Business Improvement Strategies Research Articles

Financial Technology and Digital Marketing to Improve Business Strategy of Micro, Small and Medium Enterprises

This community service is carried out to provide education or training related to financial technology and digital marketing as well as financial literacy for MSME actors, Karang Taruna, and young men and women who are interested in MSMEs in Kalibulus Bimomartani, Ngemplak, Sleman, D.I. Yogyakarta. The method used is online lectures and demonstrations via Zoom. Participants listen through a big screen and gather in a range. From the evaluation results after the training, data was obtained that 85% of participants experienced an increased understanding of Financial Technology, Financial Literacy, and Digital Marketing. In addition, 70% of participants reported that they had applied the techniques they had learned. This shows that this community service activity has succeeded in achieving the goals that have been set.

Business Improvement Strategy for Local ERP Companies in Indonesia: SWOT Method, Fuzzy AHP-TOPSIS

<p>Enterprise Resource Planning (ERP) is a crucial digital system for businesses to increase efficiency and productivity in the digital era. However, a case study company in Indonesia has experienced a decline in sales over the last three years. To improve the company's business, a systematic approach using the SWOT method, fuzzy AHP (F-AHP), and TOPSIS was employed. The SWOT method classifies internal and external factors into strengths, weaknesses, opportunities, and threats, which are then used to formulate alternative strategies using the TOWS matrix. The TOPSIS method prioritizes these strategies based on the SWOT factor weights. Based on the Action Priority Matrix, several strategic priorities were selected to increase the income of the local ERP-producing company in Indonesia: expanding the marketing network, offering a new business scheme, and forming a community to increase brand awareness.</p>

Study on Lean Six Sigma methodology from the Indian context: an investigation of literature

PurposeIndia liberalized its economy in 1991, which resulted in intense global competition, quality-conscious and demanding customers. Additionally, significant technological advancements lead to enhancements in products and processes. These forced Indian organizations to adopt innovative business strategies in the past 30 years. Meanwhile, the Lean Six Sigma methodology has significantly grown with vast applicability during the past 30 years. Thus, the purpose of this study is to develop the learning on Lean Six Sigma methodology in the Indian context through investigation of literature.Design/methodology/approachA three-stage systematic literature review approach was adopted to investigate the literature during the present study. In total, 187 articles published in 62 journals/conference proceedings from 2005 to 2022 (18 years) were shortlisted. The first part of the article summarizes the significant milestones towards the quality journey in the Indian context, along with the evolution of the Lean Six Sigma methodology. The second part examines the shortlisted papers on Lean Six Sigma frameworks, their applicability in industrial sectors, performance metrics, outcomes realized, publication trends, authorship patterns and leading researchers from the Indian perspective.FindingsLean Six Sigma has emerged as a highly acclaimed and structured business improvement strategy worldwide. The Indian economy has seen remarkable growth in the past decade and is one of the fastest-growing economies in the 21st century. Lean Six Sigma implementation in India has significantly increased from 2014 onward. The study revealed that researchers have proposed several different frameworks for Lean Six Sigma implementation, the majority of which are conceptual. Furthermore, the balanced applicability of Lean Six Sigma in manufacturing and service sectors was observed with the highest implementation in the health-care sector. Additionally, the widely adopted tools, techniques along with performance metrics exploring case studies were reported along with a summary of eminent and leading researchers in the Indian context.Research limitations/implicationsThis study is confined to reviewed papers as per the research criteria with a significant focus on the Indian context and might have missed some papers due to the adopted papers selection strategy.Originality/valueThe present study is one of the initial attempts to investigate the literature published on Lean Six Sigma in the Indian context, including perspective on the Indian quality movement. Therefore, the present study will provide an understanding of Lean Six Sigma methodology in the Indian context to graduating students in engineering and management and entry-level executives. The analysis and findings on Lean Six Sigma frameworks, research approach, publications details, etc., will be helpful to potential research scholars and academia. Additionally, analysis of case studies on Lean Six Sigma implementation by Indian industries will assist the managers and professionals in decision making.

