Business Efficiency Research Articles

DIGITALIZATION OF LOGISTICS: NEW TECHNOLOGIES TO IMPROVE MANAGEMENT AND OPTIMIZATION

The article analyzes the use of digital technologies in logistics processes, in particular in the context of logistics digitalization and its impact on business efficiency. The article discusses the main digital tools used to optimize various stages of logistics processes, including supply chain management (SCM) systems, automated warehouse systems (WMS), the Internet of Things (IoT), big data and analytics, blockchain, artificial intelligence, as well as transport automation and the use of drones. Particular attention is paid to how these technologies contribute to increasing the efficiency of supply and storage of goods, reducing the cost of transportation and distribution, and improving the accuracy of demand forecasting. The authors emphasize that digitalization is not only a technological necessity, but also an important strategic factor for businesses seeking to remain competitive in today's market. The article describes in detail how the use of modern technologies can not only increase the efficiency of operations, but also ensure the transparency and reliability of logistics processes, which is critical in the context of business globalization and climate change. The article pays special attention to the importance of developing digital competencies among participants in the logistics process. It is determined that in order to fully realize the potential of digital technologies, it is necessary to invest in training and professional development of employees working in the field of logistics, since possession of the latest tools allows enterprises to innovate more effectively, quickly adapt to changes and respond to new challenges. The article concludes by emphasizing the importance of developing a corporate culture focused on technological change, as well as creating conditions for continuous professional development of employees through training programs and tools for monitoring the effectiveness of digital technologies. At the same time, the article offers recommendations on how to implement technological changes, emphasizing the need to create a strategy for the development of digital competencies to ensure the sustainability and competitiveness of enterprises in the future.

Relationship between market power and income diversification of Vietnamese commercial banks

This study explores the intricate relationship between market power and income diversification in Vietnamese commercial banks during the period 2007–2021, addressing gaps in the existing literature on emerging markets. Using the Panel Vector Autoregression (PVAR) model, it looks at how these two variables affect each other and how they change over time, taking into account things like bank size, business efficiency, and credit risk. The findings highlight a complex interplay: banks with higher market power exhibit reduced motivation to diversify their income sources, supporting the Quiet Life Hypothesis. However, under certain conditions, income diversification is shown to enhance market power by leveraging expanded business activities. The study also reveals that scale negatively affects both market power and diversification, whereas higher profitability (ROA) promotes both dimensions. Furthermore, listed banks demonstrate greater market power compared to their non-listed counterparts, although no significant difference is observed in their diversification levels. These insights offer valuable implications for policymakers and practitioners, emphasizing the need for tailored diversification strategies that align with market conditions and competitive pressures. By integrating the PVAR methodology and focusing on the unique context of Vietnam’s banking sector, this research provides both theoretical contributions and practical recommendations to enhance the competitiveness and stability of commercial banks in emerging economies.

The impact of corporate social responsibility on firm efficiency

The impact of corporate social responsibility (CSR) on business performance is increasingly becoming a topic of interest among scholars. This study examines how CSR influences the performance of sustainable businesses in Vietnam from 2019 to 2023. Business performance is measured through technical efficiency, calculated using the Data Envelopment Analysis (DEA) method. To analyze the relationship between CSR and business performance, the Tobit regression model is applied. The results indicate that CSR positively affects business performance when companies focus on economic and legal responsibilities, as these factors contribute to financial stability and regulatory compliance. However, ethical and philanthropic responsibilities tend to reduce operational efficiency, potentially due to increased costs or challenges in resource allocation. This suggests that while fulfilling economic and legal obligations enhances performance, businesses may face difficulties in balancing efficiency with ethical and philanthropic commitments. These findings highlight the need for strategic implementation of CSR to maximize both social impact and business efficiency. Companies should focus on optimizing ethical and philanthropic initiatives to minimize potential negative impacts while leveraging economic and legal responsibilities to drive performance. A balanced approach to CSR can contribute to both corporate sustainability and long-term operational effectiveness.

