The significance of insurance activity is constantly growing, generating new problems and posing new challenges. One of these challenges is meeting the growing requirements and expectations of customers. This requires the efficient management of insurance companies, which means the necessity to resort to modern management concepts, particularly the concept of process management and its related instruments. The article presents the results of research carried out at the Faculty of Management of the Warsaw University of Technology regarding process management in insurance companies. The distinctness of insurance activity and its financial management is discussed and its following aspects presented: the identification of insurance activity processes encompassing the management of basic and auxiliary processes; the model of the financial management process of insurance companies; the relationship between the financial management process and other processes implemented in insurance companies; financial situation assessment measures for insurance companies, and the financial management process.
This quantitative correlational research examined the correlations between customer relation-ship management (CRM) usage, product innovation, and customer satisfaction. The general problem was the lack of evidence indicating the use of CRM system as effective in improving small- to medi-um-size companies’ performance. Hence, the specific problem was to determine the beneficial use of a CRM system for customer satisfaction and product innovation. Data were gathered through sur-veymonkey.com. A total of 97 respondents were selected as sample from 10 small- to medium-size companies to answer the survey questions. Respondents were top managers, middle managers, and first-line managers of the selected organization. Statistics of the study were provided with the help of IBM Statistical Package for Social and Sciences version 23. The findings showed a strong correlation between the use of CRM system and customer satisfaction. They indicated the use of CRM system could improve the relationship with existing customers, could help attract prospective customers, and could win back former customers.
The aim of this study was to determine the contributions of the balanced scorecard (BSC) methods to identify the relationship between the objectives and activities and examine how the BSC should be formed in a manufacturing company. The BSC framework was examined via a case study in a yarn manufacturing company. The activities to be carried out by the company to achieve its objectives and how the appropriate measures are determined in evaluating the contribution of the activities to the achievement of objectives are explained under the BSC approach. The BSC implementation and adaptation have facilitated in a family owned company because of its fast decision-making process. Objectives are made clear in accordance with the company’s strategy and causal relationship between objectives and activities are linked by the strategy map. The BSC implementation shows that financial measures are not enough to evaluate the effects of all the activities on the objectives in a company. The cooperation between departments in the company and the efficiency of corporation meetings increases. The meetings have become more result-oriented due to clarifying objectives and responsibility of individual levels.
Employee engagement has been at the center of attention for human resource personnel and researchers who stated that employee engagement can be a key driver of an organization's business success. Many researchers have found in recent researches that a transformational leadership style has a beneficial connection with employee engagement. Thus, this study aims to find the causal effect of perceived transformational leadership on employee engagement through the mediating role of leader’s emotional intelligence. We analyze the data from a sample of 338 full-time employees working in the ICT sector in Palestine using confirmatory factor analysis (CFA) and structural equation modelling (SEM) to test the hypothesis. Later, the bootstrapping analysis was conducted to confirm the mediation test in this study. The finding shows that transformational leadership style has a significant effect on employee engagement for the mediating role of emotional intelligence. The effect of transformational leadership on employee engagement was found to be completely mediated by leader’s emotional intelligence at work. Theoretically, this empirical study contributed to the new knowledge on the unique mediating effects of leader’s emotional intelligence in the relationship between transformational leadership and employee engagement in the Middle Eastern Region. Practically, this study has managerial implication in the area of organizational management, leadership and human resource management.
Azmi Mat, Norliza Saiful Bahry, Nur Liana Kori, Zarina Abdul Munir and Norzaidi Mohd Daud
This research is about service quality (responsiveness, reliability, tangible, safety and security) dimensions becoming major determinants of passenger satisfaction towards Electric Train Services (ETS). The significance of this study is intended to assist Keretapi Tanah Melayu Berhad (KTMB) to establish the service offered and to identify the important aspects of service quality that affect passenger satisfaction. A total of 280 questionnaires were distributed to ETS passengers, who were using the service from Kuala Lumpur Sentral Station to Padang Besar Station. The main objective of this study was to investigate the relationship between service quality dimensions and passenger satisfaction towards ETS. Data gathered were analyzed using partial least square (PLS) method. The study concluded that service quality dimensions are the factors affecting the passenger satisfaction towards ETS. In addition, service quality can also define the significant relationship between passenger satisfaction towards ETS. Other than that, several useful recommendations were made regarding the findings of this study.
