuring supply chain transparency and security, as well as the use of artificial intelligence for demand forecasting, inventory optimization, and route planning, are highlighted. The conclusions underscore the importance of integrating innovations into Ukraine’s transport and logistics sectors to reduce transportation costs, minimize risks, improve customer service quality, and promote environmental sustainability. The practical significance of the findings lies in creating the prerequisites for increasing business efficiency, adapting to global challenges, and integrating into international economic processes. The implementation of digital solutions in logistics at the state level, particularly the «ieCherha» system, enhances the efficiency of public administration in the logistics sector, reduces time costs for businesses, and facilitates access to information. The proposed approaches can be utilized by both the private sector and public administration bodies to optimize management and logistics decisions.

The article examines the issues of introducing artificial intelligence, which significantly increases business efficiency, and is also able to establish communications with clients and partners, reduces the time for processing requests and improves the quality of service. The article provides statistical data on the use of artificial intelligence tools in various areas by companies in different fields of activity. The question of in what areas artificial intelligence tools are in demand and bring excellent results from their use is considered. Examples of directions for introducing artificial intelligence into small and medium-sized businesses are given. One of the areas of implementation of artificial intelligence, such as working with natural language, has been studied and described. Based on this direction, it is proposed to introduce AI assistants into small and medium-sized businesses, which will help increase sales and improve business efficiency.

Purpose. The aim of the article is to develop recommendations for improving business efficiency in cosmetology institutions through the introduction of modern management approaches and technologies. Methodology of research. The study was conducted using a comprehensive approach that included both quantitative and qualitative research methods. In particular, the analysis of statistical data was used to assess the market of cosmetology services and its dynamics, which allowed us to identify key trends and performance indicators of institutions. Surveys of experts in the field of cosmetology and management were used to collect opinions on the implementation of modern management practices and digital technologies in cosmetology institutions. Case studies of cosmetology institutions were conducted to analyse real-life examples of the implementation of automation systems, artificial intelligence and marketing tools, which allowed us to identify the most successful practices and assess their impact on increasing profitability and competitiveness. Findings. It was found that the main factors affecting the efficiency of cosmetology institutions are innovative management practices, effective use of digital technologies and adaptation to new marketing trends. It has been established that the introduction of business process automation systems, improvement of marketing strategies and the use of artificial intelligence can significantly increase the profitability and competitiveness of institutions. Originality. The results of the study have introduced new aspects to the understanding of management practices in the cosmetology business, in particular, effective strategies for implementing digital technologies and marketing tools have been identified. The importance of artificial intelligence in optimizing business processes and improving customer interaction is shown. Practical value. The practical recommendations developed in the study can be used by cosmetology institutions to improve the efficiency of their activities. The recommendations include the introduction of modern management practices, digital tools and adaptation to new marketing trends, which will allow institutions to increase their competitiveness and profitability. Key words: cosmetology institutions, management practices, digital technologies, marketing strategies, business efficiency, artificial intelligence.

The growing role of logistics as a means of improving business efficiency and global trends in the greening of economic activity have highlighted the need for the introduction of eсо-friendly logistics tools and the formation of eсо-friendly logistics. To perform the tasks of this scientific work, the following general scientific methods of cognition were used, in particular, analysis to determine the main advantages of the development of logistics activities in Ukraine and the world in general; synthesis to identify obstacles to the implementation of logistics activities in Ukraine; deduction to determine the goals and environmental and economic effects of greening logistics activities; hypothetical used to justify logistics as a tool for environmental and economic security of the state; formalization and generalization for the formation of the main directions of greening of modern logistics. The study examines the importance of logistics in the process of competition in national and international markets. Emphasis is placed on the security aspects of logistics. It has been established that security plays an important role in the world's leading companies. It is noted that logistics is an area of activity that allows you to optimize material, information and financial flows, which helps to increase the economic and environmental efficiency of business. Economic security is considered a component of National Security, but it is argued that economic activity causes significant damage to the environment and causes the formation of potential environmental problems. The analysis of approaches to the definition of the theoretical content of the concepts of environmental, economic and ecological-economic security is carried out. It is claimed that eco-friendly logistics is a tool to ensure such development that will help ensure the achievement of economic objectives while minimizing the damage caused to the environment. It has been established that in recent years’ Ukrainian enterprises have appreciated the important role of logistics in improving business efficiency. The main advantages of logistics for business efficiency and the main obstacles for the development of logistics are highlighted. The main goals and directions of greening of modern logistics are singled out, the corresponding ecological and economic effects are formed. Given the global trends of greening and EU integration requirements, it is recommended to strengthen measures of state support and promotion of logistics activities, development of logistics infrastructure and greening of logistics. Summarizing the results of the study, it is established that logistics should be identified as a tool to ensure environmental and economic security of the state. Given the global trends of economic greening, EU integration requirements and trends in the inner economy, there is an urgent need for state support to promote the development of logistics and infrastructure, greening of logistics. The goals of greening logistics are to reduce resource consumption and reduce pollution. In the course of the conducted research the perspective directions of further researches were formed: research of expenses of greening of logistics and their correlation with logistic expenses; formation of measures for the greening of logistics activities of enterprises and industries; development of modern logistics technologies.

