scholarly journals The Role of the CFO of an Industrial Company: An Analysis of the Impact of Blockchain Technology

2020 ◽  
Vol 12 (8) ◽  
pp. 128 ◽  
Author(s):  
Philipp Sandner ◽  
Anna Lange ◽  
Philipp Schulden
Keyword(s):  
Business Processes ◽  
Organizational Structures ◽  
Industrial Companies ◽  
Blockchain Technology ◽  
Business Ecosystems ◽  
Strategic Role ◽  
Considerable Impact ◽  
The Impact ◽  
Industrial Company

This qualitative multiple case study explores the influence of blockchain technology on the chief financial officer (CFO) of an industrial company. Due to the advancing digitalization of business sectors and increasing competitive pressures, industrial companies are forced to promote their own digital transformation to sustain on the market. Here, the literature regards the CFO as a key corporate function to induce digitization initiatives within organizations. The blockchain technology, due to its features of transparency, immutability and cryptography combined with its ability to coordinate data flows of e.g., the Internet of Things (IoT) or Artificial Intelligence (AI), constitutes a suitable instrument for the CFO to meet the requirements of Industry 4.0. This paper provides a contribution to address existing research gaps regarding the application side of blockchain technology. Thus, the objective of this work is to provide corporate financial functions, such as the CFO of an industrial company, with an understanding of the extent to which blockchain technology can be used for the role-specific responsibilities. Therefore, the underlying qualitative study explores the influence of blockchain technology on the CFO-function of an industrial company. Thus, intending to address a research gap on the application side, it asks (1) What is the impact of blockchain technology on the financial as well strategic role of the CFO? (2) What is the impact of blockchain technology in convergence with the Machine Economy on the key performance indicators (KPIs) of the CFO? (3) What is the impact of blockchain-enabled integrated business ecosystems on the role of the CFO? Based on a review of literature, semi-structured expert interviews were conducted with 23 participants. Analysis of the responses demonstrated a considerable impact of blockchain technology on the CFO-function. The results indicate improvements of business processes in regard to efficiency and automation, a relocation of the CFO’s strategic role, improvements of CFO-relevant KPIs through integrating machines into payment networks as well as the emergence of integrated business ecosystems facilitating new forms of inter-organizational collaboration. Necessary prerequisites for adoption include digital competences of the CFO, appropriate organizational structures, digital currencies and identities on the blockchain, a change of the competitive mindset as well as standardized platforms with a neutral governance.

Influence of social networks on business processes’ development

2020 ◽  
Vol 19 (12) ◽  
pp. 2225-2252
Author(s):  
E.V. Popov ◽  
V.L. Simonova ◽  
O.V. Komarova ◽  
S.S. Kaigorodova
Keyword(s):  
Social Networks ◽  
Social Media ◽  
Business Models ◽  
Business Processes ◽  
Digital Economy ◽  
Theoretical Understanding ◽  
Sales Channels ◽  
A Value ◽  
The Impact

Subject. The emergence of new ways of interaction between sellers and buyers, the formation of new sales channels and product promotion based on the use of digital economy tools is at the heart of improving the business processes. Social networks became a tool for development; their rapid growth necessitates theoretical understanding and identification of potential application in enterprise's business process digitalization. Objectives. We explore the role of social media in the digitalization of business processes, systematize the impact of social networks on business processes of enterprises in the digital economy. Methods. The theoretical and methodological analysis of social networks as a tool for digitalization of company's business processes rests on the content analysis of domestic and foreign scientific studies, comparison, generalization and systematization. Results. We highlight the key effects of the impact of social networks on the business processes of the company; show that the digitalization of business processes should be considered in the context of a value-based approach, aimed at creating a value through the algorithmization of company operations. We determine that social networks are one of the most important tools for digitalization of company's business processes, as they have a high organizational and management potential. We also systematize the effects of social media on company's business processes. Conclusions. We present theoretical provisions of the impact of social networks on business processes of enterprises, which will enable to model and organize ideas about the development of digital ecosystems and the formation of business models.

