Faculty of Business Research Unit (ICBR)

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1st ICBR 2018 [Pre-text]
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7th International Conference on Business Research - ICBR 2024
(Business Research Unit (BRU), 2024)
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Adoption of vertical integration towards business performance excellence: a case study
(Business Research Unit (BRU), 2024) Dissanayake, DMKVS; Premasiri, PHPRN; Wijesekara, GAV; Perera, DFAMK; Liyanage, T
This study examines the case study organization’s achievement of business excellence or success through vertical integration, which is considered an outdated strategy by recent scholars. This study examines the case study organization's business excellence or success through vertical integration, which is considered an outdated strategy by recent scholars. Using a single case study strategy, this study investigates why the case study organization moved to vertical integration as a key strategic initiative and explores how vertical integration drives performance excellence in the case study organization. This explores vertical integration in a Sri Lankan retail company, focusing on the motivations and rationale behind its adoption as a strategic practice for business excellence, using a qualitative approach to explore an organizational strategy of vertical integration into the company's operations. Data collection methods include in-depth interviews and focus group discussions and This study's data analysis is based on thematic analysis. This study mainly applies institutional theory as the theoretical framework to investigate the phenomenon under investigation. The research site of this study, which is called Evergreen Mart to preserve its anonymity, is a leading retail operator's subsidiary in Sri Lanka. Through the research findings, the purpose of the study is to discuss how this case study can adopt vertical integration as a successful business strategy. Evergreen Mart collectively covers the major aspects of business performance excellence, including operational efficiency, financial performance, supply chain reliability, and customer satisfaction according to interviews and focus group discussions. By linking these areas with the strategic initiative of vertical integration, this study can finally say that vertical integration contributes to a successful strategy in pursuit of business performance excellence for sustainable success in the competitive market environment of Evergreen Mart.
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Adverse impact of internet shutdown on e-commerce and social media marketing in Bangladesh
(Business Research Unit (BRU), 2024) Chowdhury, SA; Jabber, MSSB
The rise of e-commerce and social media marketing in Bangladesh has been a significant driver of economic growth, fostering entrepreneurship and expanding market accessibility. However, the frequent shutdowns of internet services, often due to political or security concerns, have posed substantial challenges to the e-commerce sector. Very recently Bangladesh has experienced internet shutdowns for prolonged periods that have had profound implications for e-commerce and social media marketing endeavors. This study examines the ramifications of this shutdown on the digital economy, focusing on the operational and strategic challenges faced by E-commerce businesses and social media marketing activities. During the latest internet shutdown episode, E-commerce platforms witnessed a significant decline in sales compared to periods of regular and uninterrupted internet connections. The inability to place orders and to process online payments by the consumers coupled with the failure to manage inventory by the sellers effectively were the key factors behind this decline. Social media marketing was severely impacted as well, with a huge reduction in engagement metrics due to disrupted content delivery and advertising efforts. To adapt to the sudden disruptions, E-commerce businesses responded by shifting to offline sales and alternative marketing channels. However, these measures helped only partially to recover the financial losses incurred by the disruption. By utilizing data from market reports, online retail platforms, and consumer surveys, the research highlights the immediate and long-term effects of internet shutdowns on online sales, business operations, and consumer behavior. The findings highlight the critical role of internet connectivity in modern business operations and suggest businesses’ need for robust and adequate contingency plans to address such disruptions. The study contributes to the understanding of the digital economy and social media marketing-related vulnerabilities and offers insights into strategies for enhancing resilience against internet-related disruptions.