Profitability and Efficiency of Poultry Business in Ogun State, Nigeria

This study investigates the effect of poultry farm efficiency on its profitability level in ogun state, Nigeria. The study drew a sample of 300 poultry farms through a multistage sampling technique from four agricultural zones in Ogun State and data were analysed using parametric frontier approach, budgetary analysis, profitability indices and Tobit model.Results indicates that mean age, years of formal education and poultry farm experience were 47.3 years, 17 years, and 7.9 years respectively. The mean efficiency estimates for technical, allocative, and economic efficiency were 0.95, 0.12 and 0.11 respectively while age and poultry farms experience significantly reduced cost inefficiency. The average gross margin and net income were found to be 76,470.92 (USD 250.07) and 76,176.65 (USD 249.11) while average farm profitability index (0.29), rate of return on investment (43.22), rate of return on variable cost (143.78) and operating (0.71) indicated that poultry business is profitable in Ogun State.Increase in technical efficiency significantly increase the tendency of poultry farms making more profit.Implications were drawn for increased production scale and cooperate establishment of feed mill by poultry farmers

Smart Farming Technologies for Sustainable Agriculture: A Case Study of a Mediterranean Aromatic Farm

Consumer interest in medicinal and aromatic herbs is on the rise, with buyers increasingly concerned about the microbiological quality of nutraceutical and aromatic plants. The use of Unmanned Aerial Vehicles (UAVs) and sensor technology allows for high-resolution crop monitoring, particularly in the production of rosemary and sage in Grotte (Italy), Agrigento District. The aim of this study is to evaluate the efficacy of UAV-based time series remote sensing data and multimodal data fusion using RGB and multispectral sensors in rosemary and sage harvesting time individuation and the microbiological quality of these nutraceutical and aromatic plants before and after an innovative and sustainable drying process. The multispectral data were acquired with a DJI multispectral camera mounted on a Phantom 4 UAV. The use of drones in the aromatic plant crops can lead to improved efficiency, productivity, and profitability for farmers and businesses. Italian producers follow strict hygiene regulations to reduce bacterial contamination, particularly during the crucial drying process. A rapid drying method at low temperature using a dryer powered by a photovoltaic renewable energy source (RES) helps preserve the quality of the plants. Real-time monitoring of the drying process is enabled through a system based on wireless sensor networks (WSN), providing valuable data on moisture content, drying rates, and microbial stability. Overall, the innovative use of drones, sensor technology, and renewable energy sources in the production of aromatic herbs like rosemary and sage holds great potential for enhancing crop quality, shelf life, and overall sustainability in the chain food industry.

Developing Digipreneurship Ecosystem in Local Communities to Enhance Digital Innovation

Strategic financial management is an important component in achieving sus- tainable business growth through optimal resource allocation. This research discusses a strategic framework that integrates financial planning, investment decision making, and risk management to achieve short term and long term goals. Effective financial planning ensures resource allocation is aligned with the company vision, while strategic investment decisions support the optimization of returns. In addition, integrated risk management helps companies mitigate the impact of market uncertainty. In facing an increasingly dynamic business environment, the importance of synchronization between financial strategy and business goals becomes increasingly apparent. Modern technologies, such as data analytics and artificial intelligence, act as catalysts in empowering data based decision making. With an analytical approach supported by case studies from various industrial sectors, this research identifies that companies that adopt a strategic approach to financial management are able to increase operational efficiency, reduce financial risk, and drive consistent business growth. The research also show that financial technology integration provides a competitive advantage, allowing companies to navigate market changes more effectively. This article offers practical insights for financial managers to develop strategies that not only focus on financial stability, but also capitalize on existing growth opportunities. Thus, this research contributes to the literature on strategic financial management and provides applicable guidance for companies to achieve a balance between operational efficiency and long-term business expansion.

