A maturity model for implementation and application of Enterprise Resource Planning systems and ERP utilization to Industry 4.0

This study analyzes the evolution of ERP systems and the current trends of their implementation and application, also the organization's readiness for further digitalization. Throughout the study, it is identified that there are many critical factors that have an impact on the process of implementation and application of ERP systems. There are different studies and reports that confirm that organizations are struggling with this process. The researchers have identified and proposed different stages of implementation and application of ERP systems. Moreover, three maturity models are identified, which aim to measure the ERP maturity level in the organizations, but they lack defining the complete process which supports the organizations to check their maturity level of ERP systems by themselves. On the other hand, Industry 4.0, as a new technological concept, aims to support organizations to complete digitalization and automation of their processes and functions, specifically in the manufacturing industry. Based on the undertaken study, a new ERP Maturity Model (ERPMM) is developed with the aim to measure the maturity of implementation and application of the ERP system in the organizations. With the purpose to check the reliability and validity of the developed model, the quantitative methodology was applied. The proposed model (ERPMM) to measure the maturity of ERP system implementation and application will support organizations in generating a clear picture of their organization status related to the implementation and application of the ERP system. In this way, they are able to evaluate the benefits of implementation and application of an ERP system, and whether they should do anything in the way they are applying such a system. The study also analyzes the impact of different factors that have an effect on a successful ERP system implementation and application. In addition, this study has investigated whether strategic use of IT positively affects the ERP selection, implementation, and application process, as well as if appropriate ERP selection has a positive effect on the implementation and application and the role of ERP implementation on the application. Also, the impact of the ERP application on Business Performance. The study shows that there is a relationship between all the stages of ERP implementation and application, starting with the organization's IT strategy to the ERP application. The results of the study present that the ERP application has a positive impact on business performance. Also, the study presents an analysis of the integration of ERP and Industry 4.0, which is done based on secondary data. Industry 4.0 is seen as the beginning phase, where computers and automation become connected and as an opportunity to increase the efficiency and effectiveness in the manufacturing industry, with the application of real-time data and information by integrating physical machinery and devices with networked sensors and software to predict, control and reduce costs in a long-term view. Primary data was used to analyze if the ERP application can be used to predict the readiness of the organizations for Industry 4.0. Based on the statistical analysis, it is proved that partially ERP application can be used to predict the readiness of the organizations for Industry 4.0. Based on the findings, there are many challenges related to the integration of Industry 4.0 and current ERP systems, especially when it comes to machine to machine, machine to ERP communication, and the security of the data. Based on the proposed ERP Maturity Model (ERPMM), a prototype is developed, which supports the organizations in evaluating their status of ERP system implementation and application by themselves. The prototype is a web-based application that is developed on PHP and MySQL database. The main contributions of this study are: Identifies and presents the current status of implementation and application of the ERP system and ERP maturity models; Analyzes the role of strategic use of IT in the process of ERP selection, implementation, and application; Analyzes the impact of ERP selection on implementation and application also the effect of ERP implementation on the application; Identifies the ERP application effect on business performance also the ability of the organization to evaluate their readiness for further digitalization based on the ERP application; A new ERP Maturity Model (ERPMM) to support the organizations for the evaluation of implementation and application of the ERP system is developed; A developed prototype that applies ERPMM to support organizations for ERP maturity level assessment

Contemporary trends in banking

Over the recent decades, serious changes occurred in the economic, technological and social development, having reflected on banking operations. Changes ensuing today in the field of banking are of utmost significance. Banks are becoming multifunctional or in a certain fashion, are becoming genuine department stores of modern age. The globalization of financial and banking flows is realized by conceiving a new banking concept, due to bank adjustment to the new conditions of management. The traditional bank role has been evidently altered, hence banks in present-day conditions, apart from the standard banking operations, conduct a major number of unconventional banking operations, for instance, operations with securities, bank guarantees, mortgage services etc. Modern banks offer their clients a wide range of services, thus aggressively entering certain non-banking areas, by which they transform themselves into universal financial institutions. In the modern world banking system, we encounter banking and financial institutions which according to their activities and prevalence in their operations exceed national borders and enter the domain of international banking system. Nowadays, we can discuss about alleged planetary banking with engineering and re-engineering. It is characterized by its sophisticated, processing and globalized banking features. In short time interval, within the international banking system, several large-scope changes occurred, revolutionary in its essence, not solely in terms of banking, as well as in terms of the total monetary-financial-banking system. The determinants of such changes are as follows: altered conditions of fierce competition and fight to remain on the financial market; electronic and technological revolution which resulted in substitution of banking products with production of segmented banking process; and creation of new planetary banks which place their segmented banking processes on the so-called globalized supranational market