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Analysis of tech-diversification strategies adopted by technopreneurs: a case study on internationally oriented coconut toddy tech-based small and medium enterprises
(Business Research Unit (BRU), 2022-12-01) Fernando, WMSN; Dasanayaka, SWSB; Mudalige, D
The coconut industry is an important source of foreign exchange and employment generation for Sri Lanka. This internationally recognized ‘Coconut tree’ or ‘Kapruka’ provides substantial contribution to the wellbeing of domestic people as well as the country’s economy through its foreign earning generation. Pathiraja (2017) stated that in the global arena, export demand function widens its spectrum for more coconut related other products as a function. The main purpose of this research is to evaluate the performance of the TSMEs with the usage of different tech-diversification strategies adopted by the internationally oriented coconut toddy TSMEs. Secondary objectives of this research are identification of the impact and relationship of tech-diversification strategies on the TSMEs performance and determination of the optimum level of crop tech-diversification which maximizes performance of TSMEs. The ratio measures and aggregate measures from financial and physical measures are concerned for the methodology. For the sampling frame, a 58 sample of internationally oriented coconut toddy TSME technopreneurs in Madampe, Dummalasooriya, Kuliyapitiya and Narammala areas in Puttalam and Kurunegala districts in Sri Lanka considered for data collection with the usage of Simple Random Sampling technique. Findings of this research study revealed, overall tech-diversification strategy of the internationalized coconut toddy TSMEs is at a moderate tech-diversification level when considering aggregate financial measures. The level of tech-diversification should maintain at a moderate to high level where continuous and reasonable financial performance should be identified and adequately measured against the tech-diversification levels continuously.
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Antecedents and performance outcomes of innovation capability in small-medium enterprises
(Business Research Unit (BRU), 2023-12-04) De Mel, VHM; Jayawardane, AKW
To achieve sustainable competitive advantage in the contemporary business environment organizations are continually demanded to develop the propensity to innovate. Accordingly, this has led to increased interest in understanding the factors driving innovation capability in organizations. Nevertheless, the Sri Lankan manufacturing sector has a laid-back approach pertaining to innovations. This study examines the antecedents of innovation capability and performance outcomes of innovation capability in SMEs by integrating the resource-based view and dynamic capability view. To achieve this objective this study adopted an explanatory research design and collected data from 190 manufacturing sector SMEs in Sri Lanka. Structural equation modelling was used to analyze the relationship between antecedents of innovation capability and its impact on product innovations and process innovations. Accordingly, the empirical findings of the current study contributed to the innovation management literature by validating a new framework based on seminal arguments of RBV and dynamic capability view to determine the antecedents of innovation capability in the manufacturing SME sector. Moreover, the findings of the study theorized that the identified antecedents of innovation capability will positively influence product innovation capability and process innovation capability.
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Application of information systems in small and medium enterprises in sri lanka
Malwenna, KH
SMEs have become an important factor in the developing economies in the world, especially to economies like Sri Lanka. It contributes largely to the socioeconomic stability and poverty reduction process of the Sri Lankan economy in terms of employment generation while contributing to the GDP, equitable distribution of income, embarking on innovations, balancing regional development, lowering transaction cost and inspiring other economic activities. SMEs are the most dynamic businesses as they play a critical role in achieving socio-economic goals in developing countries with a low level of investment. Globally, information technology has become a key element in the economic development of many countries in the world. The objectives of the study were to explore the types of information technology/information systems existing in small and medium-scale enterprises in Sri Lanka, examine the advantages of the use of integrated systems by owner-managers of small and medium-scale enterprises in Sri Lanka, investigate the benefits of information systems to the small and medium-scale enterprises in Sri Lanka, and identify any problems encountered by small and medium-scale enterprises in exercising information systems. The response rate was 59.9%, which represented 91 manufacturing SMEs in the Colombo District of Sri Lanka. The study employed a questionnaire for owner-managers of SMEs. The stratified sampling technique was applied to obtain the sample size of the study and descriptive statistics were used for the analysis. The findings of the research revealed that e-mail is the most popular method of communication among SMEs in Sri Lanka and that SMEs are well aware about the benefits of information systems/information technologies. This study found that almost all SMEs are looking for government support for creating basic infrastructure, training and technical support.
