Category: Business Success

This assignment is based on the well-recognized firm named Costco. It is the second largest retailer after Walmart and sells its products in many countries like US, Canada, Mexico, United Kingdom and many more. This company sells products in large stock as it is a wholesale business. Jim Sinegal was the co-founder and CEO since 1983. He got retired and transferred his business in the hands of Craig Jelinek in 2011. Now, he is continuing the business in effective manner.

Costco’s Business Model

In our perspective, a company’s business model is its strategy and operating activities that will create value for the customers, while at the same time will generate ample amount of revenues to cover its cost and expenses and produced profit. In reference with the book, there are two elements of company business model which are: Customer value proposition and its profit formula. According to the case, the Costco business model is to deliver the highest quality of goods and services at the lowest prices possible and providing excellent customer service and adopting a strict code of ethics that includes taking care of employees and members, respecting suppliers, rewarding shareholders, and be socially responsible towards the society and environment. Another element of Costco business model is to generate high sales volume and rapid inventory turnover. Which means after paying off their debt they will have significant amount of cash in their hands. Costco CEO said that they are trying to keep their product price low as much as possible, which makes it difficult for the rivals to match their price. For example, they sold a hot brand of jeans for $29.99, which was of $50 in a department store. According to their annual reports they were facing loss if they have not charged their customers membership fees. They have been successful so far in making the customer value proposition and they also maintain the profit from 2000 to 2016. In 2015, they hit the highest profit which was $2,377 million. They provide the customers higher value and they keep their price low which makes the customer more attractive to their value proposition. A creative strategy of membership fees, distinctive strategy of keeping the highest quality or branded products price low sets them apart from the rivals and it creates a competitive advantage for the Costco It is the most reliable ticket to earn the average above profits than the rivals. Costco business model matches well to its strategy, which creates a sustainable competitive advantage and allows them to attract sufficiently large number of buyers who have a lasting preference for its product over those offered by rivals.

Costco’s strategy

Costco has been developed a very fine business strategy along with appreciable business elements over the years. Costco has its own name in the business market because it always comes up with the business tactics which can make it shine more than the competitors in the market. Its main mission is to provide the good quality products at the lowest prices. The chief elements of Costco are: 1) lowest prices on reputed brand products, 2) well-structured inventory which leads to fast turnovers, 3) providing membership fees.

For implementing their lowest price strategy, they have launched their own products such a Kirkland and claimed that they are better than other competitive brands. Also, they choose to sell the limited but good products on low prices so that their customers can get attract to their highly reasonably priced deals. The treasure hunt deals are proved to be appealing for the customers who want new and bulking deals. For making profit from the treasure hunt scheme, they get collaborated with wholesalers to get good things at low prices. Their main motive behind treasure hunt initiative is to give a positive reinforcement to their pre-existing clients to retain them. On the name of inventory turnover, they sell high volumes with low margins because they have got the idea to make a balance between purchasing things and reselling it again to the consumers, accordingly. For the membership, they have business membership and the gold star membership, and they keep their approaches of membership up to date in order to let their customers renew their membership. They have evidence-based statistics which are the proves of expansion on revenue from previous years. Their business model is cost effective and the CEO of Costco Jim Singel has been taken the responsibility of increasing the profit by all effective ways. He keeps close eyes on every possible aspect as well as on the product. Costco justified its cost-effective business strategy by attracting high volume of customers all around the country. They have given a high competition to rivals by considering effluent to low income customers in their target list. Their high productivity and expenditure ratios are transparent, and this statistic is a biggest proof of their success. In a way they are satisfying needs of both the suppliers and the customers.

Jim Sinegal’s leadership style and Craig Jelinek’s approach

Jim Sinegal was an effective leader and CEO. He tried to involve in all warehouse operations. He used to visit 8 to 10 stores daily as a store clerk to make good relations with employees and to find out the visiting experiences of the customers. Jim Sinegal wander through the aisles and try to fix the problems associated with reputation of the company.

Being an effective leader, Jim Sinegal has a special knack in crafting and executing strategies. So, we would assign grade A because of his mind-blowing strategies. He wanted to keep the prices of the product low as much as possible as he did not want that someday any competitor enters the market and beats the prices of the Costco. He wants to establish an organization that will be there 50 years from now. In addition to this, product selection, growth strategy and most important Treasure hunt merchandising is used a tool to increase the regular visit of the customers.

Craig Jelinek continues the mission, vision and values of Jim Sinegal. He has a same objective of offering low prices with best quality. He follows the ethics of obeying laws, respecting customers, taking care of employees. Jelinek focuses on expanding the business globally and increasing the sales. There is always a risk for the business when new CEO is appointed. But under his leadership, growth rate is high as compared to most of the competitors, share price goes up and significant growth in dividends. It is all because of better understanding of the business and strategies. (Newsmax, 2019).

Based on the information given in the case study Costco’s business philosophy, values and code of ethics are:

• Obey the law: Obeying the law is important as it gives the framework to the business how to act and operate. Costco follows all the rules and regulations of every community where they operate their business. They pledge to follow all the laws and the legal requirements, respecting all the government official’s, meeting all the safety and security standards, meeting all the requirements related to employment law and ecological standard, comply with antitrust law, following the proper laws and regulations related to foreign laws while operating the business outside the country and working in accordance with foreign corrupt practices act or the law of the other countries.
• Take care of our employees: Employees are one of the most important assets of the company. Costco provides their employees with ample growth opportunities for their personal and career growth. They pledge to provide employees with Competitive wages, Employment benefits, safe and healthy work environment, Career opportunities and a work environment which is free from all the bias and harassment.
• Take care of members: Members are the reason for the existence of the business. As we all know that Costco’s members have lots of shopping alternatives like Walmart, superstore etc. So, the company needs to maintain the member’s trust for that they pledge to provide Top quality products at the best price, highest food safety standards, 100% satisfaction guarantee, warranty on products and services, pleasant shopping environment and experience, best customer service and provide products that are ecologically sensitive.
• Respect our suppliers: Suppliers must prosper along with the company for the success of the business. They strive to treat all the suppliers and their representative respectfully, honour all their commitments, protect all supplier’s assets, no gratitude’s and always do what is right.
• Reward and shareholders: As a company trades its stocks with NASDAQ stock exchange, its shareholders are its business partners. To be successful, we need to provide our shareholders with good returns as they invest their money in the Costco. They pledge to provide in the same way to their present and future shareholders, as well as the employees will also be rewarded for their time and efforts.

Costco from financial perspective:

The various financial ratios of the years 2014, 2015 and 2016 showed that Gross Profit Margin and total return on assets is increasing at slow pace (from 12.59% to 13.32%), which is a good indicator to yield high profit in future. One and only ratio that fluctuated with 3-4% is return on stockholder’s equity. In 2014, it was above average which has reached to 21.92% in the next year. It decreased approximately 2.5% in 2016. EPS is also fluctuating with little variation (from 4,65 to 5.33). Costco is weak in maintaining current ratio (from 1.22 to 0.98). It should be higher than 1 and the best one is 2:1. This ratio has decreased continuously which shows that Costco do not have enough current assets to pay off the current liabilities. Debt in comparison to total assets is better than before. Company can generate enough cash in future because its debt to equity ratio is below 1 (0.34). There is not much variations in the inventory turnover and inventory days. It means that whatever the company purchases get sold off at the same ratio in relation to previous years. Overall, Costco is doing well but weak points are always there. Company should work on those weakness to grab more opportunities.