Maximizing Social Responsibility Disclosure and Leverage for Firm Performance: A Humanist Approach to Public SOEs

With a humanist approach, this study aims to analyze the effects social responsibility disclosure and leverage on the firm performance in public State-Owned Enterprises (SOEs). Its goal is to investigate the role of ethical business practices, corporate governance, and financial strategies for sustainable performance. A quantitative research design using secondary data of publicly listed Indonesian SOEs. Empirical results reveal that corporation ethics and corporate governance have strongly contributed to improving firm performance while, CSR disclosure fails to have direct financial contributions in public SOEs. According to this research, public SOEs are more likely to be closely monitored by regulatory environments and aligned with social objectives than with profitability, and CSR initiatives are translated into business efficiency that depends on institutional context. Those studies have never integrated the humanist thought in the corporate governance cookie, particularly concerning public SOEs where financial sustainability and social responsibility serve as two pillars of corporate governance. It offers fresh perspectives on the intricate relationship among CSR disclosure, leverage, and corporate performance in enterprises with government ownership. This academic paper suggests that CSR should be strategically integrated into the business, aligning social and environmental objectives with financial performance. This presentation provides insights that will be useful for area policymakers, investors, and corporate leaders; particularly in achieving a governance structure that will optimize public SOE economic and social returns.

ADOPTION OF DIGITAL PAYMENT IN SMALL BUISNESS IN COIMBATORE

This study aims to explore the adoption of digital payment systems among small businesses in Coimbatore. With the growing emphasis on a cashless economy, digital payments have become an essential part of daily business transactions. The study focuses on analyzing the attitudes of small business owners towards digital payment systems, identifying the key factors influencing their preference, measuring their level of satisfaction, and understanding the challenges they face. Data was collected through surveys and interactions with local business owners, revealing that while many have adopted digital payment methods due to convenience, customer demand, and efficiency, some still face obstacles such as lack of technical knowledge, network issues, and concerns about transaction charges. The findings suggest that with proper awareness, training, and support, digital payment adoption in Coimbatore’s small business sector can be significantly enhanced, leading to more efficient and transparent business practices. Key words: Digital payments, Small business, UPI, Cashless economy.

THE INFLUENCE OF MACROECONOMIC FACTORS ON OVERDUE DEBT OF SMALL AND MEDIUM-SIZED BUSINESSES IN MODERN ECONOMIC CONDITIONS

The article discusses the definition of credit risk, classification into external and internal. Risks are divided into several main types, depending on the specifics and market. The factors that influence credit risk and the main methods for assessing it used by credit institutions are listed. Current economic constraints and factors are listed. It is noted that at the moment, with an increase in the volume of loan debt of small and medium-sized businesses, the share of overdue debt is decreasing; the Bank of Russia has identified the reasons. The preferential lending programs that were in effect in May 2024 are considered. The problems that credit organizations face when conducting financial analysis are given. External reasons that influence the efficiency of small businesses in Russia are identified.Data has been collected that is publicly available and, in the author’s opinion, has an impact on credit risk. Credit risk is assessed as the ratio of overdue debt to outstanding debt. Based on the collected information, a model was built, which involves use by a credit institution to assess credit risk. The data is formed into a table, loaded into the Gretl software product and the result is displayed. A table containing a matrix of pairwise correlations of variables has been constructed. A conclusion was also drawn about the debt of SMEs in modern economic conditions and it was noted that the reduction in overdue debt is a temporary phenomenon, which is influenced by current economic restrictions, and that the cumulative effect of high interest rates can lead to default by the borrower. Further work will be aimed at studying changes in credit risk in modern economic conditions.

Integrated Customer Relationship Management System for Enhanced Business Intelligence and Efficiency

Customer Relationship Management (CRM) is a strategic blend of people, processes, and technology aimed at understanding and enhancing customer relationships. It takes an integrated approach to customer retention and engagement, ensuring long-term business growth. The evolution of CRM is driven by advancements in information technology and shifts toward customer-centric business models. Organizations that implement CRM effectively can achieve higher customer loyalty and improved profitability. However, many companies struggle with successful adoption due to a lack of understanding that CRM is not just a technological solution but a comprehensive, organization-wide transformation. A successful CRM strategy requires a well-balanced integration of technology, optimized business processes, and a customer-focused workforce. This research explores the development of an Integrated Customer Relationship Management System to enhance business intelligence and operational efficiency. Key Words: Customer Relationship Management, CRM System, Business Intelligence, Customer Retention, Workflow Efficiency, Data Management