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Art meets fashion: an investigative study of modern art inspired fashion brands in Sri Lanka
(2020-10-27) Ranathunga, GM; Madushani, SPN
Fashion shows a continuous change over time. Fashion represents the latest style of clothing. Inspirations assist fashion to create new designs to ensure they fit with the customers' view and satisfaction. A trend refers to a certain style in fashion. The symbolic aspect that transforms clothes into fashion is either an aesthetic attribute or brand attribute. Fashion has always sought inspiration from art, therefore fashion designers have been working with art throughout the years and now it includes contemporary and modern art due to the high demand for art inspired fashion in the world. This research is aimed to investigate the modern art inspired fashion brands in the world and find out decisive points in developing modern art inspired fashion brands in Sri Lanka. Information from primary and secondary sources has been gathered. Shop visits were carried out to collect information to study art inspired fashion. Secondary data were gathered by referring to books, journals, reports, and websites. It is expected that research findings would be beneficial for the stakeholders of the field of fashion in Sri Lanka.
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Assessing life span of vehicle tyres by analyzing multiple failure modes using parametric approaches
(2020-10-27) Rajasekara, SM; Sunethra, AA
In the recent decades, modelling multiple failure data which was a largely neglected analytical issue until the development of sophisticated techniques has gained a greater enthusiasm among the statisticians, which, can be advocated to address the precise nature of multiple failure type data. This study employs methodologies for the analysis of multiple failure modes for a dataset with two tyre categories namely Cross ply and Radial. Each tyre category had two types of tyres and five distinct modes of failures. Type of tyre and mode of failure are considered as explanatory variables. The lifetime (time to failure) of the tyres, which is the core response of interest, was modelled as a function of the explanatory variables and the fitted models were used to assess the validity of the prevailing warranty period. Two approaches of parametric survival regression were used for regressing the lifetime as a function of the failure mode and tyre type which were the explanatory variables considered in the study. Under the first approach, one model each was fitted for Cross ply tyres and Radial tyres treating all failure modes together, whereas in the second approach, one model for each failure mode of each tyre category was fitted. Reliability estimates for lifetime were obtained and compared across the two approaches of model fitting. A significant difference among the two approaches was not seen with respect to survival estimates. However, with respect to residual analysis, accommodate data dependencies and provision for adjusting the shape flexibility to parameter can be regarded as improvements of the second approach, which fitted separate models for each failure mode. In conclusion, the methods deployed in this study enable better decision making with respect to warranty setting and identifying failure modes and failure timings precisely.
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Assessing the factors affecting the adoption of cashless payments by small-scale traders: a case study on Sri Lanka
(Business Research Unit (BRU), 2023-12-04) Karunarathna, KK
This study investigates cashless payment adoption among small-scale traders in Sri Lanka, emphasizing those with capital investments below Rs. 4 million and workforces of 50 or fewer. Employing a positivist paradigm and a deductive approach based on the extended Technology Acceptance Model (TAM), the research challenges prevailing assumptions. Findings, derived from multiple regression analysis on an 80-trader sample in the Kurunegala district, reveal that associated costs and past exposure insignificantly impact acceptance. In contrast, trust and customer demand emerge as pivotal factors, offering nuanced insights into Sri Lanka's societal shift towards cashless systems. While the study provides practical guidance for policymakers, limitations, such as modest sample size and geographic specificity, warrant cautious interpretation. Future research should diversify samples, adopt mixed methods, and explore emerging technologies for a comprehensive understanding. The study contributes substantively to practical and theoretical realms, challenging conventional assumptions and emphasizing regional variations in small-scale traders' attitudes toward cashless methods.