Recommendations

• Online services and self-checkout: Every organization is expanding with the help of technology. Online-services has made the life of people so easier. Take an example of Amazon which provides online shopping and home delivery services. Another example is Superstore where we can order online all the required items and they prepare the cart for us. We just have to go there and park the car, employees put the stuff inside. In addition to this, there is also self-checkout option at the superstore which is not available at Costco. It would reduce the workload of employees and they do not need more employees as cashier.
• Improve Margin: Costco is generating huge amount of revenue from membership fees. This is the reason that Costco prices are not too high. Still, there are people who could pay more for the price of product depending on the quality, but they do not want to pay the membership fees. Costco should increase the margin by keeping membership fees low.
• Diversification: Walmart is at number one because it sells 1000 times more variety of products which satisfy every need of customers as compared to Costco. No doubt, that Costco is following a strategy to keep less variety in all items, but we cannot neglect that the people living in Canada belong to different cultures and countries. Their choices regarding each item is different. Costco must increase the variety keeping in mind all the residents.
• No benefit for small household: Costco sells products in large quantities. Small household requires only number of items per week. They cannot buy that stock as that will expire after some time. So, visiting Costco and doing shopping is only valuable for large households. Costco should open a store to sell small quantities as well.
• Expand product-line: whenever buyers visit Costco, they see only few brands such as Adidas, Puma, Reebok but only few items related to such brands are there. Experience of customers with those products is no so good. Those might be defective pieces company sells. But to increase sale and customer loyalty Costco should contact the famous brands and sell their products.
• Advertisement: Costco do not advertise at all. It only sends mail to the prospective member as well as coupons to existing customers. But this is not enough in this era where people are addicted to social media. Number of people do not visit Costco because they do not have membership cards. They have no experience what type of products Costco sells or what quality they provide because there is no advertisement. So, Costco could provide one- or two-month free trail for shopping to bring new customers to the business if they do not want to spend money on advertisement.

Referencess

1. Newsmaxfinanace. (2019, February 9). Retrieved from www.newsmax.com: https://www.newsmax.com/finance/benreynolds/costco-ceo-company
2. Gamble, J. E., Thompson, A. A., Jr., & Peteraf, M. A. (2019). Essentials of strategic management: The quest for competitive advantage. Dubuque: McGraw-Hill Education.

Google is a well-known company founded in Stanford University by Larry Page and Sergey Brin on September 4th, 1997. They created an online search system that became an international essential for researching. Google is known for its reputation as the worlds largest search engine, a quick and simple cost-free service that appears within seconds. No matter what language you speak Google can recognizes it. Google also shows you different maps around the world, breaking news from across the globe, to billions of photos to search from. Googles other services include AdSense, Google Books, Gmail, Google Maps, Google Images and Google Translate. These services are what makes Google the top world-wide site.

Googles making began back in 1995 when Sergey Brin and Larry Page shared ideas at Stanford University. A year later they both began a project known as BackRub which little did, they know was Google in the making. Larry and Sergey where looking for investors at the time in order to make their ideas come to life. Unfortunately, they were turned away many times, discouraging them with the excuse that people were not interested in online searching. Two years later they gathered up enough money to begin operations in California in their small garage as an office. In the ending of that year, Google was nominated as one of the ‘Top 100 websites and search engines for 1998’.

After a few years of Google being online, its competition increased with websites such as Yahoo, Bing, Excite, and AltaVista. By the year 2000 Google began to boom at a steady rapid rate. People were doing their online research with Google 200 million times a day. By the ending of 2011 Google was working with 3 billion searches a day. The companies name became so common in modern day language that the name has become a verb, meaning to search something on the web; users nowadays state that they’ve ‘Googled’ information. The name Google originated from the word ‘Googol’, which stands for the number one, followed by one hundred zeroes.

Googles services have been used all around the world making it one of the world’s top known companies. “Googles annual earnings has almost tripled since 2011 to 31 billion in a year”, according to Android Central. Googles main bulk of income comes from online advertisements such as AdSense. Numerous businesses work with Google AdWords to market their service or product using ‘targeted advertising’, according to Scribd.com. Also, many people use Google’s AdSense program to help promote advertisements related to the information on their same site. In 2018 Google reached a new record of having more than $100 billion in revenue ever in Google’s 20-year history.

Google’s mission statement is “to organize the world’s information and make it universally accessible and useful”, according to Google.com. Google’s vision statement motivates the company to reach new heights by regenerating bold ideas. Google’s triumph comes straight from the company’s efforts to accomplish its corporate mission. Google has the reputation of creating different services that are likely to enhance the lives of millions. Google’s mission is to certify that information works for anyone, not selected people. With that being said, if you’re a teenager in a small town or a college professor in an ivy league university, both will access the same information. Google successfully follows their mission statement by proving that they focus on making sure users gain access to the information they wish for.

“Take care of your customers and your employees first, and the profits will follow”. These simple yet deeply impactful words were the working basis of a personal mission that belonged to Jack Taylor, founder of Enterprise Holdings Inc. After serving his country in World War II, Jack returned home with a burning desire to do business differently. In 1957, he implemented the wisdom he gained from the Navy and started a company from a small office in St. Louis. Because of Jack’s early dedication to integrity, customer satisfaction, and a team-oriented approach to getting things done, Enterprise Holdings grew to become the biggest rental car company in the world. His understanding of leadership and basic human behavior helped create an atmosphere of ease, trust, and reliability within the company and its customers. Getting places faster, easier, and cheaper without owning a vehicle became the foundation of the company’s marketing strategy.

When the company was just starting out, its focus was on long-term leasing. After further research, Jack and his assistant Don Holtzman realized the potential for car rentals being a promising lead. They learned from insurance adjusters that clients with damaged or stolen cars needed a short-term replacement, so the company decided to focus its energy on this niche. They encouraged the development of the local segment before spreading to Georgia, Florida, and Texas in 1969. By the 1970s, the company grew nationally by targeting garage and body shop owners and persuading them to send their clients to Enterprise while their cars were being worked on.

Besides the business model, Enterprise had exceptional customer service to thank for its incredible success. This important ingredient played a role in all segments of their business. A special giveaway account was established to allow an Enterprise employee to satisfy a customer’s needs, up to a certain amount. An equally exciting opportunity was provided for the employees with special incentives and bonuses to keep the team motivated and pleased.

In the 1980s, a problem surfaced for the company when Hertz and National joined the party as their competition. Lucky for Enterprise, both parties left the scene early due to low-profit margins. In the late 1980s, Enterprise began aiming at a new market called ‘discretionary rentals’ which offered rentals at extremely affordable prices for families. This type of strategy brought in a lot of business from college students visiting their loved ones for the holiday season. As the company grew, Enterprise decided to invest a whopping $5,000,000 in television advertising in 1989. They wanted their brand to be recognized by a certain audience, targeting the older and wealthier who watched the CBS network. The plan worked, and the company’s revenues reached $800 million in 1990.

Since then, the company has become the largest car rental operation in the world. In 2016, they decided to switch up their marketing from simple car renting to offering luxury car renting, sharing, and selling. Because Enterprise built such a loyal customer base early on, their customers have no problem coming to them for all their transportation needs. They were also working on branching out to the online world, using strategies that allowed them to connect to their audience emotionally by incorporating their target audience’s passions in their marketing campaigns.

Currently, Enterprise segmentation can be broken down into these categories: demographic, psychographic, geographic, and behavioral segmentation. On the demographic side, individuals between the ages of 18-65 are their main target audience. If you are a person in this age group, chances are you’ve seen their advertisements or physical location at least once. Geographically, you can find an Enterprise building in your home city, given it’s in the United States. Almost every person in the age group mentioned has a driver’s license, therefore a car rental company like Enterprise can exist almost anywhere. From a behavioral point of view, people rent cars only when necessary, therefore reliability, comfort, and safety are a must. Lastly, psychologically, this market appeals to the middle and upper class. These are working businessmen and women who recognize the importance of commuting, working, and achieving their goals.

In the future, many routes can be taken to expand even further. For example, Enterprise could establish more locations near places like airports, bus stops, and train stations. This would give travelers more options when going long distances. Not much advertising would need to be done since their customers would be on the go already.

In conclusion, Enterprise Holdings has come a long way from its humble beginnings in 1957. Not only were they able to grow rapidly, but they did so by staying true to the values that were instilled within them by their founder, Jack Taylor. Their marketing strategies have worked wonders so far, and if they continue to put their customers first, there is no way they can fail.