Роль цифровой трансформации в развитии сферы услуг

In the current highly competitive and dynamic environment, digital transformation is becoming one of the most important drivers of economic growth. This fully applies to the service sector, where the introduction of technologies such as artificial intelligence, big data analytics, cloud solutions, and mobile applications can significantly improve the quality of services, enhance their personalization, and make customer service as efficient as possible. The relevance of the study of digital transformation in the service sector has been proved, cardinal changes in the field of IT technologies not only contribute to the fundamental improvement of business organizations and their successful adaptation to rapidly changing market requirements, but also form new market requirements and consumer expectations. The role of digital transformation in the development of the service sector is considered with an emphasis on current trends and statistical data related to the introduction of digital technologies, the advantages of digital transformation are substantiated, and the challenges that organizations may face when implementing it are described. At the same time, the main focus is on the benefits of digitalization for businesses and customers, including improving the quality of services and optimizing business processes. From the point of view of the level of digital maturity, the leading industries in digital transformation in the service sector are identified, taking into account the main technologies they use. The relationship between digital transformation and lean management is investigated. Based on the synergy of the methodology of thrift and digital technologies, a new term “lean digitalization” is proposed for practical use, which not only expands the lexical baggage of specialists, but also creates objective conditions for the formation of a new concept combining the principles of lean management and digital transformation in order to form more efficient and customer-oriented business processes.

The Impact of Digital Finance, Financial Constraints, and Risk Perception of Digital Financial Services on SME Performance: an Empirical Study of SMEs in the Creative Economy Sector on Lombok Island

This study aims to examine the impact of digital finance, financial constraints, and risk perception on the performance of SMEs. Data was collected through a survey of 131 SMEs in the creative economy sector on Lombok Island that utilize digital financial services in their business operations. Purposive sampling and accidental sampling techniques were used in sample selection, while data analysis was conducted using Statistical Package for the Social Sciences (SPSS) and Structural Equation Modeling-Partial Least Squares (SEM-PLS). The study results show that digital finance positively and significantly impacts SME performance. Financial constraints do not have a significant effect, and risk perception positively and significantly impacts SME performance. These findings emphasize that digital finance improves SME performance and drives economic growth through increased business efficiency and market competitiveness.

Evolution and significance of banking distribution channels

The purpose of the article. The aim of this article is to present and evaluate the distribution channels used by retail banks, the determinants of banks' choice of these channels, and the directions of changes. The study will seek to answer the research question of what the evolution of distribution channels for banking products and services entails and what determines it. Methodology. In analysing the banking distribution channels, the method of review and critical, descriptive and comparative analysis of the literature and reports of the banking sector was used. Results of the research. Changes in distribution channels have been presented, from the basic model of distribution known for many years, which is the bank branch, to modern multichannel and omnichannel models. Using the example of changes in customer approach to the increasing use of the Internet and mobile applications in banking, the directions of changes in the banking sector's approach to the use of available distribution channels have been shown. The shift of customers from bank branches to the Internet and mobile applications, where customers have already learned to perform simple banking operations, has forced changes in the banking sector. Directions in the banking sector's move away from traditional brick-and-mortar branches towards combining them with other channels such as call centers, the Internet, or mobile applications to reduce costs and increase business efficiency have been indicated. Banks, by reducing costs and adapting to the observed trend of customers moving to remote channels, are beginning to reorganize their distribution network, including the bank branches themselves.