EXPERIENCE OF USING THE LOCAL MENU AS A MODERN TREND ON THE EXAMPLE OF LEADING DOMESTIC AND FOREIGN RESTAURANT ESTABLISHMENTS

The research examines aspects that study in detail the concept of a local menu, its advantages, challenges and opportunities for implementation, as well as practical examples and recommendations for restaurateurs. Concepts such as “local cuisine”, “local menu” and the possibility of its implementation in domestic restaurants are considered. Outstanding local dishes of different countries of the world and regions of Ukraine were studied. The concept of food “from the farm to the table” is considered and its characteristics are provided. It has been established that price is one of the key factors affecting competitiveness. It has been proven that developing a menu based on local and farm products is a real and promising strategy based on small conceptual establishments that will be able to more easily adapt to all the nuances of localization. Practical recommendations are provided that can help to correctly and effectively implement the “local menu” strategy, and the positive impact of the implementation of this strategy is given, which is reflected not only in the restaurant industry, but also reflects the importance of local products, promotes culinary diversity and supports the local community and develops the economy. The restaurant industry is constantly developing and changing, and modern trends affect its dynamics and direction. One of the most relevant and significant trends of recent years is the popularization of local menus in restaurants. Consumers are increasingly interested in the origin and quality of the products they consume. The local menu meets this need as it offers dishes made with local, fresh and quality ingredients. Restaurants that offer a local menu can have a competitive advantage because they meet consumer demand and differentiate themselves in the market. This can lead to an increase in the popularity of the establishment, an increase in the number of customers and an increase in profits. The obtained results of this study can have important practical significance for restaurateurs and restaurant industry specialists to improve business strategies, develop new menus and attract more customers, meet modern consumer needs for quality and authentic food products.

PENGARUH EFISIENSI PEMESANAN, KEMUDAHAN PEMASARAN, DAN PENETAPAN HARGA PADA PENGGUNAAN E – KATALOG TERHADAP PERKEMBANGAN UMKM DI KABUPATEN MAGETAN

Micro, Small and Medium Enterprises (MSMEs) in Indonesia are one of the priorities in national economic development. MSMEs struggle to compete in a very dynamic business environment. Responding to competitive pressures, many MSME entrepreneurs use digital platforms to improve business strategies. One of the government programs developed is a procurement system based on an information system that contains lists, types of technical specifications, and prices of goods contained in a list called an electronic catalog.(e-catalogue).This study aims to determine the partial and simultaneous effect of ordering efficiency, ease of marketing and pricing on the use of e-catalogues on the development of MSMEs in Magetan Regency. The population in this study are e-catalogue providers and consumers in Magetan Regency. The sample in this study amounted to 30 providers e-catalogue. The method used in sampling is Non Probability Sampling selected is withSaturated Sampling .The research instrument used a questionnaire. Data analysis techniques used the classical assumption test, multiple linear regression analysis, analysis of the coefficient of determination, and hypothesis testing using the t test and F test with the help of the IBM SPSS 25 program. The results of this study indicated that partially and simultaneously ordering efficiency, ease of marketing and determination prices have a significant effect on the development of MSMEs in Magetan Regency.

Creativity and Leadership: How the Arts Can Improve Business Strategies

Introduction. Recent studies consider creativity as a source of innovation for companies but have not yet clarified the key role that it plays concerning management and the underlying organisational processes. Recent studies also provide a foundation for a direct link between creativity, leadership, and corporate innovation. Purpose and methods. Therefore, the purpose of this article is to highlight the importance of creativity within the corporate context and stimulate an understanding of the dynamics underlying leadership as a hub for innovative ideas and proposals dissemination in organisations. The scientific research methodology is developed through the theoretical investigation of the theme of creativity with innovation and how it can pervade the organisational sphere through the leadership development. Results. The analysis of the main theoretical models allows us to identify strong dynamic connections between creativity, business innovation, and leadership and to develop and improve interventions guided by a different business vision. At the same time, I illustrate how an adequate leadership style can positively influence the work team, producing significant improvements in thoughts, feelings, and subordinates creative performance. Conclusions. Leaders who wish to sustain high performance should pay special attention to their daily behaviour towards employees, in particular by contributing to the dissemination of creativity in the company. Shared participation in artistic activities, in fact, by enhancing the individuality of employees, contributes to the strengthening of the management image that supports initiatives and participates in them. Creativity thus finds fertile ground in the goodness of ordinary company practices.