Trends in the Development of Electronic Document Management: Prospects, Problems, Opportunities

2021 ◽  
Vol 27 (12) ◽  
pp. 963-970
Author(s):  
S. A. Zhutyaeva ◽  
T. A. Lysova
Keyword(s):  
Artificial Intelligence ◽  
Legal Status ◽  
Business Processes ◽  
Document Management ◽  
Electronic Document ◽  
Work Processes ◽  
Blockchain Technology ◽  
Electronic Document Management ◽  
Corporate System ◽  
The Impact

Aim. The presented study aims to determine the role and place of electronic document management in the corporate system of Russian enterprises, outlining the prospects for its development.Tasks. The authors examine the legislative acts of the Russian Federation on the prospects for the implementation of electronic document management; assess the impact of the pandemic on the digitalization of document management; analyze the business costs of paper document management; identify the advantages of using electronic document management and promising technologies in document processing.Methods. This study uses theoretical and empirical research methods. The dialectic method is used to determine the role, significance, and legal status of electronic document management. Through a logical approach, the essence of such concepts as 'electronic document' and 'electronic document management' is identified.Results. The study presents directions for the development of electronic document management using blockchain technology, which will improve workflows by processing, sorting, exchanging data and documents protected from unauthorized access, and artificial intelligence, which can help organizations process documents faster by simplifying operational procedures. Obstacles that prevent companies from actively using electronic document management are identified. These include additional investment, time costs, and reorganization of management. The volume of innovative services is analyzed by the type of economic activity, and the costs of creating, storing, and processing paper documents are considered.Conclusions. Recent trends in legislation indicate the government's firm commitment to the speedy introduction of electronic document management in Russia. Its use frees up a lot of resources, including time, labor, and finances. The 2020 pandemic has emphasized the importance of digitalizing business processes to ensure their continuity in unforeseen situations. Integrated into the automation of work processes, blockchain technology will ensure the protection of information from unauthorized tampering. Artificial intelligence will open up new opportunities for processing electronic documents.

scholarly journals – The impact of the requirements of the business continuity in the Sustainability performance of the company relying strategy of risk management– A case Study in Al- Fayha / Basra branch Ready Construction Co limited: تأثير متطلبات استمرارية الأعمال في الأداء المستدام للمنظمة باعتماد استراتيجية إدارة المخاطر– دراسة حالة في شركة الفيحاء لصناعة البناء الجاهز المحدودة / البصرة –

2019 ◽  
Vol 3 (6) ◽  
Author(s):  
Iman Askar Hawi
Keyword(s):  
Risk Management ◽  
Quantitative Methods ◽  
Business Continuity ◽  
Sustainability Performance ◽  
Strategic Role ◽  
Interactive Relationship ◽  
Main Components ◽  
The Impact

  Purpose: This study is intended to improve the Sustainability performance in the Al- Fayha / Basra branch Ready Construction Co limited relationship between the strategy of risk management and requirements of the business continuity and investigation of the findings. Methodology: Making up a conceptual model of the business continuity tracks flow in the Al- Fayha / Basra branch Ready Construction Co limited The model is based on the interactive relationship between the risk management and requirements of the business continuity of Some help was available quantitative methods, relying on a combination of descriptive and quantitative approaches, in order for the accuracy of the results. results: the Al- Fayha / Basra branch Ready Construction Co limited been the subject matter of the research. It lacks the conceptual pattern that systemizes , integrates and directs its main components towards a comprehensive improvement of the company. In addition it requires relative interest in the strategic role of the strategy of risk management and its dual effects on both the business continuity and the Sustainability performance of the Company. The main recommendations were to identify the risks that affect the business continuity of the company, to control them in order to achieve full response to all business continuity requirements.    