The relationship between organizational efficiency and creative accounting

Creative accounting is a new approach to accounting that aims to foster greater creativity and innovation in financial processes. It focuses on transforming traditional financial data into valuable strategic information to aid decision-making. Furthermore, organizational efficiency measures the effectiveness and efficiency of a company in achieving its goals. The relationship between creative accounting and organizational efficiency lies in how creativity and innovation in accounting are used to improve overall organizational efficiency. For example, the use of innovative accounting techniques can improve decision-making processes and increase business efficiency, positively impacting an organization's performance throughout the year. Creative accounting is a set of accounting procedures and activities that exploit legal loopholes to improve a company's image. This is done by manipulating actual figures in a company's financial statements and special reports. Corporate accountants use these methods to achieve personal gain or, at the behest of management, to obtain fictitious or unrealistic profits. Manipulating accounting data by exploiting loopholes in accounting principles and standards leads to beautifying a company's image and glorifying its profitability. It is worth noting that legal creative accounting is not subject to legal accountability unless it influences public opinion by misleading investors with information that leads to poor decision-making. Creative accounting techniques include overstating revenues at a rate expected to actual values, understating the cost of destroying assets through capitalization, overstating deferred costs, hiding liabilities, and manipulating inventory. The accountant is responsible for reviewing the records and accounts related to all activities that fall under creative accounting, such as sales, cost of goods sold, expenses, operating cash, and accounts receivable. It must prioritize the reliability of accounting information and compliance with legal and ethical standards of organizations in order to maintain their integrity and organizational success.

Religiosity and operational performance of small and medium scale enterprises in Nigeria

This research investigates the impact of religiosity on the operational performance of small and medium-scale enterprises (SMEs) in Nigeria, addressing a significant knowledge gap in the existing literature. Despite the growing body of research on SME performance, the influence of religious values on business practices remains poorly understood. This study examines the relationship between religiosity and four critical dimensions of operational performance: product/service quality, adaptability, cost efficiency, and operational speed. Analyzing survey data from 393 SMEs in Southwestern Nigeria, the findings indicate that religiosity has a significant bearing on these performance indicators. Notably, SMEs that integrate religious values into their operations tend to exhibit enhanced product quality, improved adaptability, and more effective cost management. These results suggest that religious beliefs play a pivotal role in shaping organizational behaviour, decision-making and strategic operations, ultimately influencing business efficiency and competitiveness. By providing empirical insights into the intersection of faith and business performance, this research contributes to the cross-cultural management literature and highlights the importance of considering non-economic factors in SME success. The findings have significant implications for policymakers, business leaders and scholars, emphasizing the need to incorporate cultural and religious dimensions into SME development strategies. Future research should investigate the contextual factors that moderate the religiosity-performance relationship and explore its implications across diverse business environments.

Characteristics of strategic changes in quality industrial business development

Producing a quality product today is a very complex issue that requires the implementation of a successful managerial business philosophy. This means that a modern and attractive product label with a clear message should be designed. Research shows that industrial business and production activity must form a homogeneous system that cannot function successfully without integration with national and international standards that ensure high quality products and services. How to organize teams for efficient company work is the most important job and task of management. The goal is to implement operational and efficient production based on the incorporation of modern marketing, especially when presenting products to the public, that is, through successful product advertising. Theory and practice show that teams are important for the realization of efficient business processes that provide the necessary quality business variables that are complementary to today's market requirements. Consequently, positive expectations are ensured through feedback. it is effectively possible to find out what the consumer's reactions are to the given variables incorporated in the product itself. According to the research data, an important characteristic of the business operations of today's industries is related to the connection with international trade chains that ensure the creation of space for greater perspectives of each industry, then the creation of greater opportunities for export, for more effective monitoring of changes due to global trends, as well as a greater level of knowledge, abilities and the skill of management to more quickly and efficiently develop the right values, norms, and to more efficiently harmonize its operations with market expectations. Bearing in mind the fact that the economic system at the global level is determined by three important categories: external environment, internal environment and strategic development, it is necessary to implement and improve the development of all relevant factors that make up the structure of important determinants without which today it would not be possible to achieve a quality product, success and profit of the company. That is why it is important to analyze the important characteristics of strategic changes that determine the development of quality in industries, economic changes, management, the influence of social networks, environmental issues, etc. on the market business environment at the national or global level.