First, in the US employee satisfaction survey, Costco surpassed Apple, Facebook and inter, second only to the number one Google. The employee satisfaction of retail companies is very difficult to fight, and Costco’s employees are more than many top companies in Silicon Valley. According to the survey, a cashier at Costco earned an hourly wage of $20.89. This is almost twice the size of competitor Walmart, so the treatment of such employees enables employees to be more active in their work. While enhancing the corporate image, it can also bring a better shopping experience to customers (Brian Woolf, 2015).

Most importantly, in today’s global economic downturn, companies around the world are pursuing profits, and few companies make profits for customers. Only Costco wants to make a little less money to give benefits to customers. For example, Costco’s profits are so low that people can’t imagine, on average, at 10%. For example, a bag of potato chips is purchased in US dollars, they only sell for 1.1 dollars, and Walmart will sell for about 3 dollars. Costco’s low profit, after removing shipping and taxes, has almost no profit. It can be seen that Costco does not make money by selling things. This is not because of the low profits caused by fierce competition, but to actively reduce profits to a level that does not make money at all. Not only have that, but Costco’s returned service is unimaginable. For example, if we buy goods at metro or shoppers, we may get a refund period of less than 15 days. And Costco has done it no matter how long, regardless of the reason, customers can return, even eat and use electrical appliances at any time. Long-term customer benefits and excellent service have made it a great success in the competition of global retail companies.

Costco has achieved worldwide success with its unique membership philosophy. Costco membership fees are divided into two types of 55 or 110 US dollars/year. With nearly a million members worldwide, Costco earns billions of dollars a year in revenue. And excellent service has made Costco gain amazing customer loyalty. On average, nine out of ten members will continue to choose Costco in the second year. Although Costco can’t survive the fiercely competitive retail industry in terms of current economic development and social structure, he stands out from the global competition with its unique membership and low profit and the strange patterns listed above. Many supermarkets and e-commerce have used it as a benchmark, but it is difficult to imitate. Costco is ostensibly a successful supermarket and a successful intermediary. For a general company, the source of profit is the difference between the purchase price and the retail price of the goods sold. For example, Walmart suppresses the purchase price of goods by a large amount of purchases and then sells them. The term intermediary is not directly providing the corresponding service or item but it can find and arrange for the customer to choose and decide. Costco will work with local car dealers to sell cars, and there is a central car dealership center that builds a network. Then these local dealers have some price agreements with Costco, and they can go directly to the dealer stores where Costco is working to buy a car.

Costco’s suppliers are maintained at around 4,000 of Walmart’s, and there are only one or two options for each segment. But these 4,000 suppliers are brands that already have good reputation and customer trust. In this way, Costco reduces the customer’s choice time and also provides customers with the best quality and most cost-effective products. Members will not be worried about buying fakes and quality safety issues. There is a strict specification for the supplier Costco, and if there is a problem with the supplier’s product, Costco will not cooperate with it for at least three years. If the partner gives other companies a lower price, the supplier’s merchandise will never be considered by Costco. The control of the supplier can control the procurement cost on the one hand and increase the inventory turnover rate of the commodity on the other hand. According to the survey, Costco’s inventory turnaround time is about 31 days, while Amazon and Walmart are about 45 days. This short turnaround time gave Costco a good cash flow, which also reflected Costco’s philosophy of business philosophy.

Guaranteeing the quality of the goods, safeguarding the members’ rights and enhancing the loyalty of the members made Costco a successful company. Focusing on long-term benefits rather than on short-term profitability, Costco has grown rapidly in just a few decades. A successful company cannot do without innovation and development. With the development of e-commerce, Costco also has its own online store to allow members to have more shopping channels.

“Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation, and new value creation” (Dr. Alain Fayolle). Davis et al. (2015) have further elaborated that an entrepreneurial mindset is a mixture of motives, skills, and thought processes that differentiate entrepreneurs from non-entrepreneurs. It is a state of mind in a complex environment that is intent on pursuing opportunities with scarce resources. The end goal is to deliver user-defined value at numerous multiples of the existing competitive offering through reliance on innovation. Thus, to further our understanding, the features of an entrepreneurial mindset will be illustrated along with ways in which it can be developed.

The first feature of an entrepreneurial mindset is to seek new opportunities, but with discipline. As explained by Shane and Venkataraman (2000), it is a mindset of discovery, evaluation, and exploitation of opportunities to bring into existence future goods and services. There are two competing yet complementary schools of thought, while one believes opportunities emerge because entrepreneurs detect a gap in the existing market which he or she can fill, and the other perceives opportunities are created because entrepreneurs are able to initiate a new gap in the existing market based on their ability to offer higher value-added product or service. McGrath and MacMillan (2000) defined an entrepreneurial mindset as the ability to rapidly sense, act, and mobilize, even under highly uncertain conditions. As stated by them, entrepreneurs are open to new opportunities but do not pursue all of them at the same time. Instead, they are conscious of their scarce resources and prioritize their energy on those avenues that are in line with their strategy and ensure the highest return. For the implementation of projects, it is expected of entrepreneurs to be adaptive to the evolving reality to ensure the best exploitation of opportunities. To ensure this, they leverage their existing internal and external social networks.

The second feature is a constructive attitude towards uncertainty. Ireland et al. (2001) describe an entrepreneurial mindset as a ‘way of thinking’ that creates a competitive advantage out of the positive aspects of uncertainty. In times of uncertainty, entrepreneurs rely on effectuation rather than causal reasoning. Rather than trying to anticipate an uncertain future to meet a set of predetermined goals, entrepreneurs will focus on elements they can control. Considering the means at their disposal, they will rely on their skills to analyze the market, make certain assumptions, identify risks in advance, strategically take calculated ones, and devise ways to manage any other risks beyond their control. Complexity and uncertainty are the norm in today’s business world, but having an entrepreneurial mindset equips them to address the challenges of coping with and adapting to such environments. Thus having an overall positive impact on their survival.

The third feature is to focus on execution, specifically adaptive execution. An outcome of entrepreneurs’ meta-cognitive awareness is their ability to adapt their thinking process to the changing context and task demands (Haynie and Shepherd, 2007). Though they are optimistic and inspired, they focus on their means and rely on trial and error to arrive at probable solutions. They do not make huge investments rather they choose to follow the affordable loss principle. That is, they evaluate opportunities based on if the downside is acceptable rather than the predicted upside. Take the example of the promotion of Dropbox by Drew Houston by posting a video to Hacker-News: the downside was the time spent on putting together the video, but the large upside was the interest generated and signing of the product along with a spot in Y Combinator.

The fourth feature of an entrepreneurial mindset is to focus on building partnerships. Through cooperative trustful relationships with stakeholders and experience, creating social capital is an investment as it requires energy, time, and financial means. Especially in complex and uncertain circumstances, it is a differentiating factor for entrepreneurs (Venkataraman, 1997). Also as discussed by Baron (2006), to gain an advantage entrepreneurs can use social interactions as a mode to access diverse information, make connections, and identify emerging patterns. Thus, by leveraging these networks, entrepreneurs can utilize resources involved in unique and hard-to-imitate ways (Alvarez & Busenitz, 2001).

The fifth feature is tenacity and the ability to learn from mistakes. Failure represents the most difficult, complex, and yet valuable learning experience that can give entrepreneurs revitalized awareness of their abilities and a broader, more sophisticated knowledge base to anticipate and overcome likely barriers (Cope, 2011). Failure is a likely outcome in the uncertain environment, entrepreneurs thus need to inculcate a mindset to make calculated investments limiting their downside and use the learning from previous failures in the next iteration of the opportunity. Colonel Sanders exhibited such a mindset, he failed 1000 times prior to starting KFC, and he used each experience to better his product.

Research into an entrepreneurial mindset yielded two approaches. One approach explained the mindset as a result of the personal traits of the entrepreneur, however further study led to unconvincing and weak results (Busenitz & Barney, 1997; Gartner, 1989; Mitchell, 2007; Shaver & Scott, 1991). The second approach based the mindset on cognition and stipulated it to be a way of thinking (Gartner, 1989; Palich & Bagby, 1995; Shaver & Scott, 1991). Thus, the mindset is not a result of specific traits from birth but rather developed from an individual’s interaction with the environment (Mathisen & Arnulf, 2013). However, some scholars were also combining the two approaches, they expressed that entrepreneurial intention is coming from personality which encompasses their traits, but individuals are good entrepreneurs because of their skills which can be improved through training.