Authentication in SaaS by implementing double security measures

Growing trends of services offered in the field of Cloud Computing are increasing on daily basis. These services are divided into three models: Software as a Service (SaaS), Platform as a Service (PaaS) and Infrastructure as a Service (IaaS). Despite this, much interest is shown to the usage of Software as a Service (SaaS) model. This model offers the usage of software’s that are hosted in Cloud that can be accessed by using web browsers or through “thin client”. Security and privacy are two most important problems that can occur in this model. Authentication through password is one of the best methods known as authentication through a parameter. However this is not a safe technique because the password can be easily broken through man-in-the-middle method and other attacks. Being aware of this problem we come to the need of using another technique for authentication known as authentication through two parameters that offers better solution to this problem. This technique allows users to ensure two parameters during the phase of authentication, parameters that are combined together to create a high security. This authentication technique should be used to secure all services and software’s that are offered in Cloud

Government Expenditures and Economic Growth: Empirical Evidence for Western Balkan Countries

The main aim of this scientific study is to present the relationship between government expenditures and economic growth. More specifically, this paper will analyze the impact of government expenditures on economic growth in Western Balkans countries. The study will analyze in a long-term period the effect of government expenditures on economic growth from 1995 to 2021. To test the relationship between government expenditures and economic growth, we will use econometric models such as OLS, Fixed Effects, Random Effects, as well as Dynamic Panel Data through the Arellano- Bond and Arellano-Bover tests. The results show that there is a negative relationship between government expenditures and economic growth. An increase of government expenditures by 1% its effect will be negative by -0.39% on economic growth in the Western Balkans countries, the exceptions are private consumption expenditures and government expenditures for education, which have shown a positive relationship with economic growth. These results are very significant for Western Balkans countrie

Digital Transformation in e-Learning Education

The development of online learning platforms has been taking place for some time now. However, the rapid increase of online learning and teaching has taken place in 2020, during the COVID-19. Many platforms already had in place their concepts and needed tools. The instructions for the usage of platforms by teachers and users (students) presented a challenge due to the short introduction and application of self-teaching system, therefore often becoming a real challenge. Rapid transformation from a traditional format into a digital system leaves many areas to be considered for more critical evaluation in terms of educational students’ achievement. This paper analyses current trends of transformation, e-learning potential, application, and specific platforms growth. Another issue that this paper addresses is the Artificial Intelligence for sustainable development in education. This study is based on secondary data reviewing current trending scholarly work as well as other credible sources of information to obtain related information

Sustainable Development: A Radically New Approach Needed

An in-depth analysis of the development of the methodology and role of sustainable development in the solution of global problems has revealed that radical changes are needed in the approach currently used in the field of sustainable development. The authors highlight the fact that the exploration of the relationship between future (virtual) needs and present needs, and decisions based on these “recognized” conditions concerning developments are often mistaken. The reason for that is not so much the result of the management of the difficulties (Cone of Uncertainty) involved in the recognition of virtual needs; rather, it arises from the objectivity factor required for the recognition of present needs. Based on theories with regard to the relationship and transformation of effective, virtual and latent needs, the author has developed and will introduce a radically new approach to sustainable development which is based on responsible innovation

The Effect of the Organizational Culture, Organizational Structure and Usage of Social Media on Corporate Governance

This study tries to understand the relationship among corporate performance, organizational structure, organizational culture and usage of social media in the third (NGO) sector. The dependent variable of the study is corporate performance which is conceptualized as satisfying the expectations of different stakeholders varying from volunteers to board members. The first independent variable, organizational structure, stand stands for having either mechanistic or organic design within the organization. Organizational culture is comprehended as motivational climate within the organization, the atmosphere that relies on trust and confidence and willingness of members to take responsibility and the leadership is analyzed in terms of being democratic, respecting others, being participative in decision making and taking risks when necessary. Usage of social media indicates the how active the social media accounts of NGOs are. The results of regression analysis indicate that, organizational structure and organizational culture have positive effects on corporate performance in non-governmental organizations while usage of social media does not have a significant effect on the corporate performance of the non-governmental organizations

E-entrepreneurship challenges: evidence from Amazon.com Inc.

Technological development has challenged current business’ models, pushing them towards internet and online markets, thus creating a new type of entrepreneurship, the e-entrepreneurship. The so called e-ventures, the ventures operating exclusively in such markets, are captivating a big part in today’s market and are changing the traditional way of business-doing. Many companies have switched their path, concentrating more on online trading, whereas some companies have smelt this change and have entered the online market from the very beginning. One such company is the Amazon.com Inc., a giant e-commerce company which can be considered as the leader in the online market. In this paper, we will try to analyze Amazon’s factors such as growth rate, number of employees, revenue, stocks and operating costs and we’ll try to find a correlation between those crucial elements of one company operating in the online markets. SPSS will be used in order to find whether those elements affect one another and in what scale if the correlation is found