Prelims

Half Title Page

VUCA and Other Analytics in Business Resilience, Part B

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EMERALD STUDIES IN FINANCE, INSURANCE, AND RISK MANAGEMENT

Series Editor: Simon Grima

Books in this series collect quantitative and qualitative studies in areas relating to finance, insurance, and risk management. Subjects of interest may include banking, accounting, auditing, compliance, sustainability, behaviour, management, and business economics.

In the disruption of political upheaval, new technologies, climate change, and new regulations, it is more important than ever to understand risk in the financial industry. Providing high-quality academic research, this book series provides a platform for authors to explore, analyse and discuss current and new financial models and theories, and engage with innovative research on an international scale.

Previously published:

• Uncertainty and Challenges in Contemporary Economic Behaviour Ercan Özen and Simon Grima

• New Challenges for Future Sustainability and Wellbeing Ercan Özen, Simon Grima and Rebecca Dalli Gonzi

• Insurance and Risk Management for Disruptions in Social, Economic and Environmental Systems: Decision and Control Allocations Within New Domains of Risk Simon Grima, Ercan Özen and Rebecca Dalli Gonzi

• Public Sector Leadership in Assessing and Addressing Risk Peter C. Young, Simon Grima and Rebecca Dalli Gonzi

• Big Data Analytics in the Insurance Market Kiran Sood, B. Balamurugan, Simon Grima and Pierpaolo Marano

• Big Data: A Game Changer for Insurance Industry Kiran Sood, Rajesh Kumar Dhanaraj, B. Balamurugan, Simon Grima and R. Uma Maheshwari

• The Adoption and Effect of Artificial Intelligence on Human Resources Management Pallavi Tyagi, Naveen Chilamkurti, Simon Grima, Kiran Sood and B. Balamurugan

• Contemporary Studies of Risks in Emerging Technology, Part A Simon Grima, Kiran Sood and Ercan Özen

• Contemporary Studies of Risks in Emerging Technology, Part B Simon Grima, Kiran Sood and Ercan Özen

• The Framework for Resilient Industry: A Holistic Approach for Developing Economies Narinder Kumar, Kiran Sood, Ercan Özen and Simon Grima

• VUCA and Other Analytics in Business Resilience, Part A Deepmala Singh, Kiran Sood, Sandeep Kautish and Simon Grima

Title Page

VUCA and Other Analytics in Business Resilience, Part B

EDITED BY

DEEPMALA SINGH

Symbiosis International University, India

KIRAN SOOD

Chitkara Business School, Chitkara University, Punjab, India; Research Fellow, Women Researchers Council (WRC), Azerbaijan State University of Economics (UNEC)

SANDEEP KAUTISH

School of Computing, Model Institute of Engineering & Technology (Autonomous), Jammu, J&K, India

AND

SIMON GRIMA

University of Malta, Malta; University of Latvia, Latvia

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Emerald Publishing, Floor 5, Northspring, 21-23 Wellington Street, Leeds LS1 4DL.

First edition 2024

Editorial matter and selection © 2024 Deepmala Singh, Kiran Sood, Sandeep Kautish, and Simon Grima.

Individual chapters © 2024 The authors.

Published under exclusive licence by Emerald Publishing Limited.

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No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. Any opinions expressed in the chapters are those of the authors. Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters’ suitability and application and disclaims any warranties, express or implied, to their use.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-83753-199-8 (Print)

ISBN: 978-1-83753-198-1 (Online)

ISBN: 978-1-83753-200-1 (Epub)

Contents

About the Editors

Deepmala Singh is an Assistant Professor at Symbiosis Centre for Management Studies, Nagpur, India. She completed her PhD from Banaras Hindu University, India, in 2016.

Kiran Sood is a Professor at Chitkara Business School, Chitkara University, Punjab, India; Research Fellow, Women Researchers Council (WRC), Azerbaijan State University of Economics (UNEC). She received her UG and PG degrees in Commerce from Punjab University, respectively, in 2002 and 2004. She earned her Master of Philosophy degree in 2008 and Doctor of Philosophy in Commerce with a concentration on Product Portfolio Performance of General Insurance Companies in 2017 from Panjabi University, Patiala, India. Before joining Chitkara University in July 2019, Kiran had served four organisations with a total experience of 18 years. She has published various articles in various journals and presented papers at various international conferences. She serves as an Editor of the refereed journal, particularly the IJBST International Journal of BioSciences and Technology, International Journal of Research Culture Society, and The Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM). Her research mainly focuses on regulations, marketing and finance in insurance, insurance management, economics and management of innovation in insurance. She has edited more than 10 books with various international publishers such as Emerald, CRC, Taylor & Francis, AAP, WILEY Scrivener, IET, Rivers Publishers, and IEEE.

