Track: Business Management

Abstract

Optimizing business functions ensures corporate sustainability and competitiveness. Large multinationals execute business operations based on business processes. Large multinationals are constantly seeking best practice business process optimization measures towards enhancing and managing the execution of business activities. This research develops a business process optimization modelling framework for predicting and managing business functions. The framework is developed with considerations to specifying business operations in a quantifiable and independent manner. This is based on Industry 4.0 business protocols which align with recent technological advances and smart-industry solutions. These are inclusive of automation, simulation, integration, interconnectivity, interoperability, decentralization, virtualisation, internet of things, cloud, cybersecurity, additive manufacturing, augmented reality, big data, and analytics.

The applicability of the proposed business process optimization modelling framework is explicitly defined via an application scenario based on a specified set of business objective. Developed business process optimization modelling framework is effective in scenario options decision making based on business process impact variables. Results present core design and prioritization benchmarks relative to business priorities. Adoption of industry 4.0 business protocols based on multi-criterion decision-support paradigm is justified as an enhanced business-centric approach for corporate entities relative to predicting the impact of change on the business.