Business Efficiency Research Articles

Evaluating Market Segmentation Strategies Using the ARAS Method: A Multi-Criteria Approach

Market segmentation evaluation involves analysing the effectiveness and efficiency of businesses' segmentation strategies. It assesses the chosen criteria, segment identification, and marketing strategies for each segment. By evaluating data and performance indicators, businesses can optimize their marketing efforts and gain a competitive advantage in meeting customer needs. Market segmentation is dividing the market based on demographics, psychographics, behaviour, and geography. Factors such as the size and growth of each segment, attractiveness of the segment structure, company goals and resource allocation are considered. This approach allows companies to align their strategies to use resources effectively and take advantage of market opportunities. The importance of market segmentation research lies in its ability to provide valuable insight and guidance to businesses. Understanding the effectiveness of market segmentation strategies is important for companies that want to target and engage their customers more efficiently. By evaluating market segmentation, businesses can identify the most appropriate criteria for segmenting their target market, accurately identify and select target segments, and optimize their marketing strategies for each segment. This research helps businesses allocate resources effectively, increase customer satisfaction and ultimately gain a competitive edge in the market by tailoring their offerings to specific customer needs and preferences. Market segmentation assessment considers important factors such as target market size, customer base, income level, and product offerings. By analysing these variables, companies can assess market potential and understand the composition of segments. This assessment allows companies to adjust their strategies to effectively meet the needs and preferences of different customer groups, leading to more targeted marketing efforts and better business outcomes. The ARAS methodology, which stands for attractiveness, accessibility, effectiveness, and size, is a structured framework for evaluating market segmentation. It enables businesses to systematically assess and prioritize market segments based on profitability, reachability, reliability, and size. This assessment helps companies make informed decisions about resource allocation, marketing strategies and aligning them with overall business goals. By considering factors such as market growth, competition, accessibility, resource availability, and customer size, the ARAS methodology provides a comprehensive approach to improving market segmentation and increasing business success. Alternate Parameters taken as “Degree of concentration, Laws and government agency regulations, Types of competitors, Contribution margins, Complexity.” Evaluation Parameters taken as “Segment factors, Competition, Technological factors, Socio-political factors, Financial and economic factors”. As the result, the type of competitor is placed first and the Complexity is placed at the end while using ARAS Method. In this paper, the type of competitor is ranked number one in the list and the Complexity has got last.

Enhanced Spaces: The Art of Curating with Thoughtful Place Accessories using DJANGO

This project presents a full-stack web application for online furniture shopping, developed using Python and the Django framework. The application enables users to browse, select, and purchase furniture from various categories. Leveraging the efficiency and flexibility of Django, the application provides a streamlined user experience, facilitating easy navigation and secure transactions. Key features include user registration and login, product browsing by category, shopping cart functionality, online payment options, and email confirmation of transactions. By execution a comprehensive full-stack solution, this project aims to enhance customer convenience, improve business efficiency, and demonstrate the potential of Python and Django in e-commerce development.

Training on Management Control System in Printing Entrepreneurs

This community service activity aimed to improve the management control systems of print entrepreneurs around Universitas Syiah Kuala (USK). The main issue was the lack of understanding and implementation of effective control systems, leading to operational inefficiencies. Using a Service Learning approach, 10 entrepreneurs participated in training led by experts from Universiti Malaysia Sabah (UMS) and USK. The training covered management control concepts and introduced basic technology tools to support business operations. Results showed a 25% increase in participants' understanding of management control systems and an 85% adoption rate of the techniques and technologies introduced. These improvements contributed to better business efficiency and align with Sustainable Development Goal 8, which emphasizes decent work and economic growth. This activity demonstrated that tailored training programs can significantly enhance small business operations and can be replicated for broader impact.