Dr Sandeep Kautish is an Academician with 19 years of work experience in academia in various institutions of India and abroad. He is the Dean of School of Computing, Model Institute of Engineering & Technology (Autonomous), Jammu, J&K, India. He has been setting up academic setups across India. He earned his Bachelor’s, Master’s, and Doctorate degrees in Computer Science on Intelligent Systems in Social Networks. His areas of research interest are healthcare analytics, business analytics, machine learning, data mining, and information systems. He has 50+ publications in his Scopus account with an H-Index of 12. Similarly, he has 1,000+ Google Scholar citations with an H-Index of 19 and an i-10 index of 32. His 36 publications are included in the Web of Science Core Collection with an H-Index of 10. He has publications in reputed journals like Springer, Elsevier, Taylor & Francis, Wiley and IGI Global. He has well authored/edited more than 15 books with reputed publishers. He has been invited as a Keynote Speaker at VIT Vellore in 2019 for an International Virtual Conference held at the VIT Vellore Campus. He filed one patent in the field of Solar Energy equipment using Artificial Intelligence in 2019. He has been instrumental in organizing more than 10 conferences and 15+ FDPs/FTPs in India and abroad. He is an Editorial Member/Reviewer of various reputed SCI/SCIE journals.

Simon Grima is the Deputy Dean of the Faculty of Economics, Management and Accountancy, Associate Professor and the Head of the Department of Insurance and Risk Management at the University of Malta. Simon is also a Professor at the University of Latvia, Faculty of Business, Management and Economics and a Visiting Professor at UNICATT Milan.

About the Contributors

Yatiwelle Koralalage Weerakoon Banda is a Professor with the Faculty of Business, Sri Lanka Institute of Information Technology, Malambe, Colombo, Sri Lanka.

Dr Rajni Bansal, is an academician of great standing, worked as a Faculty and Academic Administrator for over 16 years in her previous positions. She is also Cost and Management Accountant and a Certified Member of the Institute of Cost Accountants of India. Her research interests are in the field of Cost Accounting, Finance, and Taxation. She has earned various positions during her journey, such as Head of the Department of Management, Editor PIMT Journal of Research (UGC Care Listed Journal), acted as Superintendent, acted as an Assistant to Controller in the Evaluation of PTU Exams, and many others. She has attended various national and international conferences. She has also published two books along with more than 20 papers in various national, international, and Scopus-indexed journals. Her name has also been included in the editorial of various UGC Care Listed and Scopus-indexed journals. She has also filed 10 patents and presently working as Associate Professor (Academic Coordinator – B.Com Program), Centre for Global Education Chitkara University Punjab.

Dr Sampath Boopathi holds a distinguished academic background and extensive expertise in the field of Mechanical Engineering. He earned his Undergraduate degree in Mechanical Engineering, followed by a Postgraduate degree in computer-aided design. Subsequently, he pursued a PhD in Manufacturing Optimisation from Anna University in Chennai, India. With a remarkable research and academic career spanning over 16 years, he has held positions in various esteemed engineering institutions. Currently, he serves as a Professor in the Department of Mechanical Engineering, where he imparts his knowledge and contributes to the growth of aspiring engineers. His research primarily focuses on several key areas, including green manufacturing, dry and near-dry EDM (Electrical Discharge Machining), natural fibre composites, and friction stir welding processes. His dedication to these fields has resulted in the publication of more than 150 research articles, showcasing his expertise and significant contributions to the scientific community. https://orcid.org/0000-0002-2065-6539

Dr Ajay Chandel is working as an Associate Professor at Mittal School of Business, Lovely Professional University, Punjab. He has 12 years of teaching experience. He is actively involved in teaching, training, and research. He is a reviewer of ‘The Case Journal – Emerald Insight’. He has taken training sessions related to marketing, branding, and life skills in the industry. https://orcid.org/0000-0002-4585-6406

Dr Nawalage Seneviratne Cooray is a Professor of Economics at the International University of Japan (IUJ), Niigata, Japan. He was a Research Associate at the United Nations University/Institute of Advanced Studies (UNU/IAS) and a UN Researcher at the United National Centre for Regional Development. He holds a BA (honours), a Diploma in Economic Development from the University of Colombo, an MA (IUJ), and a PhD (Nagoya University). His publications include many referred articles, book chapters, and edited volumes. Cooray has supervised more than 120 theses of master’s and doctoral-level students from all over the world. He has more than 35 years of teaching, research, training, and administrative experience.