The author based on information from open sources analyzed the foreign experience in the implementation of automated enterprise management systems in 2012–2019. The article identifies the reasons for the introduction of ERP-systems (Enterprise Resourse Planning) in terms of: updating management automation technologies, unification of reporting and simplification of staff work, improving operational efficiency, solving economic growth problems and ensuring competitiveness, as key of directions in business clusters formations. The analysis presents dynamics of deployment of ERP deployment models and the structure of the reasons of enterprises’ refusal to use cloud software deployment models is presented. The dynamics of development of the domestic market of cloud services is revealed. Trends in the choice of approaches to ERP introduction are studied. The types of consulting services provided in the process of implementation of enterprise management automation projects have been analyzed. The assessment of the state of use of ERP in the engineering industry showed the ambiguity of integrated systems that would satisfy their developers, suppliers and ERP-users, due to trends in the implementation of IT in ERP for small and large enterprises, their purchasing capacity and cost parameters. The structure of the reasons for restraint before the deployment of ERP in the cloud was determined, among which the largest shares were insufficient awareness and risks of data loss. It is proved that although the volume of the market of cloud services for enterprises is growing every year, the main factor for the implementation of ERP is the use of IT, which helps to minimize dissatisfaction with the system. The analysis of the key indicators of ERP-systems introduction over the last decade showed significant overspending of time and money on their implementation. However, there are some advantages after the introduction of ERP-systems, which include: improving business efficiency, improving integration between distributed systems, improving customer service, speeding up reporting and standardization, facilitating the work of employees, standardization of basic business operations, reducing circulating (current) assets, etc.

This paper introduce a question understanding system to respond appropriate answers in a dialog system for banking services. The question understanding system provides an automated response service in a specific domain (e.g. banking). This can increase response rate of a customer counseling service, and improve business efficiency and expertise. The question understanding system classify domains, specific categories, and speech acts of questions. Finally, the system analyze meanings and intents of the questions, and searching correct answers even various input sentences. In this paper, we describe methods of keyword tokenizing, pattern recognition, sentence embedding, analyzing dialogue intention, and searching similar FAQs. Through these methods, we have developed the question understanding unit in a real interactive system for financial services for real insurance companies and banks, and analyze the usefulness of the system through practical system implementation examples.

With the development of artificial intelligence technology, artificial intelligence has entered the accounting field more and more deeply, which plays an important role in improving business efficiency, reducing work errors, preventing and controlling enterprise risks, improving enterprise competitiveness, and improving human resource efficiency. Artificial intelligence technology is like a double-edged sword. While promoting the development of accounting work, it will also cause accountants to face the crisis of unemployment in the workplace. Based on the concept of artificial intelligence technology and its application in the accounting industry, this paper discusses the impact of artificial intelligence on the accounting industry, and puts forward the challenges of the artificial intelligence technology accounting industry. It should take the lead in completing the skills upgrade; realize the transformation of the comprehensive management accounting role. Develop strategies such as designers and supervisors of artificial intelligence accounting systems.