The development of an entrepreneurial mindset has been linked to entrepreneurial education. Analyzing the relationship between entrepreneurial education and factors that shape an entrepreneurial mindset, Ngek (2012) assessed that factors like creativity, motivation, and risk propensity, when properly nurtured by education, could shape an entrepreneurial mindset. Benefiting from the education entrepreneurs will develop the following elements: the capacity to think creatively, strategically, analytically, and reflectively, confidence in one’s abilities, the ability to collaborate, well-developed communication skills, and expertise and understanding through alertness and flexibility. These elements will go on to become integral constituents of such a mindset. Apart from the traditional teacher-centered approach, various innovative learning methods such as computer-simulated business games, role-play, personal and group projects, workshops, group discussions, and case studies can be used to foster an environment for the development of an entrepreneurial mindset. Additionally, individuals can build an entrepreneurial tribe, consisting of folk who possess an entrepreneurial mindset. The members act as a support group with whom the entrepreneur can bounce ideas off, learn from their practical experiences, as well as choose role models who can mentor and guide them. To summarize, developing an entrepreneurial mindset through effective entrepreneurial education transforms an individual’s mindset into a growth mindset, enhancing their adaptability in a fast-changing world and strengthening it, reducing their high failure risk and ensuring survival.

To gain a different perspective on the development of an entrepreneurial mindset, six ways as demonstrated by Arash Asli can be analyzed. To begin with, it is important to revisit one’s vision. While it is important to be committed to a vision, being in a challenging and evolving environment necessitates a re-evaluation of the vision to make necessary amends to the steps required to achieve the vision. Next is to put oneself in challenging situations. By embracing challenging situations more frequently, entrepreneurs can gain the skills and confidence from experience, thus being able to eliminate mistakes and the fear of failure. Subsequently, an entrepreneurial mindset requires reading on a daily basis. To be able to excel and gain a competitive advantage, it is important to constantly update one’s knowledge and skillset. Additionally, entrepreneurs need to approach problems from all sides. One size doesn’t fit all, they need to cultivate a mindset that approaches issues from all aspects, as there can never be a universal solution. The ability to think outside the box will help in survival and growth. Lastly, analysis of the vision is not sufficient, they need to be putting it into motion. By following a flexible approach, they strive to meet the end goal of delivering value. This is possible only when each obstacle is viewed as an opportunity to adapt and better oneself (Asli, 2018).

To conclude, an entrepreneurial mindset is about being motivated to improve. Successful entrepreneurs are never content with the status quo, instead strive to better themselves. It is about accepting the means at hand and utilizing resources efficiently to profit from chosen opportunities. It also focuses on excelling in the present to ensure a better future by learning from past mistakes rather than obsessing over them. It is equally important to build and value a network of peers that support and motivate an entrepreneurial mindset. Finally, by incorporating all of the above, an entrepreneurial mindset can be strengthened and an entrepreneur is equipped with the necessary tools to cement a positive future.

Corporate governance is centered around the sustainability of organizations because it is important for the development of society and the organization in general. It also provides a sense of faith and trust in the corporation leadership within companies. It is in the best interest that the corporations take the best practices or actions possible to reap the benefits of better relationships and goals in the corporation and its society. Additionally, the implementation of the pillars of corporate governance and the aspects of sustainability is to increase market value, reduce operating costs and wastage, increase profits along with production, and protect the well-being of society. This improves the corporation’s ability to thrive and prosper in the economy.

Corporate governance involves a system that encompasses rules, practices, procedures, and processes by which an organization is directed and controlled. Corporate governance implies the relationship among various participants (shareholders, the board of directors, and the company’s management) in determining proper guidance for the performance of its corporation. This illustrates a structure that attains a company’s objectives as it associates itself with every aspect of management, for example, action plans, internal controls, performance measurement, and corporate disclosure. The importance of corporate governance is to its investors as it represents a company’s blueprint and integrity. Good corporate governance helps companies build trust with investors and the community. As a result, they help accomplish a company’s end product, guide decision-making and provide sustainability in a company’s economic performance by promoting financial viability with a long-term investment opportunity for market participants. Furthermore, the sustainability of an organization is the ability to achieve its goals and increase long-term stakeholder value by integrating economic, environmental, and social opportunities into its strategies. Sustainability demonstrates its potential by fostering balanced development of its aspects as it can provide high ethical and economic concerns. This illustrates economic/organizational gain with profits as it works for social and environmental purposes as well.

To achieve a successful functional company and a solid working relationship four corporate governance pillars must be implemented. These pillars include accountability, fairness, responsibilities, and transparency. To provide the concept of good corporate governance along with sustainability in an organization, the use of the four pillars along with the three aspects of sustainability can be used to evolve the value to society and the long-term growth of a company. The first aspect is economic sustainable development which can be best applied by the organization. This is because of the responsibilities of the employees as they carry out ethical and appropriate actions of the firm by following the desire of employers in keeping with the law and the financial obligation to maximize value capital and profits for its shareholders. Economic sustainability can be related to the level of production or production costs. Considering the stakeholder’s issues can provide greater competitive advantages as this creates value and profitability in the company.

With a manufacturing organization, environmental sustainability is important as it indicates the uses of energies along with other alternatives/resources that can impact positively or negatively based on the activities/actions of an organization. Sustainable progress involves a range of environmental issues such as waste/pollution reduction, energy efficiency, decrease in air radiation, diminish the utilization, or disposal of hazardous/harmful materials to avoid environmental accidents, etc. To achieve these goals, corporations must be accountable in managing the board of directors based on their decisions for the company by being fair to protect, treat, prevent, and provide effective redress for violations that may or have occurred. This can occur with the use of economic decisions and policymaking.

Based on a company’s context, social sustainability is about attaining knowledge of the impacts the corporation can have on its people and society. Social responsibility is a measure of achieving sustainability. Adopting key social responsibility principles, such as accountability and transparency, can help ensure the long-term enhancement and success of any organization or system. Social sustainability should be a critical part of an organization as it can affect the quality of a business’s relationships with stakeholders and its customers (society). Sustainability can also be defined as a strategy of a sustainable development process by providing equal opportunities, fostering diversity, encouraging social contacts within and outside the company, and guaranteeing the quality of life and safety and security of its employees. Corporate sustainability is seen to positively affect the ecosystem, the product/service provided by the company, and the community based on the health and welfare of society with the use of ethical behavior/decisions. Poor social sustainability is a risk to both the brand image and the quality of the product of the organization.

Consequently, corporate governance is central to the sustainability of an organization as it encourages the betterment and well-being of society and for the organizations to reach their full potential through social, economic, and environmental. It is an investment in growth and fairness, as well as in providing unity within the internal and external views of an organization. Corporate governance demonstrates structure as a form of guidance to aim for sustainability. Sustainability provides consistency because of a sustainable lifestyle or decisions.

Details of Research

1. Proposed title:

‘Factors driving the success of Korean’s entertainment industries: an analysis study in Vietnam market’

2. Introduction:

The entertainment industry of Korea is typically referred to as the K-Wave because of its success as the latest and powerful dominance of ‘overflowing’ into the entertainment industry around the world in general. The term ‘Hallyu’ is also translated into English as K-Wave which appeared at the end of the 20th century and in the early 21st century, refers to the global phenomenon of Korean culture, especially in Southeast Asian countries, recently expanded widely in Latin American countries, part of Europe and the Middle East (Ravina, 2008). According to Jonathan Woodie et al., 2017, Korean cultural products, including the entertainment industry, have contributed to the national economy of 12.6 trillion won (US $ 11.6 billion), data collected in 2014. The extent of Kwave’s influence in terms of culture and economy is extremely profound and is in command of the government’s cultural policies and its national media, said Hye-Kyung Lee, 2013.