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Assessing the impact of primal leadership on entrepreneurial performance: survey on Sri Lankan entrepreneurs
(Business Research Unit (BRU), 2022-12-01) Perera, HADN
“Leadership is lifting a person’s vision to high sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations.” - Peter Drucker The principal purpose of this research is to critically assess the impact of primal leadership on the performance of entrepreneurs in Sri Lanka. The study proposed a conceptual framework that was mainly derived based on a critical review of literature on two key disciplines, namely Primal Leadership and Entrepreneurial Performance. The conceptual framework consists of one independent variable – ‘Primal Leadership’ with 4 sub variable elements, namely Self- awareness, Social awareness, Self-management, and Relationship management, and one dependent variable – ‘Entrepreneurial Performance’ with 3 sub-variable elements, i.e., Subjective measures, Objective measures, and Managerial competencies. Thus, quantitative research was undertaken based on positivism and a deductive approach. All entrepreneurs in Sri Lanka were considered as the population of the study and using the probability-simple random sampling technique, a sample size of 105 was obtained based on 3 categories, namely (1) Startups, (2) SMEs, and (3) Large firms. The Survey technique was followed, and the data was collected using an electronically administered questionnaire. Descriptive statistical analysis was carried out to generate measures of central tendency and measures of association. Simple regression and multiple regression analysis techniques were used to generalize the sample-based findings to the entire population. Multiple findings were generated through the data analysis. In conclusion, the study proved that primal leadership has a strong positive relationship with entrepreneurial performance in the Sri Lankan context. Moreover, it was found that relationship management has the highest impact on the entrepreneurial performance of Sri Lankan entrepreneurs compared to the other 3 determinants of the notion of primal leadership, namely self-awareness, social awareness, and self-management.
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Awareness of green supply chain management practices of Sri Lankan SMEs
(Business Research Unit (BRU), 2023-12-04) Ashoka, AND; Jayasooriya, SD; Galahitiyawe, NWK
As many economies embrace global supply systems, there is a pressing need to focus on reducing the supply chains' adverse environmental impact. Green Supply Chain Management (GSCM), is an alternative idea that combines supply chain effectiveness with environmental considerations. GSCM is a powerful tool for distinguishing or separating a company from its competitors, and it can have a substantial impact on the company's success strategy. It is becoming more significant for Sri Lankan SMEs as they become more attentive to corporate social responsibility and the obligation to follow the terms of eco-friendly policy. Recently, it was found that there are many issues in the area of supply chain to the balance of biodiversity specially from the Small and Medium sector enterprises in Sri Lanka. Though various researchers have highlighted the penetration of GSCM practices in large-scale manufacturing industries, the present study is aimed at exploring the awareness of green supply chain management practices in Small and Medium Scale Industries (SMEs) in Sri Lanka. Therefore, the purpose of this research was to evaluate the current state of Sri Lankan Small and Medium Enterprises in the context of Green Supply Chain Management Practices (GSCMP). This research study takes a qualitative approach rather than a quantitative one. The study depends on primary data, collected through face-to-face, semi-structured interviews with seven Small and Medium enterprises in North Western Province, Sri Lanka. Interviews were conducted with managers of a set of SMEs in the Sri Lankan market in an attempt to meet the main objectives of this research. All the targets are located in North Western Province, as a matter of determining the geographical coordinates of the target. This study follows a thematic analysis approach to analyze the data. Highlighted findings were such that insignificant attention from SMEs in Sri Lanka is being paid towards the environment. SMEs were found not to be willing and seriously ready to take action so as to help in reducing environmental threats. Lack of customer awareness, Lack of knowledge & experience training to personnel in Green supply chain management, Lack of top-level management commitment in adopting green supply chain management, Suppliers or vendors are reluctant to adopt Green supply chain management practices, Cost of Implementation for Green supply chain management and Lack of support & guidance from regulatory authorities are the main reasons for lower level adoption to the green supply chain management practices among Sri Lankan SMEs. Various suggestions were offered in this study and proposed solutions according to the identified insufficiencies.
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Building services maintenance: an outsource service provider selection via scoring model
Wanigasinghe, PC; Mahakalanda, I
Building services outsourcing has become popular as it gives a peace-of-mind for the firms by contracting operation and maintenance of the building services to an external expert party for an agreed period and for agreed fee. However, the main issue faced by a firm is to select the most suitable outsource. The objective of this study is to identify critical service provider selection factors, in the area of building service maintenance outsourcing in property management and, to construct a scoring model that can be used at the decision making level. We have chosen quantitative/ structured questionnaire survey research approach. Expert views helped to identify the service provider selection factors in the premises and property management sector in Sri Lanka. We deploy Fuzzy Delphi Methods (FDM) to ranking and identifying weights of the service provider selection factors. Then Analytical Hierarchy Process (AHP) model computes the weights of the screened factors by performing pair-wise comparisons. These weighted factors can be used to construct the service provider selection model.