Technology-Driven Convergence of Business Processes in the Acquisition Cycle: Implications for Accountants and Educators

2011 ◽  
Vol 8 (1) ◽  
pp. 65-87
Author(s):  
Richard J. Palmer ◽  
Mahendra R. Gupta
Keyword(s):  
Business Processes ◽  
New Technology ◽  
Organizational Structures ◽  
Regulatory Compliance ◽  
Accounting Education ◽  
Student Preparation ◽  
Business Applications ◽  
And Control ◽  
The Impact ◽  
Acquisition Cycle

ABSTRACT Organizations have sought competitive cost advantage in the acquisition cycle through software associated with e-procurement, expense management, payment technology, data mining, ERP “bolt-ons,” and regulatory compliance. The net effect of advancing technology has been a convergence of the different business processes operating within the acquisition cycle such that the potential exists for one basic procurement process and payment tool to support multiple business applications, greatly improving organizational efficiency. Thus, this paper examines (1) processes within the traditional acquisition cycle and the technological and control drivers that sustain them, (2) how emerging technologies (in particular, card-based payment technologies) are disrupting the acquisition cycle, and (3) how new technology represents a paradigm shift for accountants and educators that requires a significant reconsideration of the nature of and balance between key controls, risks, and efficiency. The paper also examines the impact of acquisition cycle change on organizational structures, the role of accountants, accounting education, and student preparation for the competitive market.

Role of Financial Innovations in Proliferation of Economic Instability

2011 ◽  
pp. 56-64
Author(s):  
I. Strelets ◽  
M. Stolbov
Keyword(s):  
Financial Market ◽  
Business Processes ◽  
New Drugs ◽  
Social Progress ◽  
Economic Stability ◽  
Economic Issues ◽  
Financial Innovations ◽  
Financial Products ◽  
The Impact

The authors consider the impact of financial innovations on the macroeconomic situation. The increasing complexity of financial market instruments is the way to decrease its transparency and, consequently, the overall economic stability. The global crisis of 2008-2009 demonstrated the relevance of this problem. However, the authors believe that the nations can take advantage of new financial products, technologies and business processes if the regulators manage to fully track and timely offset the accompanying risks. It is important that execution of the financial innovations correspond with the structure of the funding companies and banks. It is concluded that adequate regulation of financial innovation will allow better use of their potential in order to address a number of important economic issues. In particular, it may help to accelerate the development and introduction of new drugs, to the implementation of environmental projects, the financing of social progress in the developing countries for achieving the Millennium Goals proclaimed by the UN in 2000.

scholarly journals Impact of the perception of performance appraisal practices on individual innovative behavior

2020 ◽  
Vol 29 (3) ◽  
pp. 277-296
Author(s):  
Teresa Canet-Giner ◽  
Ana Redondo-Cano ◽  
Carmen Saorín-Iborra ◽  
Naiara Escribá-Carda
Keyword(s):  
Performance Appraisal ◽  
Assessment System ◽  
Control Mechanisms ◽  
Innovative Behavior ◽  
Highly Qualified ◽  
Content Type ◽  
Industrial Companies ◽  
The Impact ◽  
Perception Of Performance

PurposeThe purpose of this paper is to analyze the impact of employees’ perception of performance appraisal (PA) practices on innovative behavior (IB). The authors also propose to analyze consistency, a dimension of Human Resource Management (HRM) system strength, as a moderating variable in the aforementioned relationship.Design/methodology/approachA quantitative study was conducted, using a sample of 166 employees carrying out highly qualified, intensive knowledge jobs in four industrial companies in the Valencian region of Spain. The hypotheses were tested by applying the Smart-PLS 3.2 software.FindingsThe findings confirmed that in a context of professional and qualified work, PA practices have a direct and positive effect on IB. However, the results obtained did not enable us to affirm that employee perceptions of the consistency of the HR system moderated the relationship between PA and IB.Originality/valueThe paper’s originality lies in including the role of consistency, a dimension of HRM system strength, in the analyzed relationship. When employees believe that PA achieves the goals for which this practice was designed, and that this appraisal follows a clear strategic direction over time, they perceive that the assessment system is not arbitrary, i.e., that this HR practice is being applied consistently. Consequently, the present work shows the relevant role of the perception of consistent PA when the firm wants to encourage IB. This fact opens up the field to study how to define and implement control mechanisms that tell managers whether there is a fit between employees’ perceptions and the intentionality of the HRP these managers have defined.