In less than 15 years, from 2005 to 2014, the Korean music industry has proven its position globally when climbing from position 33rd on the ranking chart of countries with the largest music market to the top 10 and ranked first in terms of growth (+ 19.2%) according to IFPI official report, 2015. Apart from that, Korean screen culture is also recognized as a validating tool in interactions with the real world and many South Korean cultural experts have opinions of Hallyu as the country coming-of-age, as stated by Peter Lang, 2013. It is assumed that K-Wave was following and inheriting the development of the natures of Chinese and Japanese entertainment culture. In addition, Kwave during the period of 2010s also had coverage of all East Asian countries when the application of information technology flourished, which made Korea grow more dramatically than ever, and Vietnam is not an outsider of this trend. However, it was only in 2014 until now that Korea actually recognized Vietnam as the target market for exporting its cultural products. The below part of the paper will clarify the reason for this issue, while also analyzing the opportunities and challenges of Korea to develop in this potential Southeast Asian market.

This paper aims to understand and evaluate the qualitative and quantitative level of success of the Korean entertainment industry and related factors that promote this success. The PEST framework (Francis Aguilar, 1967) was applied in the study to describe and analyze the macro-environmental factors, thus understanding the boom of the K-Wave; in which governmental policy and social culture would be analyzed more thoroughly. Nevertheless, the weakness of this framework when applied to the case of evaluating an industry is not comprehensive (due to being developed from the evaluation of the business model). Therefore, marketing – communication will be studied independently in this article along with the SWOT model, developed by Albert Humphrey, in the 1960s. Along with that is Korean media conceptual parallel research under the perspective of K-Wave as ‘transnational cultural consumption’ (Youna Kim, 2013), which is a successful cultural product under the impact of globalization.

3. Preliminary literature review:

If Kwave is regarded as an intangible business product and the Korean government, in general, has made K-Wave one of the target industries to raise the level of recognition of the domestic economy in the global market, then PEST may be used to assess the overall picture of this economy on the industrial level. The research will reference and compare the information values ​​of the study ‘The Globalization of Kpop: The Interplay of external and Internal Forces’ by Hiu Yan Kong, 2016. The author focuses on researching the external factors to clarify global strategies in ‘achieving the organizational objectives of turning K-pop into a successful global business,’ said Hiu, 2016. In addition, key values ​​such as customer relationship management or activities or assignments are also assigned. as a factor that creates K-pop’s success.

There are different conflicting views when assessing the potential as well as the level of dominance of political factors for the Korean entertainment industry. Political procedures might be extensively characterized as the set of activities and approaches that a state can institute to advance the productive and effective tasks of organizations working inside its purview. This incorporates the ‘provision of infrastructure’ (Kuwahara, 2014), which demonstrates in part how the government genuinely cares and supports the development of this economy in terms of business protection and economic ability of growth. It is not possible to exclude the idea that the Korean government uses the power of the country’s entertainment industry to empower its power in the world. In 2017, Korea’s Ministry of Culture had a financial plan of $500 million and its point is to assemble a culture trade industry worth $10 billion by 2019. Numerous researchers guarantee that the extension of Korea’s social enterprises was driven by the focal government. It was a strategy executed so as to help the tourism industry and different business organizations by improving Korea’s situation as a delicate power all over the world (Negus, 2015).

In addition, the historical-cultural factor influenced the Korean economy, laying the foundation for K-Wave’s leap to be analyzed in ‘The Korean Wave: The Seoul of Asia’ by Sue Jin Lee. , 2011. The American journals, for instance, the Korea Herald are in a great light over neighboring nations on this particular issue. Furthermore, the Korea Herald stated that ‘in the wake of having been colonized by its neighbors, Japan and China, for quite a long time, the nation at long last gets an opportunity to exceed them on the social phase’ (Cho, 2009). According to the OECD newspaper distributed in 2015, it accentuated the significance of redesigning the South Korean economy. In the following 50 years, Korean culture will experience the drastically quick maturing of any OECD part and should support profitability to verify practical, long-haul monetary growth. The word ‘The Republic of Korea: K-culture and the Next Wave of Economic Growth’ by Jonathan Woodier and Sungwoo Park, 2017 offers a prologue to the extremely prompt difficulties that the new government faces, revises the literature regarding the matter, and does a situational investigation key to structuring and refreshing national approaches, methodologies, and plans. This research likewise proposes further research and examination of the Moon president’s techniques and tactics.

Regarding Korean inner culture factors, the book ‘East Asian Pop Culture: Analyzing the Korean Wave’ by Chua Beng Huat and Koichi Iwabuchi, 2008 endeavored to look at the direction of Korean mainstream culture ventures that connect them to worldwide and nearby political monetary relations and the residential social condition; debate about the administration arrangements and domestic business moves that changed the Korean film industry, assessing the worldwide political financial context. Steven Chen examines in his study ‘Cultural Innovation: A Framework for Marketing Cultural Exports – analysis of Hallyu ( the Korean Wave)’ every one of the four fundamental variables adding to the worldwide achievement of the Korean music industry: the advancement of the media advances (internet), the Korea government ( authorizing the inundation of remote popular music and upholding copyrights), the reverberation of the Korean cultural products with other East Asian societies, and the diaspora of the Korean. In recent years, the Korean media industry has been empowering rethinking the role of the country state in transnational social streams just as in territorial media joint efforts. While the Korean media industry had been viewed as a fringe framework, today the Korean media have achieved more extensive than at any other time in the universal market and have reinforced the extent of media practices and business impacts, as stated by Yasue Kuwahara, 2014 in the book ‘The Korean Wave: Korean Popular Culture in Global Context’. According to Nicoleta Stefanÿ Valean, 2017, Korean’s transnational substance business has been dynamic inside Asia however today it goes topographically far further regions, for example, South and North America and Europe. A method for observing the Korean Wave is as an impression of ‘glocalization’ by the Korean media industry.

Besides, research on K-Wave in the Vietnam market is still a fragile and unnoticed category. However, new methodology and research will be applied to analyze this market. SWOT model (Albert Humphrey, 1960s) is the core model in this part of the research.

4. Research question(s):

This dissertation seeks to address two primary research questions and two secondary questions for each broad question (four secondary questions in total):

• a. What factors contributed to the success of the Korean Wave?
  • What role did Korean government policies play in encouraging growth in the Korean entertainment industry?
  • How has the Korean Wave been depicted in the media?
• b. What are the challenges and opportunities for the Korean Wave in the Vietnam market?
  • What makes it so appealing to the Vietnamese audience?
  • What is a strategy used to export cultural products to this market?

5. Proposed research method(s):

The dissertation consists of three main parts. The first part of this research will focus on clarifying and responding to the first broad question and the first sub-question of that section. The PEST model created by Francis Aguilar, 1967 is applied to study the external and internal elements driving the success of the Korean entertainment industry through quantitative research methods. Previous research works related to the topic such as: ‘East Asian Pop Culture: Korean Wave of the Wave’ by Chua Beng Huat and Koichi Iwabuchi, 2008; ‘The Globalization of Kpop: The Interplay of External and Internal Forces’ by Hiu Yan Kong, 2016 are discussed, and paved the way for newly updated statements in terms of progression and data quality.

The second part of the research is a continuation of part one but yet independent. This paper is the study of the success of K-Wave in view of the effectiveness of communication – marketing. In response to this second sub-question, the researcher will use the mixed methods approach because of the complexity and coverage of the problem. Studies from ‘The Korean Wave: Korean Media Go Global’ by Youna Kim, 2013; Korean Screen Culture: Interrogating Cinema, TV, Music, and Online Games by Andrew David Jackson et al., 2016 will be discussed in parallel with the first sub-question. In addition, the questionnaires and interviews will be included to refer to the new values ​​brought about by the media from the perspective of cultural consumers. The interview method was used to delve into the reasons for the problems related to the level of success of Korean entertainment in the context of new markets like Vietnam.

