Business Efficiency Research Articles

CUSTOMER SEGMENTATION AND LIFETIME VALUE PREDICTION

Customer segmentation and lifetime value estimation are two areas of development today. Today, the business world works differently, so machine learning uses different algorithms and different models to increase business efficiency. The value of life measured by its results is the bond between the customer and the company, as well as the value of the customer for the company. The reason for choosing this project is to examine the predictive behavior of future personalization models. From the company's perspective, this model can be very effective in terms of customer relations. Both segmentation and LVP are good for strategy development in business. As the world continues to evolve with major changes in technology, it is only natural to do such a project. LVP has a lot of predictive power when evaluating the customer buying process and choosing the best services to offer to different customers. Current methods for estimating CLV involve developing a model that uses all customer-based inputs. This not only loses the granularity of the data, but also makes the marketing plan less effective from the customer’s perspective. This article focuses on the advantages of intelligently combining small models by focusing on separate models for different customers. This allows companies to effectively use customer data to make informed decisions. Using the data as an example, the proposed multi-project study where the learning experience is shared with relevant groups increases the CLV estimation accuracy compared to using a single model size with some minor modifications. Moreover, the same method reduces the standard deviation of the error when compared with a large sample. Most importantly, when the groups have different data to train, multiple learning models will outperform single-shot models, which is normally considered a more difficult task. These results show that multi-task learning can be more effective than existing business models and can be a better alternative to existing models.

Remote hand: Cross-regional SASAC holdings and corporate investment efficiency: Evidence from China

The simultaneous existence of government intervention and support for state-owned enterprises makes it difficult to study the relationship between government involvement and business efficiency. Drawing on China's emerging and widely developed cross-regional state-owned holding patterns, this study examines the impact of reduced political intervention on the investment efficiency of local state-owned enterprises (SOEs) when resource support is constant. We demonstrate that the geographic separation of SASAC and SOEs contributes to corporate investment efficiency and that this effect works mainly through the reduction of political pressure and the optimisation of corporate governance. This confirms the existence of the government's grabbing effect on businesses from an opposite perspective.

Vendors And Multiple Virtual Stores On Cooperative ECommerce

The Vendors and Multiple Virtual Stores on Cooperative E-Commerce is integrated with the Cooperative Loan Servicing System, Stakeholders Management System, and Events Venue and Hostel Management System. The lack of provisions to offer other services on the side of the customers or buyers can result in less income, resulting in poor scalability of business growth for the grocery store. The researcher gathered data through a series of interviews and by providing questionnaires to the employees and members. Results showed a positive response from employees and members, with strongly Agreed-upon results regarding the system's System Usefulness, Information Quality, and Interface Quality. Using the Vendors and Multiple Virtual Stores on Cooperative ECommerce brought extra income to the Cooperative, which resulted in higher profit. At the same time, it provides convenience to customers by offering other services besides the existing old service, which can result in more customers and lead to higher profits and incomes. Background: A cooperative is an organization run by its members who share the benefits and profits, with productivity enhanced by integrating systems like E-commerce Multi-Store, Hostel Management, Stakeholders Management, and Loan Servicing, along with a Forecasting Model for sales trends. The Internet's evolution has transformed shopping styles, making online shopping increasingly popular and allowing consumers to shop without visiting physical stores. The Vendors and Multiple Virtual Stores on Cooperative E-Commerce aims to address operational issues, expand service reach, and generate additional income for the cooperative and its members by integrating the system into operations. Materials and Methods: The study presents an operational framework encompassing input, process, output, and outcome and emphasizes the use of the Software Development Life Cycle (SDLC) with a focus on prototyping for user feedback and refinement. Data from cooperative members and employees were gathered through interviews and questionnaires, leading to developing, testing, and validating modules for a Cooperative E-Commerce system. Results: The study involved 50 respondents, including 20 cooperative employees and 30 members. The evaluation of system usability through the Post-Study System Usability Questionnaire (PSSUQ) revealed that respondents strongly agreed on the system's usefulness (mean score: 1.29), information quality (mean score: 1.34), and interface quality (mean score: 1.28). High scores indicate that the system is easy to use, provides clear and helpful information, and has a user-friendly interface, contributing to efficient decision-making and competitive advantage for the organization. Conclusion: The integration of Vendors and Multiple Virtual Stores on the Cooperative E-Commerce platform significantly enhances cooperatives' operational efficiency, market reach, and overall business strategy, with respondents rating the system highly for usefulness, information quality, and interface quality