Perencanaan Strategis SI/TI Menggunakan Analisis Ward & Peppard Pada Toko Trubus Pekabaru

Toko Trubus is a company that wants to invest in IS in the form of software development for its strategic business needs by using outsourcing services. Using information systems and information technology can improve business strategy. This analysis is useful for designing IS/IT that produces the output of a portfolio of software applications that best suit the conditions or needs of the company in achieving goals based on the vision and mission. Therefore, research using the Ward & Peppard method is expected to obtain optimal results in accordance with the objectives of this company's business strategy. It is hoped that this framework can improve the company's management process by managing information better in the future. This Ward & Peppard methodology is a methodology in which there are several diagrams that will help how to understand an organization or company, with an IS/IT strategic plan, so that it has an impact on future plans.

Research on emotion classification technology of movie reviews based on topic attention mechanism and dual channel long short term memory.

In recent years, with the popularity of the Internet, more and more people like to comment on movies they have watched on the film platform after watching them. These reviews hide the reviewers' feedback on films. Mining the emotional orientation information in these reviews can provide consumers with shopping references and help businesses optimize film works and improve business strategies. Therefore, the emotional classification of film reviews has high research value because few emotion dictionaries and analysis tools are available for reference and use in film reviews. The accuracy of emotion classification still needs to be improved. This study introduces the attention mechanism and dual channel long short term memory (DC-LSTM) while building the emotion dictionary in the field of Chinese film review. It classifies Chinese film reviews in terms of topic-based fine-grained emotion. First, the emotion vector is constructed using the constructed movie review emotion lexicon. The semantic vector obtained by the Word2vector tool is input to LSTM to encode the comment text. Then, the topic attention module is used to decode. Finally, the final emotion classification result is obtained through the softmax function of the entire link layer and the output layer. The thematic attention modules constructed in this study are independent of each other for attention parameter adjustment and learning. One attention module corresponds to one film theme. In this study, eight themes, including "plot," "special effects," "original work," "music," "thought," "theme," "acting skills," and "joke," were extracted, and each theme was classified into three types of emotions: "positive," "neutral," and "negative." The experimental results on the crawled Chinese film review dataset show that the proposed algorithm is superior to some existing algorithms and models in accuracy, precision, recall and F1 measure. The DCLSTM based on the thematic attention mechanism (DCLSTM-TAM) model constructed in this study introduces the emotion vector into the network and adds the theme attention mechanism. It can not only classify the emotion for different topics of a film review but also effectively deal with film reviews with fuzzy emotional tendencies. It realizes the fine-grained emotion classification of film topics and improves the accuracy of emotion classification of film reviews. The emotion classification method and model proposed in this study have good transferability, and the change of training corpus is also applicable to other short text fields.

Status of Lean Six Sigma implementation in Indian industries: a cross-sectional national survey

PurposeEvidence indicates that the Indian economy has grown enormously in recent years. and Lean Six Sigma (LSS) has evolved globally as a structured business improvement strategy with diverse applicability in the last fifteen years. Therefore, this paper aims to investigate the status of LSS implementation in Indian industries using a survey research technique.Design/methodology/approachA survey questionnaire was devised from the literature, containing 25 questions to assess respondents’ awareness of the LSS methodology and gain insights on aspects associated with LSS adoption in Indian industries. The survey questionnaire was validated and was conducted using randomly sampled respondents from the Confederation of Indian Industries membership database. The collected data were statistically analyzed using IBM SPSS and MS Excel.FindingsThe findings attest that adopting LSS is not so encouraging and extremely poor in small- and medium-scale Indian industries. ISO 9001 emerged as a prominent quality improvement program. It is learnt that consultants play a pivotal role in bringing awareness and skills building while implementing LSS. Results endorse top management commitment and involvement, and resistance to change as leading success factors and challenges, respectively. Further, it is revealed that respondents were highly satisfied after the adoption of LSS.Research limitations/implicationsThe findings of this study were derived from 183 responses and should be generalized cautiously.Originality/valueThis paper provides valuable insights on the present status covering the issues related to L:SS implementation in India. These results can motivate the managers of Indian industries for wide adoption of the LSS methodology. In addition, the findings of the paper may assist the researchers providing direction to carry out further research in LSS in the Indian context.

Indonesian Leather Handicraft Trade in the International Market: SWOT analysis approach

The leather craft industry is one of the growing industries in Indonesia and is one of the export commodities of the creative industry. The creative industry is an industry that is one of the mainstays in the country's economy. The abundance of animal skin waste is used as a variety of commodities that have a selling value. The focus of this research is to analyze the potential of international trade in leather craft commodities by using a SWOT analysis approach. The purpose of this study is to map the internal and external factors of the international trade in leather crafts, which can be one of the preliminary research and sources of future research. From the results of the desk study and SWOT analysis, it was concluded that the leather craft creative industry has an opportunity in the international market with a market share of 4.4% and is in the 6th position as a leather craft exporter in 2021. Internal and external factors for this leather craft shows that the advantages and disadvantages of this creative leather craft industry can be combined to improve business strategies and studies in future research.