IMPLEMENTASI SISTEM SMARK UMKM DAN LITERASI INVESTASI PADA UMKM DI KOTA BANDUNG

The Community Service Program (PKM) aims to provide training and mentoring to Micro, Small, and Medium Enterprises (MSMEs) in Bandung City on marketing audits using the SMARK System and investment literacy. Of the 10 invited MSMEs, 7 actively participated in the program, which was conducted both online via Zoom and offline at STIE Ekuitas. The activities included training sessions on marketing audit strategies, practical guidance on utilizing the SMARK application to enhance business efficiency, and an introduction to secure and profitable investment instruments. Participants gained increased understanding of the importance of systematic marketing evaluation and sound financial management, including investment planning. As a tangible output, participants received a SMARK manual book and presentation materials related to marketing audit and investment literacy. These resources are expected to help participants implement the acquired knowledge in improving their business performance. The results of the program indicate that the SMARK System and marketing audits are crucial for MSMEs, enabling them to systematically evaluate and refine their marketing strategies. This initiative contributed by equipping MSMEs with tools to conduct independent marketing audits and offering guidance on financial literacy to utilize safe investment options effectively. Such steps are critical for fostering professionalism, informed decision-making, and long-term sustainability for MSMEs amid increasingly competitive markets. The program’s impact underscores the need for continued monitoring and further training to ensure that MSMEs can fully benefit from and sustain the knowledge and skills acquired through this initiative.

Implementation of Activity-Based Costing to Improve Profitability

This study aims to analyze the application of Activity Based Costing (ABC) to improve the efficiency of cost management in the manufacturing, service, and SME sectors. A literature study was conducted using the field charting method on 21 articles published between 2012-2020. This process identified the advantages of ABC over conventional methods in avoiding cost distortions and providing accurate data for budgeting. The research examined the characteristics of activities in various categories of companies, finding that Unit and Product Level Activity are more commonly applied than Batch and Facility Level Activity. The results show the flexibility of ABC in adjusting the scale of operations, resulting in significant benefits in cost control and resource optimization, thus providing positive implications for business efficiency across sectors.

Optimizing Business Efficiency through Strategic Cost Management: A Framework for Profit Maximization in SMEs

Optimizing Business Efficiency through Strategic Cost Management: A Framework for Profit Maximization in SMEs

Metaverse-supply chain and halal behavior: bibliometric analysis, framework and implications

Purpose This paper aims to review how the metaverse influences and contributes to the halal industry, particularly focusing on halal logistics (HL), halal supply chain management (HSCM) and consumer behavior. Design/methodology/approach This paper analyzed scholarly studies to investigate existing literature and current as well as future trends in the adoption of the metaverse in HL, supply chains and consumer behavior. The study explores the thematic structure of the current knowledge landscape, identifies research gaps and highlights potential directions for future research at the intersection of the metaverse, supply chain and halal behavior. The authors identified 286 papers that examined the integration of the metaverse with HL practices, supply chain management strategies and consumer behavior in alignment with Islamic principles and standards. Findings The results indicate a limited number of studies on the successful adoption of the metaverse in HL, HSCM and behavioral research. This paper has proposed a framework for the metaverse-supply chain and halal behavior. The framework can serve as a reference for scholars and practitioners on how to incorporate advanced technology to engage with and predict market demand. Additionally, the metaverse-supply chain framework can be used to align with halal supply chain practices based on customer needs and preferences. The metaverse integrates the virtual world, enabling halal supply chain networks to enhance virtual reality, digital experiences and business performance. Practical implications The halal industry can showcase products and services through virtual scenarios, avatars and shops. By developing a halal-compliant metaverse, the halal industry can facilitate activities such as online sales, online payments and virtual marketing, thereby enabling a digital business transformation. Embracing the metaverse can improve business efficiency and influence consumer behavior, decisions and compliance with Shariah principles. Originality/value The authors argue that this paper is at the forefront and will serve as a reference for future research. This paper is distinct from existing literature, as it focuses on metaverse adoption and its correlation with a Shariah compliance framework in logistics, supply chain and behavioral aspects. Through its findings, this framework aims to inspire further empirical research and provide guidance and solutions to foster sustainable development in the halal industry.