Digitization of logistics and supply chain management

The article presents theoretical and applied aspects of digitalization of logistics and supply chain management. It is emphasized that the processes of digitalization of supply chains and logistics are a modern requirement for increasing business efficiency, as well as solving environmental, social and management problems of successful companies. Digitization of supply chains and logistics is defined as the integration of digital technologies and the implementation of digital tools to optimize, automate and increase the efficiency of all stages of the logistics process. Key modern technologies in logistics and supply chains are examined, including artificial intelligence (AI), the Internet of Things (IoT) and Big Data. The role of AI in optimizing logistics processes, forecasting market behavior, inventory management and route planning is outlined. Emphasis is placed on the importance of IoT for tracking goods, monitoring storage conditions and vehicle maintenance. The role of Big Data in optimizing supply chains, improving decision-making and compliance with regulatory requirements is analyzed. The use of digital documentation and electronic document circulation are highlighted as important areas of digitization. The difference between digitization of documents and digitalization of document circulation is revealed: digitization, or digital preservation, refers to the transfer of information from paper documents to electronic format for convenient and safe storage of files and access to them in the future; digitalization involves the creation of documentation in computer applications, its intelligent processing and analysis, its accumulation in digital repositories, and the wide use of its data to solve various problems. It is noted that one of the main directions of digitization of documents is the automated reading of documents and data entry, which is implemented using specialized software for automatically extracting information from paper documents and entering it into digital systems. The list of the main logistics documents that are subject to digitization and the digitization of which leads to an increase in the efficiency of the supply chain (delivery confirmation, bill of lading, packing lists, invoices, cargo manifest, etc.) is provided. It was concluded that digitalization of logistics is a significant factor for modern companies seeking to increase their competitiveness in the market. It also enables the integration of all company divisions, improves product tracking, speeds up customs procedures, optimizes transport costs and increases the flexibility of return management. Despite the shortcomings that accompany this process, digitalization of logistics is necessary to achieve sustainable development and effective management of supply chains in today's world.

Using Technology Acceptance Model (TAM) to Explain Teachers' Adoption of Digital Technology in Business Education

The use of technology eases and makes teaching learning process effective and efficient. Thus far, researches on technology acceptance in higher education has been widely conducted; however, only few has focused on vocational high school teachers, especially in the field of business. This survey research aims to analyze the influences of technology acceptance variables: Perceived of usefulness (PU) and Perceived of Ease of Use (PEU) towards two other acceptance variables: among vocational high school (SMK) teachers in the Business and Management field in Surakarta. The population of this research was all vocational high school teachers in the Business and Management field in Surakarta. At the end of the research, there were 172 responses obtained from the teachers involved. Partial Least Squares (PLS) on Structural Equation Modelling (SEM) was used to test the research hypotheses. The empirical findings show that there are significant influences; particularly on PEU and PU, as well as PEU and PU on BI. Furthermore, BI is also proven to have a significant influence on AU. The findings are expected to provide deeper insights into the factors influencing technology adoption by teachers in business education. Moreover, the implication is foreseen to contribute on the development of more effective and efficient business education through the use of digital technology.

Hybrid six sigma based on recursive kalman filter and weibull distribution to estimate the lifespan of Bulb LEDs

The durability of LED bulbs ensures that the lights can operate for a long time without needing to be replaced or maintained too often. The brightness of high-power LED bulbs provides a strong and efficient light source, saves energy, and has a long lifespan. The traditional method of testing LED bulb life span has limitations such as long testing time, limited accuracy, high cost, inability to predict accurately, and failure to respond quickly. Therefore, the development of new and improved testing methods is necessary to effectively and accurately evaluate and ensure the durability of LED bulbs. This research paper proposes a hybrid Six Sigma method based on the recursive Kalman filter and Weibull distribution to estimate the lifespan of Bulb LEDs. The goal of the new method for evaluating LED bulb life is to provide accurate, reliable, and multi-dimensional information about the life of LED lamps, meeting the requirements of accuracy, diversity, time-saving, resources, credibility, and the ability to evaluate from a variety of perspectives. As a result of the research, the recursive Kalman filter method has strengths such as high accuracy, flexibility, saving computational resources, the ability to handle inaccurate data, and scalability. When applied to LED bulb life assessment, it provides an accurate and reliable estimate of LED lamp life. Research results on longevity testing were reduced from 1650 h to 710 h. The end-of-life test time is 710 h, and the aging time per life test cycle is 135 h. The cost of life testing is reduced from 2100.17 USD to 410.12 USD. This LED bulb lifespan testing method can be applied to similar types of LED products to improve the company's productivity and business efficiency.