scholarly journals The Intermediate Role of Organizational Flexibility in the Impact of Using Information Technology on the Efficiency of the Application of IT Governance in Jordanian Industrial Companies

2020 ◽  
Vol 14 (7) ◽  
pp. 75
Author(s):  
Hamzeh Mohamed Al-Hawamdeh
Keyword(s):  
Information Technology ◽  
It Governance ◽  
Organizational Flexibility ◽  
Intermediate Variable ◽  
Industrial Companies ◽  
Stratified Sample ◽  
Comprehensive Survey ◽  
The Impact ◽  
Intermediate Role

The current study aimed to identify the intermediate role of organizational flexibility in the impact of using information technology on the efficiency of the application of IT governance in Jordanian industrial companies, the study population consisted of all Jordanian industrial companies which by the end of 2019 were (56) company. (23) company were excluded due to the lack of access to the necessary data for the study, bringing the study sample size to (33) company. Due to the small size of the study sample, all companies were taken with a comprehensive survey, and a random stratified sample was adopted to determine the size of the study sample in each company. Where the inspection unit included individuals working in the upper and middle administrative levels in Jordanian industrial companies. Multiple linear correlation test was used along with simple and gradient test , as well as Path Analysis using (Amos) And supported by the Statistical Package for Social Sciences (SPSS) program, the study reached many results, the most important of which was an indirect impact of the dimensions of the use of (information technology) combined ; in the efficiency of the application of IT governance with the presence of organizational flexibility as an intermediate variable among Jordanian industrial companies, as for the recommendations, it is necessary to find an organizational consistency between the uses of information technology in light of the use of COBIT 5 applications and guidelines in the presence of organizational flexibility, because it will help to adapt to unexpected crises and invest Opportunities for industrial companies at the local and global levels.

scholarly journals THE ROLE OF BUSINESS PROCESSES OF THE ENTERPRISE IN THE FORMATION INVESTMENT ATTRACTIVENESS OF THE REGION

2020 ◽  
pp. 285-289
Author(s):  
О. Pavlenko ◽  
I. Maksymenko ◽  
M. Grebenyuk
Keyword(s):  
Economic Development ◽  
Business Process ◽  
Business Processes ◽  
Production Capacity ◽  
Investment Policy ◽  
Matrix Approach ◽  
Economic Agglomeration ◽  
Main Components ◽  
The Impact

The article analyzes the role of business processes in the formation of investment attractiveness of regions based on the assessment of economic development of the territory. The business process of the enterprise is in fact any activity that takes place in the enterprise and has an "input product", adds to it a certain value or element, which in turn forms the output product for the final consumer. The article identifies the impact of business processes of the enterprise on the formation of economic attractiveness of the region. The structure of interaction between enterprises and investment policy in the middle of the above - mentioned economic zones is studied. An important element of the impact on regional development is the conditions of economic agglomeration, costs and benefits of agglomeration processes considered in the article, which in turn are formed in the conditions of regional infrastructure. Proved the relevance and adaptability of the matrix approach based on the comparison of individual indicators for conducting comprehensive research both at the enterprise level (business processes) and at the regional level (investment attractiveness). The main components of business processes of the enterprise in the article it is offered to consider management of labor resources, management of stocks and material resources, production capacity of the enterprise, and also information and technological resources. The main components of the region's investment attractiveness are investment potential, investment policy and investment climate. The study proposes to determine their interaction with each other and calculate the overall investment attractiveness based on the comparison of these components. In particular, the use of a matrix approach, in which it is possible to analyze both the general trend and specific indicators.This allows for further analysis and research, in particular the role of business processes in shaping the investment attractiveness of the region on the basis of various groups of indicators that simultaneously characterize both economic development of the region and business efficiency based on business process improvement.

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