Effects of In-Store Decorative Elements on Children Shopping Behaviour

Children play a significant role in determining the family's shopping expenses, which is as important as an adult's. However, the research found that having a child companion can reduce positive shopping values due to the child's behaviour. The focus of this research is to understand the effects of in-store decorative elements on children aged between three to seven years of shopping experience. The qualitative methodology using ethnography studies is employed to identify key factors affecting children's emotional and behavioural responses. It also discusses research insight that could help to improve business strategy for children customers. Keywords: Children's shopping experience; shopping atmospheric variables; in-store decorative elements; ethnography studies. eISSN: 2398-4287 © 2022. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v7iSI7%20(Special%20Issue).3759

Covid-19 Cases Growth and Business Continuity in Indonesia: A Causality Test

The objective of this study is to examine the causality between Covid-19 cases growth and business continuity in Indonesia, thus can be formulated the post-Covid business strategies. The Covid-19 cases are modeled into ‘daily case’ and ‘active case’, while business continuity proxied with human mobility to grocery and pharmacy, also to retail and recreation. Using daily data ranging from March to December 2020, the Granger causality results show that there is a bidirectional causality between daily case and grocery-pharmacy business, whereas interestingly there is a unidirectional relationship from retail-recreation business to daily case. In active case model, author found a unidirectional causality from active case to both grocery-pharmacy and retail-recreation business. This research may be used to improve business strategy in order to maintain the business life during the Covid-19 Pandemic in Indonesia.

Improving the strategy to create a profitable and sustainable business in the era of economic competition in Indonesia

This project aims to improve business strategies to increase profits and sustainability in the era of business competition. The data that we use to answer the discussion of this study is sourced from some literature published in several journals such as books, procedures at other times. We then analyzed the data using a phenomenological approach, a method for exploring the data and then analyzing it under an in-depth interpretation approach to the coding system and evaluating analysis to provide the data as findings to answer high-quality questions. The data search is carried out by procedures and electronically with a keyword system. Based on the existing data and the discussion, we can finally conclude that the results include strategies to increase profits and business continuity in this competitive era is the ability instead of moving a business to understand the business world, study business strategies, understand and know the business competition system and have extensive knowledge of business that is run in an era full of intense competition. Hopefully, these insights to be a good input material to support future studies.

Covid-19 Cases Growth and Business Continuity in Indonesia: A Causality Test

The objective of this study is to examine the causality between Covid-19 cases growth and business continuity in Indonesia, thus can be formulated the post-Covid business strategies. The Covid-19 cases are modeled into ‘daily case’ and ‘active case’, while business continuity proxied with human mobility to grocery and pharmacy, also to retail and recreation. Using daily data ranging from March to December 2020, the Granger causality results show that there is a bidirectional causality between daily case and grocery-pharmacy business, whereas interestingly there is a unidirectional relationship from retail-recreation business to daily case. In active case model, author found a unidirectional causality from active case to both grocery-pharmacy and retail-recreation business. This research may be used to improve business strategy in order to maintain the business life during the Covid-19 Pandemic in Indonesia.

Discovering dynamic adverse behavior of policyholders in the life insurance industry

Adverse selection (AS) is one of the significant causes of market failure worldwide. Analysis and deep insights into the Australian life insurance market show the existence of adverse activities to gain financial benefits, resulting in loss to insurance companies. Understanding the behavior of policyholders is essential to improve business strategies and overcome fraudulent claims. However, policyholders’ behavior analysis is a complex process, usually involving several factors depending on their preferences and the nature of data such as data which is missing useful private information, the presence of asymmetric information of policyholders, the existence of anomalous information at the cell level rather than the data instance level and a lack of quantitative research. This study aims to analyze the life insurance policyholder’s behavior to identify adverse behavior (AB). In this study, we present a novel association rule learning-based approach ‘ARLAS’ to detect the AS behavior of policyholders. In addition to the original data, we further created a synthetic AS dataset by randomly flipping the attribute values of 10% of the records in the test set. The experiment results on 31,800 Australian life insurance users show that the proposed approach achieves significant gains in performance comparatively.