Sistem Informasi Penjualan dan Stok dilengkapi dengan Mapping Rak pada Toserba

In the digital era, the advancement of information technology is crucial for enhancing operational efficiency in retail businesses. This study aims to design and develop a sales and inventory information system with a shelf mapping feature for Toserba Decky, which faces challenges in managing stock and manual transactions. The methodology employed is the Waterfall approach, encompassing requirements analysis, design, implementation, and system testing. Data was collected through direct observation, literature review, and analysis of the store's shelf layout. The findings indicate that the developed system can improve data accuracy, reduce recording errors, and expedite product searching. The implications of this research suggest that an effective information system in managing transactions and inventory can enhance operational efficiency and customer satisfaction. This study recommends regular system updates and technical support to ensure optimal system performance and security.

End-to-End Modeling and Long Short-Term Memory Application in Time Series Modeling

With the vigorous development of e-commerce, accurately modeling and predicting user behavior has become a key factor in improving business efficiency. Precisely understanding user behavior not only enables companies to provide personalized services but also allows them to stand out in the intense market competition. This study aims to explore the effectiveness of applying end-to-end models, Long Short-Term Memory (LSTM), and attention mechanisms in time series modeling to enhance the performance of modeling and predicting user behavior in e-commerce. In the methodology section, we first introduce the basic principles of the end-to-end model, which extracts features directly from raw data for prediction, avoiding the need for intricate feature engineering. Simultaneously, we introduce Long Short-Term Memory (LSTM) to better capture long-term dependencies in time series data.

The Impact of Cloud Computing, Quantum Computing, and Blockchain on Data Security and Business Efficiency

This study explores the impact of cloud computing, quantum computing, and blockchain on data security and business efficiency. The primary objective is to qualitatively analyze the literature to understand how these emerging technologies contribute to enhancing security measures and operational efficiency within businesses. The research employs a qualitative literature review methodology, synthesizing findings from academic articles, industry reports, case studies, and empirical studies to provide a comprehensive overview of current knowledge in this field. The literature review methodology involves systematically collecting and analyzing scholarly sources that discuss various aspects of cloud computing, quantum computing, and blockchain. The study categorizes the literature into key themes, such as the benefits of cloud computing in providing scalable and flexible data storage solutions, the potential of quantum computing to revolutionize encryption and problem-solving capabilities, and the role of blockchain in ensuring transparency and immutability of data transactions. Thematic analysis is used to identify patterns and trends in how these technologies influence data security and business efficiency. The findings indicate that cloud computing enhances business efficiency by enabling seamless data access, reducing IT costs, and improving collaboration. Quantum computing holds promise for significantly advancing data security through quantum encryption, which offers higher levels of security compared to classical encryption methods. Blockchain technology ensures data integrity and transparency, reducing the risk of fraud and enhancing trust in digital transactions.

Financial Technology Innovation and Business Growth of Small and Medium-Scale Enterprises in Port Harcourt, Rivers State, Nigeria

This study empirically examined the relationship between financial technology (FinTech - proxied by Internet Banking and Mobile Payment) innovation and business growth (proxied by productivity and operational efficiency) of Small and Medium-Scale Enterprises (SMEs) in Port Harcourt. The study was underpinned by the theory of Technology Acceptance Model (TAM) and the Diffusion of Innovation Theory (DIT). The study adopted a cross-sectional research design and the population was the 1016 registered SMEs in Port Harcourt with a sample size of 287. Spearman’s Rank Correlation and Partial Correlation were used to test the five hypotheses that guided the study. The findings showed a positive and significant relationship exists between financial technology innovation and business growth. Based on these findings, the research concluded that financial technology innovation is a business solution and a formidable management strategy that SMEs can deploy to improve their business growth. It recommends therefore that SMEs who want to improve their business growth should invest more in FinTech innovations such as Internet banking and mobile payment, as these digital solutions have a significant impact in improving productivity and operational efficiency (business growth).