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Business growth of a hospitality IT solutions provider: a success case of Intahub (Pvt) Ltd
Mendis, S; Jayakody, G; Fonseka, T
The hospitality IT solutions industry of Sri Lanka can be considered as an oligopoly market, with few established Sri Lankan players and a couple of global and regional giants catering the high-end customers. Intahub (Private) Limited entered the market in 2015 with an innovative product, which was not offered by the Sri Lankan players. Within the three-year journey, the company has achieved a significant business growth, competing with quarter century old firms. The main purpose of the study was to explore the drivers that contributed to the business growth of Intahub. Business growth being the outcome of the case framework, four key drivers were identified contributing towards the business growth. The environmental moderator identified at Intahub was the competitive environment. Several secondary data sources were used in obtaining the preliminary information related to the case. This was followed by primary data gathering techniques, such as in-depth interviews and focus group discussions. Selection of employees covered both solution development staff and marketing staff, representing different levels of the organization. Collected qualitative data was analysed using the thematic analysis method. Entrepreneurial characteristics were identified as a key contributor, where the solid education background, compelling �entrepreneurial story�, prior experience, and social networks of the owner have contributed towards the success case of Intahub. Human talent of the company has favourably contributed towards its success case, where competencies and commitment of employees have been more dominant. However, employee contribution has been less dominant at Intahub. Strategic alliances were identified as another key driver. Factors contributing towards a long-lasting relationship were identified as picking a good partner, equal sharing of benefits among the partners, and enhancing the trust by keeping their commitments. Value innovation through buyer value creation and cost elimination
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Business plan for improving soil using fly ash for construction activities
Prasad, DLS
Sri Lanka has invested in large-scale infrastructure developments to meet the social demand in the country. Soil is the major raw material of aforesaid infrastructure developments. Hence, the demand for suitable soil is high due to these project requirements. The unavailability of suitable soils is considered as a burning issue for the construction projects. Hence, improving unsuitable soils with fly ash is an innovative solution for the construction industry. This paper will introduce a business plan for improving the unsuitable soils using fly ash mixing plants. Hence, highquality soil product can be provided to target customers. This business plan gives the opportunity for the first mover to enter and acquire the entire market. The company can supply high quality soils to internal project usage and to retailers, by acting as a wholesaler. The business plan aims to add value to meet the demand for high quality soil products and strategically earn profits. This innovative soil product would be attracted by the stakeholders and company shall approach to meet the stakeholder’s requirements by taking the competitive advantages. The success of the business will give two additional benefits, i.e., easy construction process and completing the project within the time frame. Further, the study discusses the target area relevant to the business such as business description, strategic goals, management and organization, product and services, market and competition, marketing, sales and finance.
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Can spirituality drive sustainable consumption intention?
(Business Research Unit (BRU), 2021-12-03) Rasanjalee, RMKS
The climate change and environmental depletion has made sustainable consumption a rising area of investigation with the purpose of understanding the factors influencing such phenomenon. Nevertheless, with the external factors such as infrastructural, institutional and policy changes have been recognized as insufficient, there does not exist a concrete consensus on which factors may drive an individual towards sustainable consumption. Hence, the present paper aims to examine possible factors which may have an influence on sustainable consumption intention incorporating spirituality through the contribution of Theory of Planned Behaviour and the Social Cognitive Theory of Moral Agency. A cross sectional survey was conducted in the study with a sample of 250 urban-educated consumers in the Colombo District using a convenience sample. The data collection was conducted with a self-administered questionnaire while Structural Equation Modelling (SEM) with AMOS was utilized for the analysis. The findings revealed a positive impact from both attitude towards sustainable consumption and perceived behavioral control on sustainable consumption intention. In contrast, subjective norms were recognized as statistically insignificant in its impact. Spirituality was revealed with a positive impact on attitudes towards sustainable consumption leading to sustainable consumption intention. Thus, this study contributes to the enhancement of the prediction power of Theory of Planned Behavior with spirituality as a behavioral belief. Hence, the findings reflect that inner changes in an individual have the possibility that may drive sustainable consumption intention. The paper, therefore, concludes with the strong revelation that spirituality plays a major role in an individual, affecting the attitudes towards sustainable consumption, ultimately resulting in sustainable consumption intention. Further, the paper suggests the policymakers and environmental authorities on the importance of incorporating spirituality enhancement programs in driving an individual towards sustainable consumption.