Andrii Halkin, Kseniia Bliumska-Danko, Olena Smihunova, Elena Dudnyk and Iryna Balandina
The shopping service of the store plays an important role in shaping the opinions of customers in a store. Endless progress has been made on quality management of consumer services confirmed through numerous methods and standards that are based on consumers. A typical consumer receives a large amount of information in the shopping process. In the process of perception of this information, consumer must not only find necessary data, but also process, analyze, and evaluate this date, and weigh the pros and cons, relate it to his own needs, and at the end, make a decision: to buy or not to buy a certain product. All these reflect on consumer’s fatigue, stress, and other negative fallings obtained during any shopping. In this case, the buyer can make the wrong choice and the quality of his decisions would deteriorate. Therefore, investigation influence of store type on the emotional state of consumers in the urban purchase provides significant reserve for marketing development in this sphere. Research provides explanation of emotional fatigue on the type of stores. The regression models describing the shift in emotional state of the buyer in purchase process of different type of shops were obtained. Research was conducted in the residential area of Kharkiv, Ukraine. The presented model shows the average value of the indicator of the emotional system of buyers after shopping, which can be used to determine the likelihood of shopping on the basis of emotional fatigue.
Anjar Priyono, Elisabeth Ingga Dewi and Sarina Abdul Halim Lim
State-owned companies are typically trapped in a bureaucratic system that means they experience difficulties undertaking changes and adapting to environmental changes. Whenever these companies attempt a strategic maneuver, a series of complex bureaucratic procedures must be followed. As a result, the companies are late in responding to environmental changes. This study discusses how the state-owned companies transform their organization with the support of dynamic capabilities. XT Square, a company owned by the local government in Indonesia, is used as the subject of analysis. XT Square is engaged in property. During the course of its organizational transformation, the company found it difficult to fit with customers’ needs because of the difficulties in understanding market conditions. The company then established alliances with other firms to overcome resource shortages. The results of the analysis demonstrate that the process of building these alliances was not linear; rather, it was iterative in nature. At a certain level, XT Square is required to undertake trial and error. At the end of the paper, a suggestion for further research is provided.
The article presents the problem of a decision-making process based on the method known as the analysis of interconnected decision areas (AIDA). Author described the basic assumptions of the AIDA method and the classic method of its implementation with the usage of a decision tree. Crucially, the new and innovative improvement in development of the AIDA method is connected with the replacement of the decision tree by the matrix equation to speed up the cost assessment of decision variants.
Scientific and technical developments and progressive digitization in almost all areas of life have led to the development of a new type of digital customer, with specific requirements and expectations for suppliers of goods and services. Customers, in particular consumers, are one of the key groups of stakeholders who create the corporate reputation. Customers are first of all creators of the corporate reputation as an “offeror” and “supplier” of value to buyers, as well as co-creators of the company’s reputation as a market player, employer, business partner or citizen, because their purchase decisions determine the company’s ability to meet the expectations of other stakeholder groups, that is, investors, employees or business partners. Building and maintaining a good reputation requires proper identification and satisfaction of the needs of key stakeholder groups. The aim of the article is to identify the specific requirements and expectations of digital customers in the context of building and maintaining a good reputation of the company. The thesis is that the digital customer expects, first and foremost, reliability and personalization in their relations with the supplier.
This article guides the reader through the seemingly simple issues of the assessment, protec-tion and transfer of the potentials of an object’s functionality through its internal and external buffers, by employing Cartesian multiplication and signatures. The change in the potentials of buffers and the functionality of objects is the focus of this research, guaranteeing the correct use of potentials in relation to the whole “shell” of the object. In order to avoid any collision in the transport of functional potentials, each proper buffer is, by definition, connected to one and only one object. On the probability scale ∑ [0..1], the potential of the object’s functionality is expressed as the system sum [0..1] of all the potentials of its proper buffer components. A practical and important part of the article contains two methodologically important examples of tabular construction and analysis: an example of the dynamics of the potentials of an object with two buffers, together with a table of the potentials of a two-buffer object; and an example of the Cartesian product of graphs with lost determinism together with the table of potentials of a two-buffer object with an extensive option structure.