Research the Impact of Online Marketing on Customers Perceived Value of Vietnamese Joint Stock Commercial Banks

Research the impact of online marketing on customer perceived value at Joint Stock Commercial Banks (JSCBs) is a significant and highly applicable topic in marketing and management business. The analysis and conclusions from this study can provide valuable information about how online marketing influences customer perceptions and the value they place on their banking experience. This will help businesses better understand how to interact with customers, optimize their marketing strategies, and improve customer relationships to increase business efficiency. The authors have proposed a theoretical model and scale based on a comprehensive study of published documents. Through qualitative research and in-depth interviews with experts, an official research model and scale have been formed, including six variables (five independent variables and one dependent variable) with 33 observed variables. Conducting quantitative research with a sample size of N = 355, the model has been determined to suggest five independent variables with 28 observed variables and one dependent variable with 5 observed variables (through Cronbach's Alpha and EFA coefficients), and the model adjusted model with five independent variables with 27 observations and one dependent variable with 05 observed variables. The study has determined the impact of online marketing on customer perceived value at Vietnamese joint stock commercial banks, arranged in descending order of influence: ((1) Online Communication; (2) Online Customer Service; (3) Online Offer; (4) Online retail Pricing, and (5) Online Distribution.

Business Development Strategy Analysis Using the Business Model Canvas Approach at Genong Farm Madiun

This research aims to analyze and recommend business development strategies for Genong Farm Madiun using the Business Model Canvas approach. The method used is descriptive qualitative, with data collection through observation, interviews, documentation, and triangulation. Data is analyzed using the Miles and Huberman model, which includes data collection, data reduction, data presentation, and verification. The research results identify that the business model of Genong Farm Madiun encompasses nine elements of the Business Model Canvas: Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships, and Cost Structure. Based on this analysis, strategic recommendations are provided for each element to enhance business operational effectiveness and efficiency. This research provides valuable insights into how Genong Farm Madiun can optimize its business model to achieve sustainable growth and increase market competitiveness. The recommendations given are expected to assist Genong Farm Madiun in designing better and more innovative business strategies.

Relationship between civil construction companies and suppliers: comparative analysis with companies in other sectors

Strategic supplier management establishes criteria for the selection, evaluation, and development of suppliers, in addition to the administration of contracts and supplies. This type of management aims to organize all processes involving suppliers, defining criteria to support decision-making in selecting the best partners, considering those who meet pre-established requirements. Furthermore, efficient management provides closer proximity to suppliers, facilitating relationships, fostering collaborative innovation, improving product costs, and increasing the company's competitiveness. The objective of this work is to analyze the relationship of suppliers in the construction industry and compare it with companies from other sectors. To achieve this objective, an applied, quantitative, and exploratory research was developed through field research. Questionnaires were applied to employees of construction companies and companies from other sectors, such as service providers and large industrial sectors, addressing issues related to organizational characteristics and specific axes that determine the relationship, such as trust, long-term relationship, and information sharing between client and supplier. The collected data were subjected to descriptive and exploratory analyses to observe the divergent and similar characteristics between the two groups. The results indicate that construction companies have gaps in the axes of trust, information sharing, and especially in the sphere of long-term relationships compared to companies in other sectors. This indicates the need for improvements in supplier management practices in the construction industry to achieve a competitive performance more aligned with other industrial sectors. The implementation of more robust strategies and the adoption of better practices in supplier management can help overcome these gaps, resulting in a more efficient and collaborative business environment, with mutual benefits for construction companies and their suppliers.