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Clicks to cravings: how social media serves as the culinary compass for Sri Lankan youth's food choices
(Business Research Unit (BRU), 2023-12-04) Ismail, NSAM; Weerabahu, SH; Ratnaweera, S; Premaratne, SK; Thelijjagoda, S; Jayasinghe, P
Sri Lanka's food industry is changing, and young people are using the internet more and more to get food recommendations as a result of the economic crisis of 2021. This has caused many food companies to move to virtual marketing. The impact of social media marketing (SMM) versus traditional media marketing (TMM) on the food purchasing behavior of Sri Lankan youth (18–30 years old) is examined in this study, which looks at the effective marketing strategies for this demographic given the widespread use of social media among young people. Two hypotheses were investigated using quantitative methods: H0, which states that there is no significant difference in purchasing decisions between youth exposed to TMM and SMM, and H1, which states that young Sri Lankans prefer SMM. Using R software, the analysis validated H1, showing that there is a stronger positive relationship (r = 0.5413) between SMM and youth food purchases than there is with TMM (r = 0.1108). A significant difference in conversion rates was noted for youth exposed to SMM (p < 0.001), but not for TMM (p = 0.1913), according to Welch's t-test. This study shows empirically that SMM influences young Sri Lankan consumers' food choices more than TMM does, highlighting the significance of digital marketing tactics for this group. These findings have an impact on companies and marketers who want to attract and keep young customers in the rapidly changing digital landscape.
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Commercialization of four-wheeler electric vehicles charging station in Bangladesh: challenges and opportunities
(Business Research Unit (BRU), 2024) Jahan, NA; Hossain, MS; Alam, SB
There are several potential and difficulties associated with the commercialization of electric vehicles (EVs), especially in developing nations like Bangladesh. This study examines Bangladesh's present EV technology commercialization situation, highlighting significant obstacles and prospects. Using a case study of an electric charging station in Dhaka city. Electric vehicles (EVs) are pulling momentum in this age of global warming due to their environmentally friendly nature. This technology has potential, and challenges associated with commercialization, especially in Bangladesh. This study examines the present situation of Bangladesh's EV technology and market along with the challenges and opportunities of commercialization of this niche market. The study uses qualitative data from secondary sources like various reports, policy guidelines, market data, etc., and four case studies of EV dealers and Charging station companies. The theoretical base was a combination of the 7p model and the goldsmith business model for commercialization. As the market is still in its niche phase the study carefully observed the potential future action for commercialization. It was found that EVs have a potential future market due to the manufacturer of cars shifting to EVs. However, the challenge remains in accommodating vehicles with proper infrastructure (charging stations). To tackle this shift, it is high time to develop EV charging infrastructures to be installed for a smooth transition. The major challenges for this include financial barriers, energy supply, and policy gaps. The opportunities are environmental betterment, technological advancement, and potential for the local market. For commercializing the EV sector competitive prices with traditional fuel-driven cars are necessary along with awareness of the economic and environmental benefits of proper planning. The study recommended that there is a need to spread accurate knowledge among the end users for the adoption of EVs and policymakers and industry stakeholders’ recommendations to support the development of Bangladesh's EV sector.