The third largest part is dedicated to the market context. Due to the specific and complex market environment, it is recommended to use primary and secondary data, adding to other research methods such as surveys and interviews. Subjects participating in in-depth interviews are limited to the target group and are affected by the level of identification of K-Wave. Interviews will be conducted throughout and repeated to provide objective and valid results for the research objective. The survey will take place on a wider scale due to the requirement of K-Wave’s current coverage level in Vietnam. The results of the survey will be used to measure the current success of the Korean entertainment industry in Vietnam and from there discuss the challenges and development direction for K-Wave in this market.

6. Ethical issues:

• Justification: This proposed paper has a clear direction in using past studies and developing new perspectives. The inheritance and promotion value of the research topic is purposeful and valuable to the entertainment industry in particular and the creative industry in general.
• Access to participants: Participants in the interview or survey will be assured of personal information and sensitive opinions. The collected data will be completely used for research purposes. There will be no exchange, utilization, or sale of personal information of participants. All related individuals in this study, regardless of colleagues friends, or strangers, will have equal rights in intellectual property.
• Informed consent: The purpose and general core content of this dissertation will be fully provided to all participants in the project. Participants have a right to know how the information they provide will be used in the process of analyzing data and giving valid results. Participants also have the right to refuse to provide information that is not appropriate for them during the course of the study and other related security rights.
• Potential harm: The research ensures that the purpose of the study is completely virtuous, without adversely neither affecting relatable parties or the surrounding environment. If any person/ property incident is affected, the researcher will bring out appropriate methods for solutions.
• Conflict of interest: The research is conducted independently, without sponsorship or protection of any representative. The researcher will be mindful of the agents that may affect the research results and avoid causing confusion in the transmission of information.
• Data integrity: Similar to the interests of the parties involved in the dissertation mentioned above, data security will also be protected in this research. The data used will only be given the analysis process and will produce results as long as it is legal and agreed upon by the relevant people.

7. References:

Books:

1. Chua, B.H. and Iwabuchi, K. eds., 2008. East Asian pop culture: Analysing the Korean wave (Vol. 1). Hong Kong University Press.
2. Emilie, D.T., 2012. Emergence of the Korean Popular Culture in the World. Unpublished. Thesis. Turku University of Applied Sciences.
3. Howard, K. 2014. Youna Kim (ed.): ‘The Korean Wave: Korean Media Go Global’. xvi, 233 pp. London and New York: Routledge, 2013. ISBN 978 0 415 71278 1. Bulletin of the School of Oriental and African Studies, 77(3), 644-646. doi:10.1017/S0041977X14000998
4. Kim, Y. ed., 2013. The Korean wave: Korean media go global. Routledge.
5. Kuwahara, Y. ed., 2014. The Korean wave: Korean popular culture in a global context. Springer.
6. Messerlin, P.A. and Shin, W., 2013. The K-pop wave: An economic analysis.
7. Shin, Y., 2007. Book Review: Joseph S. Nye, Jr., Soft Power: The Means to Success in World Politics (New York: Public Affairs, 2004, 191 pp., 14.00pbk., 25.00 hbk.). Millennium, 35(2), pp.458-460.
8. Tuk, W., 2012. The Korean Wave: Who is behind the success of Korean popular culture? (Master’s thesis).
9. Valean, N.S., 2017. Creative industries in South Korea: the Korean wave.
10. Williams Jolin, J., 2017. The South Korean Music Industry: The Rise and Success of ‘K-Pop’By: Johan.
11. Kong, H.Y., 2016. The globalization of K-pop: The interplay of external and internal forces (Doctoral dissertation, Hochschule Furtwangen).

Journals:

1. Jonathan WOODIER and Sungwoo PARK, 2017. ‘Republic of Korea: K-culture and The Next Wave of Economic Growth-IJCCI – International Journal of Cultural and Creative Industries’ [online] Available at: http://www.ijcci.net/index.php?option=module&lang=en&task=pageinfo&id=249&index=7 [Accessed 10 Feb. 2019].
2. Aisyah, A., 2017. Korean-English Language Translational Action of K-Pop Social Media Content: A Case Study on Bangtan Sonyeondan’s (BTS) Official Twitter. 3L: Language, Linguistics, Literature®, 23(3).
3. Sue Jin Lee, 2011. ‘The Korean Wave: The Seoul of Asia’ [online] Available at: http://www.elon.edu/docs/e-web/academics/communications/research/vol2no1/09suejin.pdf [Accessed 14 Feb. 2019].

Drop Shipping is an amazingly prevalent plan of action for new business people, because of web showcasing abilities far exceeding money-related limits. Since you don’t have to stock or deal with the things you are pitching, it’s conceivable to begin an outsourcing business with constrained assets.

An internet business site that works an outsourcing model buys the things it moves from an outsider provider or producer, who at that point satisfies the request. This cuts operational expenses, as well as saves your opportunity to concentrate the majority of your endeavors on client securing.

In the event that you are prepared to begin a business that can contend with retail goliaths, and do as such on a restricted spending plan, at that point pursue the six stages underneath. While it doesn’t take a great deal of startup assets to dispatch an outsourcing business, it will require a tremendous measure of diligent work.

1. Select a specialty

The specialty you select should be laser-centered and something you are truly intrigued by. An item extension that isn’t engaged will be hard to advertise. On the off chance that you aren’t energetic about the specialty you select, you will be progressively well-suited to getting to be debilitated, in light of the fact that it takes a ton of work to effectively scale an outsourcing business. Here are a few points to think about while choosing your specialty:

Look for alluring benefits. When you are maintaining an outsourcing plan of action, your emphasis is on advertising and client securing, so the measure of work required to move a $20 thing is basically equivalent to it is moving a $1,500 thing. Select a specialty with higher-evaluated items. Low transporting expenses are critical. Despite the fact that your provider or producer will deal with the transportation, if the expense is excessively high, it will go about as client-repellant. Discover something that is economical to transport, as this likewise gives you the alternative of offering free sending to your clients and engrossing that cost as an operational expense so as to pull in more deals. Ensure your item bids to drive purchasers with extra cash. When you are centered around directing people to your site, you need to encounter the most astounding change rate conceivable on the grounds that most guests will stay away for the indefinite future. The items you are moving should trigger spur-of-the-moment purchases and request those with the money-related capacity to make a buy on the spot. Ensure individuals are effectively scanning for your item. Utilize Google’s Keyword Planner and Trends to check some normal pursuit terms identified with your potential specialty. In the event that no one is hunting down what you are anticipating moving, you are dead in the water before you even start. Make your very own image. Your outsourcing business will have more esteem on the off chance that you can rebrand whatever it is you are auctioning and pass it off as your own. Search for an item or line you can white name and move as your very own image with custom bundling and marking. Move something that isn’t promptly accessible locally. Pick something your client can’t discover down the road. That way, you turn out to be increasingly alluring to a potential client.

2. Perform rivalry examine

Keep in mind, that you will contend with other outsourcing activities just as retail mammoths like Walmart and Amazon. This is the place where a great deal of potential drop shippers turn out badly, in light of the fact that they search for an item that has next to zero challenge. That is a sign there isn’t interest in that specific item.

There are numerous reasons why an item probably won’t have a ton of rivalry, similar to high delivery costs, provider and assembling issues, or poor net revenues. Search for items that have a rivalry, as it’s an indication that there is popularity and the plan of action is reasonable.

3. Secure a provider

Joining forces with the wrong provider can destroy your business, so it’s imperative that you don’t surge this progression. Direct legitimate due steadiness. Most outsourcing providers are found abroad, making correspondence critical, both as far as reaction speed and the capacity to see one another. In the event that you are not 100 percent positive about the correspondence capacities of a potential provider, proceed onward and proceed with your inquiry.

Alibaba has turned out to be one of the biggest online assets to recognize and speak with potential producers and providers. Try to solicit a great deal from inquiries and realize what their generation capacities are if your business develops exponentially. You need to be sure they can scale with you.

Endeavor to gain from different business people who have strolled this way previously. There are a lot of data sources accessible, from business and tech online journals to this subreddit about outsourcing. It’s a well-known point that can enable you to stay away from exorbitant provider botches.

4. Manufacture your internet business site

The quickest method to dispatch a site that underpins an outsourcing plan of action is to utilize a basic online business stage like Shopify. You needn’t bother with a tech foundation to get fully operational, and it has a lot of applications to help increment deals.