Analysis of Software Tools for Automation of Configuration and Management Functions in It Infrastructures

The work by the authors, using a systematic approach, analyzes a group of software tools that are functionally oriented towards the automated implementation of configuration and management processes in IT infrastructures. The research profile focuses on a methodology known in the professional environment as “Infrastructure as Code” (IaC) and is one of the foundational methodologies implemented in a systemic combination within the DevOps methodology. This methodology is actively used in processes of dynamic formation, deployment, and maintenance of corporate IT infrastructures in many modern successful high-tech companies to achieve the best business performance, efficiency, guaranteed success, and security. The article discusses two basic approaches to building software tools that implement the IaC methodology, namely the declarative and imperative approaches. The main emphasis is placed on the formation of a set of advantages and disadvantages inherent in software tools such as Terraform, ARM, Ansible, and CloudFormation. The focus of researchers on these four software tools is explained by their leading positions in a fairly extensive lineup of possible alternative software products that allow for a comprehensive implementation of the IaC methodology in the context of full and functional systemic deployment of the DevOps methodology in specific implementations of corporate IT infrastructures. The authors' generalized conclusion of original scientific research is that there is currently no single clearly distinguished universal software tool among others that fully satisfies the entire spectrum of requirements and needs. Potential users in this context are communities of DevOps professionals and clients – owners and managers of modern dynamic high- tech and successful companies, firms, and businesses that rely on modern information systems and technologies.

Developing Human Resources in the Era of Digital Transformation in Vietnam: Current Status and Solutions

Digital transformation is becoming an inevitable and powerful trend across all sectors of socio-economic life, contributing to the enhancement of business efficiency, government management, and the quality of life for the public. High-quality human resources with digital skills and adaptability to new technologies are crucial to the success of digital transformation. However, Vietnam is currently facing numerous challenges in developing IT human resources. This paper examines the current state of human resources in Vietnam’s digital transformation, discusses the solutions that have been and are being implemented, and proposes specific steps to develop high-quality human resources. The policies and training programs from the government, enterprises, and educational institutions are analyzed and evaluated. Finally, the paper provides recommendations on policies and long-term strategies to improve the quality and quantity of IT human resources, ensuring that Vietnam can seize opportunities from the Fourth Industrial Revolution.

The use of digital technologies for crisis management

Aim. To identify the role of digital technologies in the context of crisis management and the opportunities that digital tools provide for the development and growth of companies, even in the face of economic turmoil. To pay special attention to the study of effective practices of optimization and modernization of business processes using the latest digital tools, which con[1]tribute not only to increasing productivity and efficiency of business, but also its adaptation to rapidly changing market conditions.Objectives. To analyze the role of digital technologies in the context of crisis management, highlighting the opportunities that digital tools offer for the development and growth of companies, even in conditions of economic turmoil; to study the advantages of applying new business models using modern digital technologies; to consider the principle of operation of platform business models using examples and show the advantages of their use; to evaluate the financial performance of companies.Methods. The author applied the methods of complex and comparative analysis, as well as the study of foreign and domestic experience of digital transformation in crisis conditions. Considerable attention was paid to the work with periodicals, scientific articles and analytical reports in the field of crisis management and digitalization. In addition, methods of observation, generalization and comparison were used.Results. The study suggests that digital technologies contribute to improving the transparency and efficiency of business processes in crisis conditions. The main factors of successful digital transformation of organizations were identified and recommendations for their use were developed.Conclusions. According to the author’s position, the necessity of active use of innovative technologies in crisis management, as well as the importance of a strategic approach to digital transformation in a rapidly changing environment are obvious. The key element of successful crisis management is the active integration of digital technologies into business processes and the use of a strategic approach to digital transformation. Cultural and organizational aspects that ensure sufficient funding and management support are recognized as important factors. The use of online platforms allows organizations to effectively form a digital ecosystem, increasing competitiveness, which ultimately contributes to the successful achievement of business goals in a rapidly changing digital environment. The application of the proposed recommendations on the use of innovative technologies will help organizations not only to cope with the current crises, but will also contribute to their sustainable development and stabilization.

Analysis of the Role of Bank Indonesia's Leading Entrepreneurship Initiative (WUBI) in Increasing Competitiveness in the Digital Era, Case Study of MSMEs Representatives of Bank Indonesia North Sumatra

Bank Indonesia has a program called Wirausaha Binaan Unggulan Bank Indonesia (WUBI) which focuses on improving the competitiveness of MSMEs in the digital era. This research analyzes the role of WUBI in improving the competitiveness of MSMEs with a case study of MSMEs assisted by Bank Indonesia Representative of North Sumatra. Qualitative research methods were used with primary data obtained through in-depth interviews with fostered MSMEs. The results showed that WUBI plays an important role in improving the competitiveness of MSMEs in the digital era through: (1) capacity building through training and mentoring, (2) business and marketing network development, and (3) utilization of digital technology for business efficiency and effectiveness. In conclusion, the WUBI Program has a positive impact on MSME competitiveness, increasing sales, profitability, and market access. The program also helps MSMEs improve their financial management, digital marketing, and product development skills.