INTEGRATED MODEL OF OPEN SUPPLY CHAIN MANAGEMENT

In the context of globalization of markets and increasing competition, supply chain management is becoming critical to ensuring the sustainability and efficiency of business. The relevance of this study is due to the need to develop new management models that can adapt to rapidly changing market conditions and customer needs. The purpose of the study is to develop and practically implement an open supply chain management model based on the planning mechanisms and modern optimization methods. The model is aimed at integrating various functional areas, such as demand, inventory, supply and production planning management, with an emphasis on increasing transparency and efficiency. The study used data analysis methods, including ARIMA models for demand forecasting, multi-criteria analysis (AHP) for supplier selection and linear programming for production planning optimization. Microservice architecture was also used to integrate all functional areas into a single supply chain management system. The novelty of the study lies in proposing an integrated model of open supply chain management that takes into account modern technologies and optimization methods, as well as in applying an integrated approach to managing logistics processes. The significance of the study is demonstrated by its practical applicability for companies engaged in the production and distribution of goods, which allows them to effectively adapt to changes in the market, minimize risks and increase customer satisfaction. The results of the study can be used for further developments in the field of supply chain management and business process optimization.

MODERN CHALLENGES OF ECONOMIC ETHICS IN UKRAINE

The article discusses the main challenges faced by the Ukrainian business environment in the current environment in the field of ethics and morality. The article highlights the role of ethical standards in solving socio-economic problems, which is of great importance in the context of globalisation and the need to adapt to European standards. The main areas of business ethics are presented, including social responsibility, environmental protection, development of corporate culture, transparency of financial reporting, fight against corruption, and support for human rights. The article highlights the mechanisms for assessing business ethics, which are conventionally divided into qualitative and quantitative. Quantitative mechanisms provide an objective comparison of data, while qualitative ones allow for a deeper analysis of the ethical aspects of a company's activities. It is determined that the best approach is to combine these two mechanisms to obtain a holistic view of the ethical state of business and identify areas for improvement. The study pays special attention to the importance of ethical governance in times of war and the economic challenges caused by the destruction of infrastructure, reduced production and mass migration. It is noted that the war has exacerbated environmental problems, increasing the need for a responsible attitude to the environment. The author emphasises the importance of complying with the law, applying European standards and fighting corruption. The modern business sector should effectively integrate international experience and adapt it to national realities, which will help create a sustainable, efficient and ethical business environment that will increase the trust of international partners, attract investment and successfully restore the country

The impact of digitalization on logistics costs of companies

Digitalization is a key factor in today’s economic development, with a significant impact on various industries, including logistics. With the growing need to optimize business processes and reduce costs, digitalization becomes particularly relevant. Various definitions of the term “digitalization” have been considered in order to choose the most appropriate one for analyzing its impact on logistics and companies’ economy. It has been emphasized that digitalization in logistics, including implementation of electronic document management and modern information technologies, contributes to a significant reduction in operating costs, process acceleration, and risk minimization. The current impact of logistics on companies’ costs in conditions of economic instability has been analyzed, which emphasizes the increasing role of digital technologies in improving competitiveness and business efficiency. The purpose of the study is to give the author’s definition of digitalization in the logistics sphere, to determine its role in the processes occurring in the industry, and to reflect the impact of these processes on companies’ costs. Using the method of systematic analysis of scientific sources and regulatory documents governing the sphere, the trends of digital transformation of companies in the field of logistics, which are relevant today, have been investigated. The hypothesis of the study is that the choice of the digitalization definition, which covers not only technological aspects, but also management decisions, will allow a more accurate assessment of its impact on economy and efficiency of enterprises. The necessity of continued investment in digitalization for successful business in the current environment has been emphasized.

Interdisciplinary and communicative solutions in the design of mini-hotels on Lake Baikal

The article discusses the possibilities of creating a mini-hotel on Lake Baikal with an emphasis on the unique natural conditions of the region and the growing demand of tourists for high-quality accommodation. Special attention is paid to project planning, taking into account seasonal fluctuations and the specifics of the local market, as well as the use of modern risk management methods such as regression analysis, baseline stability analysis, and simulation modeling. The use of leasing allows you to reduce initial costs, providing flexibility in updating the material and technical base, which is an important factor in a dynamic tourism market. In addition, the integration of digital technologies for monitoring bookings and analyzing the tourist flow contributes to operational decision-making and business efficiency.