How american companies can navigate tax complexities in Brazil and seize opportunities

The research explores the complexity of the Brazilian tax system, highlighting its relevance for American companies seeking to operate in the country. The objective is to analyze the challenges and complexities of this system, in addition to identifying opportunities and strategies to mitigate such discounts. The methodology used is a bibliographic review, which covers legislation and studies related to the topic. The conclusion reveals that, despite the difficulties, an in-depth understanding of tax legislation and the adoption of appropriate planning and compliance strategies can transform challenges into opportunities, promoting a fairer and more efficient business environment in Brazil. This approach is, therefore, essential for the sustainable development of companies in the current tax context.

Socio-Economic Benefits of Machine Learning Deployment Platforms in Business: A Case Study of Baseten and Similar Models

ML deployment platforms have transformed the adoption of AI in business by reducing the technical barriers and costs associated with building and deploying AI models. Among these are Baseten, Bananas.dev, Stagelight AI, Replicate, and Modal Labs, to name a few accessible solutions that work for businesses ranging from startups to large enterprises. This paper discusses the socio-economic benefits of these platforms, especially their business efficiency, scalability, transformation in the workforce, and growth of the economy. In comparative analysis, we will examine each unique feature of these platforms, such as how easy they are to use, how easily they can be customized, and their scalability, which allows us to make some observations regarding their applicability to specific businesses. Utilising comparative analysis, performance benchmarking, and case study support empirical evaluation of their peculiarities and demonstrate their cross sectoral relevance.

Pengembangan Aplikasi Pemesanan Makanan Berbasis Web Mobile Menggunakan Metode Prototyping pada KAF Fried Chicken

The development of information and communication technology has brought significant changes in various aspects of life, including in terms of ordering food. The design of a food ordering application at the KAF Chicken outlet is very necessary to reduce the constraints of conventional systems. The problem commonly faced by various culinary businesses is the absence of an automated system to record and manage orders, customer data, and financial reports, which often results in inaccuracy and slows down the process. This study aims to design a mobile web-based food ordering application that can facilitate culinary business management in ordering, payment, and transaction data management. The application uses the spiral method that allows gradual development and uses the Express Js Framework and Mongodb as data management. Application features include menu management, online ordering, and transaction recording. Based on the test results, this system can help control transaction data and manage reports accurately and quickly. The design of this application can also be expected to contribute positively to improving the operational efficiency of the culinary business, especially in managing orders and transaction data.

Efektivitas Pengelolaan Keuangan pada Rumah Makan Lontong Blora di Karangjati, Kabupaten Semarang

This article aims to analyze the financial management at Rumah Makan Lontong Blora in Karangjati, Semarang Regency. The focus of the research is on the challenges faced by the owner in accounting and taxation management. To address this issue, financial management and accounting theories for SMEs are used as references. Data were collected through in-depth interviews with the owner and direct observations of the financial management practices implemented. The analysis results indicate that the financial management is still simple, with deficiencies in understanding accounting and tax obligations. Although the owner is aware of the need for improvement, there is a requirement for concrete steps, such as attending accounting training and tax consulting to enhance compliance. The owner also plans to utilize user-friendly financial applications that have relevant features for SMEs, such as automated financial reporting and inventory management. This study concludes that increasing knowledge about financial management and taxation is crucial for business sustainability. The research also contributes to the theory of financial management in SMEs by demonstrating the importance of implementing good financial practices to improve efficiency and performance in the culinary business.

Integrating servitisation into the halal supply chain: a roadmap for sustainable business growth