Regardless of whether you have a sizeable spending that would enable you to employ a website architecture and improvement organization to make a custom arrangement, it’s a lot more astute move to utilize one of the attachment and-play alternatives, particularly before all else. When you are built up and the income is coming in, at that point you can investigate extra site customization.

5. Make a client-securing plan

Having an incredible item and a site is extraordinary, however without clients hoping to get it, you don’t have a business. There are a few different ways to draw in potential clients, however, the best choice is to begin a Facebook promotion crusade.

This enables you to create deals and income directly from the beginning, which can add to fast scaling. Facebook enables you to put your offer specifically before a profoundly focused group of onlookers. This enables you to contend with the biggest brands and retailers promptly.

You additionally need to think long haul, so website improvement and email promoting ought to likewise be a core interest. Gather messages from the beginning and set up mechanized email arrangements that offer limits and exceptional offers. It’s a simple method to use your current client base and produce income without extra promoting and showcasing spend.

6. Break down and advance

You have to follow the majority of the information and measurements accessible to develop your business. This incorporates Google Analytics traffic and Facebook change pixel information if that is your primary client procurement channel. When you can follow each and every transformation – to know where the client began and what way they went up against your site that in the end prompted a deal – it empowers you to scale what works and dispose of what doesn’t.

You will never have a set-and-overlook promoting or advertising arrangement. You have to always test new chances and adjust current crusades, which enables you to realize when to advance or move battle spend.

Introduction

Business process intelligence is a standard of methodologies, processes, architectures, and technologies that transformation raw and rough data into meaningful and useful information used to active more effective strategic, tactical, and operational system. Business Process Management Systems (BPMSs) is functioning stages which provides the definition, execution, and following of business forms. BPMSs has the capability of logging data to describe the business forms which are supported. Appropriately testing of BPMS execution logs can describe essential information to improve the nature of business procedures and administrations to system. This system illustrates various incorporated instruments that supports business .Furthermore, IT clients in process execution quality by providing some illustrations, for instances, investigation, forecast, control, and optimization.

I noticed from research next improvements on the BPI apparatuses suite, analyzing robotic special case anticipation, and readjustment of procedure information planning step , just as incorporating other information. My research describes investigate next enhancements on the BPI tools suite, including automation except prevention, and refine of process data preparation stage and integrating other data mining technique which are taken to complete all the systems.

The business procedure information provides various components to mechanization for the administration of procedure highlights. Firstly, investigation is that where BPI clients present to break down finish procedure executions from both a business and an IT point of view. Clients of business will be curious on higher-level data, for instances, the quantity of effective process executions, or the qualities of procedures that are not matched the Service Level Agreement with clients. Other than giving a lot of arrangement of showing functionalities, BPI presents a few highlights to enable examiners to recognize the reasons for procedure execution practices of working system. The investigation capacities of BPI can be attached to manage the plan of a procedure model,and specify for distinguishing strategies for improving a current procedure working style. BPI can have expectation models and do such models to running procedures, to recognize special the plausibility of exemptions or undesired condition. BPI can examine working procedure occurrences, and suggest the client regarding irregular or unwanted circumstances. Clients can see the nice status of the framework, procedures, administrations, and assets which are essential. what is more, they can characterize basic circumstances with the goal that BPI can suggest on preferred mechanism such a normal circumstance happens. Secondly is control factors which is based on procedure checking information. BPI can have collaboration the BPMS to stay away from of anticipated and real quality debasements, and specially to help retain from missing SLAs. BPI can be differentiate in business process definition and in the task of assets and administrations to work systems. Nonetheless, the advancement of a BPI arrangement present a few difficulties and Identify the design and the advances that can take the above mentioned functionalities, and check how to apply or change these innovations to accomplish objectives. Analyzing of ideas and measurements that empower business-level, investigation of procedures. Generating procedures to make it simple and normal for utilize the apparatus and concentrate the information they need, potentially without composing any code system. Taking a view of how to collaborate with the BPMS and with clients so as to report and address basic circumstances in a well-managed manner. Procedure model and procedure logs area provides a perfect precise prologue to process models and procedure execution logs. Specially, the system will show the procedure model and execution log structure of HP Process Manager (HPPM). As the similar ideas and systems have relevancy to practically some other BPMS. Action executions can access and alter process factors. Each and every work hub is connected to an administration pictorial which characterizes for choosing an asset to be for execute ready the work. The administration shows characterizes the parameters to the asset upon and got endless supply of the work. A few work hubs can be related to a similar administration depiction .And the final factor is that data mining which can be helpful for data analyzing for research method to have depth intelligence about specific business process .A team can take data from similar companies which are related to their same options .from that point of view they can apply process intelligence.

Personal reflection

Business process management systems are functioning stages which helps me to research my topic which is process intelligence in business process .I had less knowledge about this topic before research this topic but I researched on google and many other options to discover my depth knowledge after that I selected some articles and journals for finish my topic .During preparing my presentation , my team mates also have seen my research and all were impressed from my research method .First of all ,I noted down the important points to shows in the presentation which is helped me to learn a lot of things which are not known for me ,that is why I understood all things which could be possible by process intelligence .My team member ‘s view of my topic research were very crucial for me because of their comments I came to know that yet my point valid or not .They asked me to questions about my research topic process intelligence .This assessment played a crucial role to enhance my depth knowledge on the business process intelligence which will be essential for nearby my future .Because of research this topic I got many ideas about business process intelligence .Overall this area of research is directly connected with my practical life in my future career and I have keen interested in this topic .

Review

As per my team member ’s article and review about the article which is based on BPMN which introduce all are further mentioned in the following lines ,Business Process Model and Notation (BPMN) is a business procedure highlighting that provides a graphical documentation to indicate business forms in a Business Process Diagram (BPD), dependent method fundamentally the same as movement outlines from Unified Modeling Language (UML).The target of BPMN is to help business process that executives that process for both specify clients and business clients, by providing a documentation that is indictive to business clients are ready for complex procedure semantics. The BPMN determination as well as provides a mapping between the designs of the documentation and the hidden builds of execution analysis especially Business Process Execution Language (BPEL).The essential objective of BPMN is to provide a standard well defined documentation suitable by all business partners. These incorporate the business checkers who make and refine the procedures, the specialized designers in charge of checking them, and the business directors who are interested on screen and contemplate them. Therefore, BPMN fills in as a typical language is connecting the correspondence holes. this process much of the time happens between business procedure structure and usage. At present time there are a few guidelines for business procedure displaying system utilized by demonstrating apparatuses and procedures. Across the board appropriation of a standard would help bring together them The statement of essential business process ideas just as cutting edge process ideas.Two benchmark has implemented BPMN for structure case the executives models and choice models, the Case Management Model and Notation and the Decision Model and Notation.

References

1. Grigori, D., Casati, F., Castellanos, M., Dayal, U., Sayal, M., & Shan, M. (2004). Business Process Intelligence. Computers In Industry, 53(3), 321-343. doi: 10.1016/j.compind.2003.10.007
2. F. Leymann, D. Roller, Production Workflow, Prentice-Hall, Englewood Cliffs, 2000.
3. F. Casati, Intelligent Process Data Warehouse for HPPM 5.0, HP Labs Technical Report HPL-2002-120, 2002. http:// www.hpl.hp.com.
4. M. Berry, G. Linoff, Mastering Data Mining, Wiley, New York, 2000.
5. M. Castellanos, J. Stinger, A practical approach to extracting relevant sentences in the presence of dirty text, in: Proceedings of the First SIAM Workshop on Text Mining, Chicago, IL, 2001.
6. G.H. John, R. Kohavi, K. Pfleger, Irrelevant features and the subset selection problem, in: Proceedings of the 11th International Conference on Machine Learning ICML’94, 1994.
7. D. Grigori, F. Casati, U. Dayal, M.C. Shan, Improving business process quality through exception understanding, prediction, and prevention, in: Proceedings of the VLDB’01, Rome, Italy, 2001.
8. M. Sayal, F. Casati, U. Dayal, M.C. Shan, Business Process Cockpit, in: Proceedings of the VLDB’02, Hong Kong, China, August 2002, 2002

Executive summary

Data is everything for an organization, but it will be nothing if the organization doesn’t have the appropriate solution to generate value from it. Business intelligence technology uses in the business organization to manage the organization operation and collect, analysis, and storage the information. It is working as data visualization tool. For this report, there is select the children vacation dataset to performed the data visualization process in the effective manner. Business intelligence helps them who planning to revamp their business intelligence strategy. BI help to improve customer service, revenue growth, and productivity. Main scope of the report is to provide business value for the organization through data analytics process. all the countries still facing some problems with an appropriate vaccination program, and this data will help them where they are lacking in providing more sustainability in this program.

