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Managerial reporting by food production companies in Slovakia in 2017

Abstract

Corporate reporting on non-financial information has been currently gaining much more interest compared to the past. Most food enterprises believe that performing responsibly and showing an interest in society and the environment will produce a profit and benefit them as well as society. Such cases, in which enterprises report on non-financial information, were the subject of this research. The study aims to discover the managerial reporting of 2017 on the social and environmental effects of food companies in Slovakia to better understand problems in this regard. 2017 was the first year when enterprises were required to draft annual reports containing non-financial information following the amendment to the Slovak law that resulted from the European Union requirements. Across the world, reporting on non-financial information is regulated by voluntary guidelines. The paper presents conclusions of a content analysis of annual food business reports in the Slovak Republic in the context of G4 (GRI) directives from social and environmental points of view as key elements in social responsibility reporting. Individual social and environmental aspects of the research are disclosed by an enterprise if the information in its annual report conforms to defined G4 activities (GRI). All the food enterprises operating in Slovakia that compiled annual reports for 2017 were included in the research. Therefore, 142 annual reports with economic activities in 26 subclasses in the food industry sector were selected. The results present a current and comprehensive (full) reporting overview of this industry in Slovakia and reveal several shortcomings in executive reporting. The analysis of the environmental information in the annual reports shows that food enterprises reporting on environmental protection mainly focus on waste, product services, wastewater, materials and energy, evidenced by information about ongoing monitoring of the environmental impacts of production. In the social category, the G4 (GRI) directive defines four main aspects: (i) labour relations and the environment, (ii) human rights, (iii) society and (iv) liability for products.

Open access
Marketing principles for Industry 4.0 — a conceptual framework

Abstract

The holistic approach to Industry 4.0 requires a broader look at the changes taking place in the area of marketing. Therefore, this article mainly aims to present an outline of changes in marketing for companies implementing the concept of Industry 4.0 in the context of Design Principles of Industry 4.0. The authors propose a conceptual framework for Marketing in Industry 4.0, deriving from the guidelines for designing strategies to implement Industry 4.0.

The paper allows a better understanding of the Industry 4.0 phenomenon in the context of changes in the area of marketing in general and in industrial markets in particular. The conceptual framework presented in the article suggests a need for a new approach to shaping marketing strategies and the marketing mix in the Fourth Industrial Revolution and helps in identifying the key areas for the marketing mix according to the Industry 4.0 concept.

Open access
Open innovation in the context of organisational strategy

Abstract

The paper aims to analyse the relationship between different types of corporate strategy and open innovation in the contexts of the age, size and the operational range of enterprises. The research targeted companies in Poland that were surveyed from January to April, using traditional and electronic forms of a questionnaire. The questionnaire was developed based on a 5-point Likert scale. The level of “openness” of innovation processes in an enterprise was determined according to a 3-point scale, namely, a closed innovator, a hybrid or semi-open innovator, and an open innovator. The strategy implemented by an enterprise was classed into main three types used to achieve a competitive advantage, i.e. cost leadership, differentiation or diversification. There is a strong correlation between open innovations, the cost leadership strategy and the differentiation strategy (negative correlation). The relationship between the age, size and the range of a company and the opening of innovative processes was also observed. The research aims to fill the knowledge gap existing in the literature regarding the links between a particular type of strategy and the opening of innovation processes.

Open access
Operationalising Responsible Research and Innovation – tools for enterprises

Abstract

Responsible Research and Innovation (RRI) is an emerging paradigm and a novel approach to governing science and innovation with the aim of making them ethically acceptable and socially desirable. RRI concept has become a popular term as a result of making it a cross-cutting theme for the Horizon 2020 Framework Programme. Up to date, research on the topic has focused on conceptual problems (relation with similar concepts as well as ethical, moral, philosophical, cultural underpinnings and assumptions) and on the possibilities of making the concept relevant to the Research & Innovation community in Europe and worldwide. Despite some initial efforts, there is still a need to further develop methods and techniques that could make RRI a useful framework for conducting innovation activities, especially in the business environment. The aim of this paper is to propose a range of approaches that help operationalise RRI. The approaches employ methods such as weighted indicators, maturity models and scorecards.

Open access
Reengineering of production processes and its impact on the financial situation and business performance of the company

Abstract

The current competitive environment is only favourable to those companies that can cope with changes and use them to their advantage. The innovation of business processes is required to improve financial performance. Scientific works have not yet offered an effective solution to the monitoring of the impact made by process reengineering on corporate financial results. This work presents the case of a business process reengineering in a particular company to improve its performance. The results of implemented reengineering are analysed from the point of view of the impact made on the financial situation of the company. The paper aims to demonstrate the implementation of reengineering and evaluate its impact on the financial standing of a company and its performance. The practical application of reengineering was made according to Hammer and Champy methodology, which is based on the analysis of production processes in the company, the implementation of selected reengineered production processes and the evaluation of the reengineering impact on the corporate financial situation and performance. During the evaluation, the selected indicators of financial performance, activity indicators, the indebtedness indicator, business performance indicators as a cash flow to measure financial flows and the economic value-added (indicator EVA) were calculated and analysed. Subsequent to financial analyses and based on the selected indicators, the authors concluded that the implemented reengineering of the production process increased the performance and value of the company, which had a positive impact on the company’s financial situation. The funds spent on the proper implementation of the reengineering steps were effectively used, and the reengineering process was also timed. This contribution to the body of theoretic knowledge links the implementation of reengineering and the part of the financial analysis, which is related to the preparation, implementation and reengineering results.

Open access
Effective Factors on Project Success in Malaysian Construction Industry

Abstract

Although success is a word that encapsulates a general and wide idea and it is challenging to provide a definite and a consensus definition from all individuals concerned, for many years, there has been a growing interest in identification of the success factors and the relationship with project success. In this research, the main objective investigates the relationship between top management, project mission, personnel, communication and Schedule/Plan and project success in construction industry in Malaysia. A survey was conducted among Managers and Employees of construction companies registered with Construction Industry Development Board (CIDB) of Malaysia and the correlation and regression analysis was carried out in order to test the hypotheses of the study. Key areas are now offered that practitioners and academics should further explore to contribute to the knowledge body on project success and to explore in more details which factors affect project success in construction industry in Malaysia.

Open access
Ageing Process of Hydraulic Oil in Single-Bucket Excavators in Rock Mining

Abstract

The paper presents the problem of ageing processes of hydraulic oils when used in single-bucket excavators in mining of rock raw materials. Working parameters of these excavators are specific, particularly when a hydraulic hammer is mounted in place of the working bucket, therefore the course of the oil degradation process and the change times should be precisely determined as full functionality of hydraulic systems of excavators must be maintained and the wear of individual components of these systems should be reduced. Research on oil ageing processes has been carried out for excavators from various manufacturers that have operated in mines of rock raw materials of various raw material extraction quantities. The methodology adopted for testing the ageing processes of oils in excavators allowed to obtain a number of results that question the hitherto applied criteria for quality assessment of used oils in relation to the time of their actual use in hydraulic systems of excavators, as well as the time of change of such oils.

Open access
Analysis of measures to enhance energy efficiency and sustainable development of the gas transmission system of Ukraine

Abstract

The requirements of the fundamental normative documents in Public Joint Stock Company “UKRTRANSGAS”, regulating activities in the sphere of energy efficiency, are considered and analyzed. The procedure for implementation of energy saving measures and controlling over their implementation is presented. The analysis of planned and actual indicators of fuel and energy resources saving has been carried out. The ways to improve energy efficiency with the use of renewable energy sources are given.

Open access