Evaluating Business Efficiency: The Role of Digital Transfor-mation in Modern Enterprises

Digital transformation, renowned for its capacity to stimulate economic expansion and enhance business landscapes, requires a supportive ecosystem comprising universal digital infrastructure, skilled workforce, appropriate legal frameworks, adequate investment, effective governance, educational initiatives, robust security measures, and other conducive environments. This transformation presents governments with strategic opportunities to shape various economic sectors, encompassing finance, retail, healthcare, agriculture, manufacturing, education, tourism, media, and culture. Existing literature extensively investi-gates digital transformation in academic and practical spheres, yet a consensus on its fundamental principles remains elusive. This study contributes by summarizing the effects of digital technologies on business and management, stressing the need to broaden existing business domains and explore novel areas. Advocating for pro-social objectives, sustainable business mod-els, and widespread adoption of artificial intelligence (AI) are suggested strategies for navigating digital transformation. Fur-thermore, the research scrutinizes the concept of digital disruption, focusing on how emerging digital technologies and inno-vative business models reshape established value propositions. Business process management (BPM) is examined for its role in facilitating these changes, despite historical challenges in terminology and methodological coherence. The study un-derscores the importance of a structured approach to change management, advocating for flexibility and real-time decision-making to address complex business activities. Additionally, the research evaluates the performance of multiple companies using key performance indicators such as customer satisfaction, operational efficiency, employee productivity, and IT infra-structure cost reduction. Employing the Weighted Sum Method (WSM) to rank these companies, the study offers insights in-to their relative performance. These findings aim to guide stakeholders in strategic decision-making by providing a holistic assessment of company performance across various dimensions, identifying areas for potential enhancement, and deepening understanding of digital transformation's ramifications.

SME owners’ roles for mutual reinforcement of innovation and entrepreneurship in dealing with digital technologies: case studies of selected Indonesian SMEs

ABSTRACT This article explores the relationships among innovation, entrepreneurship, and digital technology, specifically how the management of small and medium enterprises (SMEs) utilise innovation and entrepreneurship to deal with digital technologies and/or how the management leverages digital technologies for innovation and entrepreneurship. A qualitative research approach using a case study was employed to examine the phenomena, focusing on deep observations. The research found that SME owners play crucial roles in three areas: (i) demonstrating entrepreneurial ability through knowledge, experience, talent, and innovation; (ii) performing strategic functions by leveraging external sources of innovation, with the help of digital technology; and iii. acting as digitally minded entrepreneurs to enhance manufacturing processes and establish new marketing channels. The mutual reinforcement of innovation and entrepreneurship in dealing with digital technology, is influenced by both user and demand-driven innovation, knowledge and technology-driven innovation, experiential knowledge-driven innovation, articulation of innovation outcomes, digital network-based marketing, and technical guidance on digital transactions in e-commerce and e-business. This research confirmed that there is a mutual reinforcement between the innovation and entrepreneurship of SMEs in adopting digital technology. New insight for digitally minded entrepreneurs is the use of digital technology to boost business efficiency toward global enterprises’ competitiveness and sustainability.

Optimizing Company Performance Through Effective Logistics Management

In the contemporary business environment, effective supply chain and logistics management are pivotal for minimizing costs, enhancing competitiveness, and optimizing operational efficiency. This study investigates the effects of key logistics practices—transportation, warehousing, packaging, inventory, and information management—on organizational performance. Leveraging a ‘Supply Chain Optimization’ dataset from Kaggle, the research analyzes how cost reductions across these logistics activities influence overall expenses and performance metrics. By categorizing Supply Chain Management (SCM) performance metrics into strategic, tactical, and operational levels, the study reveals how decisions at each level, from location strategy to daily inventory management, interact to impact overall effectiveness. The findings emphasize the critical role of optimizing logistics functions to boost business efficiency, customer satisfaction, and competitive advantage. The study provides actionable insights for logistics managers aiming to enhance performance through improved management practices in various Industries and organizations.