Purpose The limited existing literature on the future research direction regarding how servitisation and the halal supply chain interact motivates this study. The paper aims to integrate servitisation into the halal supply chain by proposing an integration roadmap for successful adoption in the halal industry. Design/methodology/approach The study used the preferred reporting items for systematic reviews and meta-analyses method. Initially, 1,830 documents from Scopus and Web of Science were reviewed. After screening and refining, 1,241 documents remained. The authors then assessed these in full text, narrowing it down to 61 papers for the study. Findings The study discovered that the literature concerning servitisation and halal supply chains lacks essential conceptualisation, presenting an opportunity for exploration within the halal industry. Furthermore, it revealed that integrating servitisation into the halal supply chain can foster sustainable business growth and enhance customer satisfaction. Additionally, the study indicated that the interaction between servitisation and the halal supply chain may impact customers’ purchasing decisions and improve profit generation performance. Practical implications The study confirmed that integrating servitisation into the halal supply chain is crucial. The proposed roadmap aims to enhance the firm’s service delivery performance and impact customer purchasing behaviour through increased brand loyalty. In terms of industrial implications, the study offers guidance for industries transitioning to servitisation. The integration of servitisation in the halal supply chain can enhance efficiency and the ability to provide halal products that align with customer preferences and requirements. Originality/value This study suggests integrating servitisation into halal supply chains and provides a roadmap for exploring future research directions towards sustainable business growth. It not only offers thematic research direction but also practical insights. The roadmap can guide future research and development, enhancing business efficiency and customer experiences. This study reveals the potential of servitisation in halal supply chains and encourages further research on their interaction.

What drives the overall technical efficiency of farm businesses in the Wheatbelt of Western Australia? Analysis of persistent and transient efficiencies in the presence of firm effects

AbstractThis study enhances our comprehension of the performance of farm businesses in Western Australia by estimating persistent and transient technical efficiency measures in the presence of firm‐level effects. The analysis is based on a balanced panel data set of 54 farm businesses from the years 2002 to 2011. We employ Kumbhakar et al.'s (2014, Journal of Productivity Analysis, 41, 321) model to estimate persistent efficiency and firm effects separately, as well as Kumbhakar's and Heshmati's (1995, American Journal of Agricultural Economics, 77, 660) model where these two factors are confounded. Furthermore, we investigate the factors that influence transient and persistent technical efficiency. Our findings reveal that failing to differentiate between persistent technical efficiency and firm effects underestimates the estimates of persistent and overall technical efficiency. This underestimation may result in misguided policy recommendations for improving the technical performance of farm businesses. We also find that persistent efficiency dominates overall technical efficiency. The significant determinants of persistent overall technical efficiency include the regional rainfall zone where a farm business is located, the managerial competency of the farm operator denoted by their age and off‐farm activities. Off‐farm income plays a crucial role in determining transient technical efficiency.

Comparative Analysis of Traditional, Agile, and Flexible Management Approaches (Exploring Differences, Compatibility, and Impacts on Organizational Performance)

In today’s dynamic business environment, organizations face increasing complexity in managing projects and operations effectively. This research presents a comparative analysis of Traditional, Agile, and Flexible management approaches, focusing on their differences, compatibility, and impacts on organizational performance. Traditional management relies on rigid, hierarchical structures and linear workflows, while Agile emphasizes iterative processes and responsiveness. Flexible management, on the other hand, integrates adaptability across organizational practices. By evaluating the strengths and weaknesses of each approach, this study highlights how organizations can optimize their operations by selecting or combining these models. The research explores the potential for hybrid approaches that enhance innovation, efficiency, and overall business agility. Case studies from various industries demonstrate how companies navigate between these approaches, providing insights into their adaptability in different contexts. In light of the results of the study, the researcher recommends the Organizations should consider integrating elements of agile and flexible management into their traditional structures where appropriate. Leaders should implement flexible structures that allow teams to operate autonomously within clear boundaries, ensuring both innovation and operational efficiency. Develop agile centers of excellence within the organization to guide and train teams on agile practices, ensuring faster innovation cycles and improved customer alignment.

Using Ecosystem Design to Help Projects Thrive—Cultivating Systemic Project Success

Emphasizing ethical considerations, community well‐being, and sustainability, designers are challenged to create product solutions that are technically effective while being socially responsible and inclusive.Substantial improvements in business efficiency and user experience can be achieved by employing ecosystem design. The challenge is creating solutions that are technically effective, socially responsible, and inclusive.