BI reporting Introduction with justification

In today’s world organizations are facing problems in generating valuable outcomes from the data they have as the amount of data is very big, and it is difficult to analyze it with the human mind. Business intelligence is a technology that helps an organization to get value from the data. In a challenging business environment, it requires a solution to manage and understand business situations that depend only on the data. Data is everything for an organization, but it will be nothing if the organization doesn’t have the appropriate solution to generate value from it. It refines the information from a large amount of data. Thus it can be a refining process performed on the data (Kiely et al., 2020). This helps to convert raw data into meaningful information that can be understood easily by a human. The information generated from business intelligence technology using a business intelligence tool drives profitable business actions. It collects, stores, and analyzes the data produced by an organization’s activities. The business intelligence dashboard is a data visualization tool that represents the analytics metrics of business on a screen.

The human mind understands better from pictured information or visualized structures thus, if the organizations do not have this business intelligence solution or dashboard to visualize data, they have they will not be able to understand anything from it.

Justification

These BI dashboards help to analyze data by using different values or parameters of the data. In competitive environment, organization uses charts, and figures to represent the information of organization for their staffs, and management. BI dashboard utilized the information about the report and dataset which present in the incomprehensible and complex manner (Kerr et al., 2013). These tools help knowledge workers to recognize trends from patterns in data and to make decisions based on those trends for the overall advantages. In this paper, a business intelligence approach based on data, the dashboard that helps to represent the data, different patterns that are included in the analysis of data, the business value generated from these BI dashboards are described.

Dataset selection

The data that is chosen for business intelligence reporting is of child vaccination rates that are conducted by the different countries for safe and effective protection against some diseases. In this report, I am going to perform business intelligence on this data (Schneider et al., 2020).

Visualization

Visualization is a method of representing something in the form of images, diagrams, and animation to provide more detail to the viewer. It is difficult to read lines of data to understand valuable information rather than we can use some visualization methods to represent it in the picture from that is more understandable by a human mind. The visualization performed on the below dataset to represent the data of children who receive several vaccinations in the recommended timeframe.

To perform business intelligence on the above dataset, I used different parameters that are used to store data by the organization to understand in detail about it. For example, the Subject of the analysis is the diseases for that vaccine is prepared, the time in vaccination program held, and flag codes. This analysis helps in healthcare utilization by different countries for their vaccination program (Nakken et al., 2018). The business intelligence dashboard represents the information in 4 different ways based on different parameters.

In the below image, we can see that the vaccination program of different diseases taken by different countries in a specific time is represented in the bar graph. In four years 2015, 2016, 2017, and 2018 many OECD countries conducted a vaccination program and the number of children who receive the respective vaccines in the recommended time frame. We can see the number of vaccines in comparison to the time provided to the children in different countries.

We can see a vast difference between different subjects based on flag codes as the number of subjects in comparison to one type of flag code is enormous. In comparison, to another flag code, it is shallow. The visualized representation of this data is quickly understandable as compared to if we try to read the whole data in a simple form (Cagol et al., 2020).

Two different subjects that are a type of disease vaccine analyzed with the time to show the number of vaccines received by the children in a visualized representation. We can see that both vaccines are used almost on an equal number of children; thus these two diseases are very active on children’s bodies and required vaccines on the recommended timeframe. More than 3 lac children were served with these vaccines from 2015 to 2018. We can see the growth in the population of children and the number of vaccines that are provided to them. Now we can analyze its requirement in the future.

In this BI analysis, increment in the vaccines of the diseases by the value of its in different countries can be seen below. The growth varies between different points, and the bars are representing increment and decrement in the Subject by the value.

After this business intelligence process on the data generated by the organization on vaccination rates in the children in different countries now, we can generate value from this data. I assumed that all the information on the dataset is accurate and provided based on the real studies of the cases in different countries. These countries OECD countries are sharing legitimate information with the healthcare industry, and this will in better utilization of healthcare (Zeljkovic et al., 2017).

Description

Above I performed business intelligence on the data of child vaccination in different countries that help to adequate and safe protection from many diseases. Now the visualized information can be used for a better understanding of the different situations in that the vaccination program can run more effectively. Business intelligence helps them who planning to revamp their business intelligence strategy. BI help to improve customer service, revenue growth, and productivity.

The organization has several benefits of using business intelligence dashboards for the data generated by them. The performed analysis on the above vaccination program data can help in the following ways:

1. Build real-time business intelligence

By using this analysis on data the organization can get valuable information in real-time like here, we are analyzing data from previous few years, and now by analyzing the behaviour of change in data as per the time and flag codes, the organization will be able to get insights from data in current time. This can be achieved by different business intelligence tools as by the time cost of these business intelligence tools decreased and make it easier for building a business case for real-time analytics. This also helps in quick decision making for the business (Straton et al., 2019).

2. Bring unstructured data on board

Before this analysis of the data, it was unstructured, and there is no use of unstructured data in the organization to perform value-oriented insights on the data. The unstructured data cause a considerable loss and requires more storage capacity, and it also difficult to gain value from it. By business intelligence analysis, we can structure this data depend on different value sets.

3. Improve the performance of the organization

Organizations spend lots of time to get valuable information from raw data or the data generated by their resources. The time required for this activity can be utilized somewhere else by the organization if they have suitable technology to perform this activity. The business intelligence analysis performed here will help the organization to utilize their time on other main activities, and the information generated from it helps them to understand it in rapid time. Now the organization has analyzed data, and they can take any action on it they want to perform. They can provide services to a more significant number of children by analyzing the left number of children from vaccination (Ntenda, 2019).

4. Improve the quality of service

Now the organization has appropriate information about the number of children who receive the vaccine, and we can perform another analysis on data of the number of children who born in that particular time. After a complete analysis, the organization can reach a higher number of children to provide vaccine to by the countries. After this analysis, the organization will be able to identify the drawback and will remove them.

5. Predict future scope

This analysis of data helps the organization to identify the expected result of the vaccination program like based on the prediction of how many children will take birth in upcoming years and how many vaccines they have to provide them to children. By this, they can prepare for the future and can generate a higher number of vaccines required for it.

6. Automate production

Always these vaccines are created to supply for the children to the recommended period. The production of vaccines is monitored and maintained according to the need for vaccines. Still, now we the future scope; thus, we can plan production accordingly and automate some process to complete the task and generate more value from it in the future (Carlson et al., 2019).

7. Improve operational efficiency

In some cases, to perform the analysis on data required structured form of the data to save the cost and time and business intelligence help to perform analysis on data even if the data is in an unstructured form thus this helps the organization to save operational cost and increase the operational efficiency.

These business values increase the quality of business and make the organization more sustainable with gained insights from the datasets. Now the organization can predict their future requirements of the product in the market and revamp their business strategy. The organization can serve a higher number of children by analyzing their numbers.

I assumed that all the countries still facing some problems with an appropriate vaccination program, and this data will help them where they are lacking in providing more sustainability in this program. It will show the number of children who left from vaccination if we compare it to the number of born children in that specific time and the number of children who get the vaccine at the recommended time. As all the data is of children at around age 1 for that one year, we can perform this analysis on data and get to know the number of left children from vaccination. Thus, the analysis conducted based on a limited time frame and the number of diseases for that vaccination program conducted (Antón-Ladislao et al., 2015).

Reference

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