Business Optimism in COVID-19 Pandemic Period in Indonesia

The COVID-19 pandemic is causing turmoil in the health aspect and spread to the economic sector where most of the economic activity has stopped to prevent the spread of COVID-19. Businesses will be disrupted, including business actors who will experience difficulties and even bankruptcy. The small business sector is most affected by the outbreak of COVID-19 due to the absence of outside activities by most of the community. This research aimed to identify business optimism during the COVID-19 pandemic in Indonesia. Cross-sectional designed research with non Probability Sampling using the survey method by distributing online questionnaires (Google Form). The analysis data using SPSS software. The research results stated that the respondents believe that the business they did during the COVID-19 pandemic can still run well, business after the end of the COVID-19 pandemic will be even better. This research is expected to reference future research regarding the business forecast for business actor behavior, business improvement strategies, and other business-related research during the pandemic.

The Importance of Implementing Digitalization in Kazakhstan

Goals and objectives of the research – The goal of the article is to analyze the international experience in implementing digitalization, both in the private and public sectors of the economy. The objectives of the article are the analysis of the digitalization implementation algorithm in foreign enterprises and the adaptation of this algorithm for most Kazakhstani entrepreneurs, taking into account the specifics of doing business in Kazakhstan. Investigation of logical chain, which introduces digitalization in large world companies. It begins from the first department that has undergone digitalization to obtaining the final result from the process for the company. 
 Methodology – To solve the tasks set in the article we used system, logical, comparative-analytical methods. The provisions and conclusions are illustrated by statistical data presented in tables, diagrams, diagrams, accompanied by references to scientific literature and legal acts.
 Results/Findings – The conclusion is made about the importance of implementing digitalization in business, regardless of the size of the enterprise itself. The examples of digitalization implementation in foreign companies are analyzed. Based on the analysis of foreign experience, an algorithm for the introduction of digitalization for most businesses in Kazakhstan has been compiled.
 Novelty/Originality/Value – there are several factors that allow increasing digital technologies in all areas of industry in Kazakhstan. Digital technologies provide an incentive for the development of new areas in SMEs. This fact pushes to review legislation of the country and develop a transit direction in trade.
 Theoretical or Practical Implications – The digitalization implementation algorithms discussed in the article in foreign companies and the algorithm for domestic entrepreneurs can be used both to improve business strategies by company leaders and government agencies in Kazakhstan to create an internal development program and encourage the introduction of new technologies and digitalization in state enterprises.

Customer learning trajectories when using a product for the first time

Several studies in marketing research focus on learning costs in product usage linked to the acquisition of declarative and procedural knowledge in this context. Yet, the learning process itself and the ways customers actually learn to use products have received little attention. This research explores the dynamics of the customer’s learning experience and its heterogeneity in the case of the first use of a product, using Kolb’s experiential learning circle. The results of a qualitative study with filmed observations and interviews identify four customer learning paths, enriching this model. Based on these customer learning paths, the article proposes recommendations to improve business strategies in terms of customer training and product use assistance.

IT Roadmap to Improve Business Strategy using TOGAF ADM: A Case Study of Government-Owned Electricity Company

Service industry in Indonesua has applied IT to conduct and establish their business process through automation and integration in order to achieve effectiveness and efficiency, especially in the industry of electricity. However, there is still no alignment between business strategy and IT assets. Thus, it is necessary to implement Enterprise Architecture to have appropriateness between the organizational’s goal and the strategy’s execution in the field. This research identifies various components in the respected industry by implement TOGAF ADM as the framework through observation and interview, with begin with preliminary phase until migration planning. The purpose is to create IT Roadmap in the form of recommendation for the electricity company in order to achieve their short and long term objectives.

SWOT/AHP에 의한 국내 외식프랜차이즈의 경쟁력 및 발전전략에 관한 연구

The purpose of this research is to survey strengths, weaknesses, opportunities and threats(SWOT) of franchise business model specifically in food service industry and suggest business improvement strategies. This research is different from other researches first this is the first because research to evaluate the food service franchise industry using the SWOT analysis and apply the AHP analysis and ANP analysis. Secondly, while other researches use the SWOT analysis to evaluate and propose a development strategy, this research not only uses the SWOT/AHP analysis, but also considers competitive ability and responsive ability of the food service franchises and suggests development strategies and execution plans. Lastly, this research evaluates franchisers and franchisees separately and used the SWOT/AHP analysis to evaluate competitive ability and responsive ability separately for each group.