ADOPTION OF ARTIFICIAL INTELLIGENCE IN INDIAN BANKING INDUSTRY

Businesses nowadays have access to an enormous amount of information. In this context, they put up much work to figure out how to use the data that is accessible. The amalgamation of Knowledge Management and Artificial Intelligence enables the development of technologies that respond to the expectations to extract implicit and explicit human and organizational knowledge to aggregate and amplify it. (Quinio et al., 2017). Organizations implementing AI are expected to attain added business value gains, such as increased revenue, cost reduction, and improved business efficiency (Sheibani et al., 2018). A recent MIT Sloan Management Review study found that more than 80% of businesses see AI as a calculated opportunity, and almost 85% see AI as a way to achieve comparative advantage (Ransbotham et al., 2017).

The Determination of Factors for ICT Quality Assessment Model

Information and Communication Technology (ICT) is a crucial asset in business processes and high ICT quality allows for highly efficient business processes. Measuring ICT quality is identified as a crucial step towards ensuring high-quality ICT service. Over the years several ICT assessment models have been developed and each year the factors of measurement are constantly updated. This is due to constant change in technology trends and the user requirements. Thus, any existing factors within models developed previously require review and update if necessary. Therefore, the most relevant factors for ICT assessment model are investigated in this study. Through literature review a set of updated factors are developed and expert review were used to validate the factors. Factors determined in this study are: Software System and Application, Computing Hardware, Network and Communication, Lifelong Learning organizational Governance, Ecosystem Support, Security and Official Recognition. The updated and validated factors shall help future researchers in developing a model to assess ICT compliancy for measuring readiness in providing quality ICT services.

Socialization of aquaponics techniques for business efficiency at Aling Hydroponic Farm, Sandakan Sabah Malaysia

Aquaponics is the application of integrated agricultural techniques between the cultivation of fish and vegetables that are environmentally friendly with efficient use of inputs and optimizing production. Aling Hydroponics Farm has long applied hydroponic techniques for cultivating vegetables, apart from also cultivating fish using fiber ponds. However, the application of these two techniques has not been integrated so that it is not efficient in using production inputs. This international collaborative community service activity aims to socialize aquaponic techniques to Aling Hidroponik Farm partners as an effort to increase the efficiency of resource use in farming. The method of implementing activities uses visits and discussions at hydroponic cultivation and fish cultivation locations. This activity was attended by lecturers from the Faculty of Agriculture, Muhammadiyah University of Makassar and lecturers from the Faculty of Sustainable Agriculture, Universiti Malaysia Sabah, students and the community. The results of the activity showed that the participants were very enthusiastic about taking part in the activity, the participants actively asked questions and expressed opinions regarding the opportunities and obstacles to implementing the aquaponic system from economic and social aspects.

Digital Transformation in Operations Management: Leveraging Technology to Improve Business Efficiency

Digital transformation in operations management has become an urgent need for companies to improve efficiency, productivity, and competitiveness in the face of an increasingly complex and competitive business environment. Digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), robotics, and big data provide opportunities for companies to optimize various aspects of operations. This article aims to explore how digital transformation can be applied in operations management to support these goals. The research method used is a literature review, where various previous studies and industry reports are analyzed to identify the benefits, challenges, and impacts of digital technology implementation on business operations. The results show that the implementation of digital technology enables companies to speed up workflows, reduce costs, improve process accuracy, and prepare the foundation for continuous innovation. In the discussion, it is also explained that although there are challenges in terms of investment costs, training, and data security, companies that successfully overcome these barriers will gain a significant competitive advantage. The implications of these findings are the importance of continued investment in technology and human capital development, as well as the adoption of sustainability strategies to support long-term growth.

A Systematic Literature Review of Blockchain-Based Triple-Entry Accounting in Crypto Assets

The digital revolution in accounting is a major change that affects the way we view, manage, and report financial information. One form of the digital revolution in accounting is the emergence of blockchain technology and Triple-entry Accounting (TEA). This research aims to examine the application of triple-entry accounting with blockchain in the recording of crypto assets. This research uses a qualitative approach with a systematic literature review using the WATASE UAKE platform. This method summarizes research from many sources into specific topics based on items determined by the researcher. The results show that the application of blockchain technology can help achieve a country's economic development goals and can establish more secure, transparent, and efficient business practices by reducing various existing risks.