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Community-based evacuation routes for hydrometeorological hazards resilience: a case study of Ratnapura district in Sri Lanka
(Business Research Unit (BRU), 2023-12-04) Cooray, MSS; Bandara, AANS; Perera, AAH; Lankeshwarie, ABD; Dassanayake, SM; Gunawardana, A; Prasanna, R
Sri Lanka has endured many hydrometeorological hazards due to torrential rains and monsoonal rains. These events disrupt communication networks, obstruct roadways, and can result in resource misallocation. Thus, setting in place mechanisms that could enhance situational awareness is essential and beneficial in building resilience in disaster management. This study aims to minimize the loss of lives and improve living conditions for the displaced by strategically allocating resources. Our approach involves the development of a decision management system. This system serves the dual purpose of guiding civilians to the nearest evacuation shelter and aiding stakeholders, including local authorities and Red Cross volunteers, in coordinating rescue operations and resource distribution. The research employs a multi-phase methodology, the research conducts susceptibility analysis to identify flood-prone areas based on terrain, land use, and soil data. Leveraging Synthetic Aperture Radar (SAR) satellite imagery, the inundation mapping phase assesses the flooding extent in Rathnapura, the selected study region. These maps are instrumental in optimizing evacuation routes and ensuring the secure movement of affected populations during flood events. The resulting flood risk map integrates with the system to generate the nearest evacuation route. This enables users to circumvent flooded areas inaccessible by land vehicles, ultimately saving crucial time in emergency situations. The data pertaining to the relocation of civilians to these evacuation shelters can be used by authorities to appropriately allocate food, water, medical supplies, and dry rations, and the route suggestion engine can be used in rescuing civilians stranded in their homes during floods. The Decision Management System in question was developed as a web application, which is currently being deployed on a local server with improvements underway to best serve the public and authorities.
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A Comparative study of Sri Lankan and global retail banking customer behavior changes due to the Covid – 19 health crisis and responses by banks
(Business Research Unit (BRU), 2021-12-03) Panditaratne, S; Dilmi, M; Samarasiri, NC; Waas, P; Gunawardane, G
Organizations and consumers worldwide were caught off guard by the COVID-19 pandemic and banks and banking customers have been no exception. Research surveys across the world address several changes in retail banking customer behavior due to the crisis. Notable among these is a sharp decline in bank branch visits and an increase in adoption of digital (internet and mobile banking) interactions with banks. Related to these behavioral changes are challenges faced by certain customers, especially the older and rural customers in adopting to digital interactions, attitudes towards internet based mobile banking, trust in banks, and concerns about privacy and security. In addition to addressing threats imposed by this crisis to banks’ liquidity and profitability, retail banks have also had to address above aspects of retail banking customer behaviors. Banks actions reported include redesigning their customer service to ensure business continuity, customer communication strategies, aiding customers in use of internet and mobile banking, enhancing cyber security, promoting customer trust, restructuring operations and staff scheduling (including work from home), and addressing employee morale and emotional issues, and organizational culture issues. This paper will report findings of a survey of 119 Sri Lankan retail banking customers to ascertain their behavioral changes and attitudes due to the COVID -19 health crisis. Then it will present a survey of top and/or Operational Managers of the 12 most prominent banks in Sri Lanka to ascertain how banks handled the COVID – 19 crisis. These findings will then be compared to findings on retail bank customer behavior changes and bank responses in 27 other countries based on recent research papers and industry reports. The findings from this study were that Sri Lankan retail banking customers reduced physical contacts, and increased digital interactions, with their banks. They also found the change useful and easy to handle, thus leading them to trust the banks with the privacy and security of information resulting in overall satisfaction with the change. These findings are consistent with findings across the globe. It was also found that Sri Lankan banks are sufficiently addressing service continuance and safety of customers and employees with administrative changes comparable to actions by banks across the world. However, Sri Lankan banks, compared to banks across the world, have not established formal cybersecurity policies or programs, communication and educational programs for customers, programs to enhance employee morale and emotional issues, and addressed organizational culture issues although they seem to be aware of the significance of these issues. The paper will finally present certain recommendations for bank Managers and areas for further research.