Narayanage Jayantha Dewasiri is a Professor at the Department of Accountancy and Finance, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka.

Dr Kurukulasuriya Dinesh Udana Devindra Fernando is a Senior Lecturer in the Department of Accountancy and Finance, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka. He holds a PhD in International Relations from the International University of Japan, an MSc in Business Statistics from the University of Moratuwa, Sri Lanka, and a BSc (Special) in Insurance and Valuation from the Wayamba University of Sri Lanka. His research career has involved the presence of international research conferences and published in proceedings and journals. His fields of study are Risk Management, Insurance and Banking, Institutions, and Political Economy.

Dr Monica Gupta has done BCom from MCM DAV College, Punjab University, Chandigarh, MBA (Finance & HR) and PhD in Management (Business Administration) in Entrepreneurship and Small Business. She has 10 years of total experience in the field of education and research. She has papers published in various national and international journals and research papers presented at various conferences. She has an interest in teaching various subjects like Global Finance, Organisation Behaviour, General Management, Entrepreneurship, Basic Accounting, and many more. She has experience in handling various academic administrative tasks and acted as a team lead for more than four years. She has filed nine patents and is currently working as Assistant Professor in Chitkara Business School, Chitkara University, Punjab, India.

Dr T. Vel Murugan is an Assistant Professor in Finance in the College of Management at SRM Institute of Science and Technology, Chennai, Tamil Nādu, India with more than 20 years of experience in the field of teaching. He holds a Doctorate degree from Bharathiar University, Coimbatore, Tamil Nādu, India. He holds a Master’s degree in Philosophy in Finance from Annamalai University and a Master’s in Business Administration in Finance from Bharathidasan University and a Bachelor’s degree in Business Administration from Bharathidasan University, Trichy, Tamil Nādu, India. He qualified in SET in the year 2016. His keen interest in research developed in his initial days of education which fulfilled his dream of achieving in publishing and presenting more than 20 research articles in his expertise domain of finance. His achievements have proven his potential and keen interest in the future of research in various areas including financial management, portfolio management, and financial services.

Munish Gupta works as an Associate Professor at the University School of Business-Chandigarh University. Munish has a Master’s in Commerce with a specialisation in Finance. Munish has a PhD degree in Commerce (Finance and Accounting). Munish has 14 years of experience in academic and professional settings and is capable of facilitating the publication of thought-provoking research. He has been engaged in publishing several research papers with UGC care list journals, Scopus index journals and ABDC. Munish is an Experienced Administrative Assistant and Data Analyst seeking a position in finance.

Dr Kshitiz Jangir currently hold the position of Assistant Professor at the School of Business and Commerce, Manipal University Jaipur. Kshitiz’s professional qualifications include a Master’s degree in Commerce, specialising in Finance. Kshitiz has been conferred a PhD degree in Commerce, with a focus on Finance and Accounting. With a cumulative experience of 14 years in academic and professional contexts, Kshitiz has acquired a wealth of knowledge and expertise in my field. Kshitiz has the capability to effectively facilitate the publication of research that stimulates critical thinking and intellectual discourse. Kshitiz has gained valuable experience as an administrative assistant and data analyst. Presently, Kshitiz is actively seeking a position in the finance sector where Kshitiz’s proficiency and experience to make significant contributions could be leveraged.

Dr Priya Jindal is currently working as an Associate Professor at Chitkara Business School, Chitkara University, Punjab, India and holds a Master’s degree in Commerce and Economics. She earned her Doctorate in Management. She has contributed more than 16 years in teaching. She supervised four PhD research scholars and two M.Phil candidates. There are numerous research papers to her credit in leading journals among them seven research papers have been published in Scopus-indexed journals. Her areas of research included banking, finance, and insurance. She has filed more than 21 patents and 2 copyrights. She is the editor of two books under IGI publications and both the books got indexed in Scopus.

Dr Simran Kaur has a Postgraduate in Psychology and an MBA in Human Resource Management. She received her PhD in Human Resource Management. She has more than 10 years of industrial, teaching, and research experience. She has a keen interest in academics and research. She has to her credit more than a dozen research papers published in journals of national and international repute, including Scopus, ABDC, and UGC-listed journals. She has won various awards for her teaching and research contributions. In addition, she has conducted many workshops and training programs for students as well as professionals.

Dr G. Kumar is an Assistant Professor in Marketing and Systems at the College of Management at SRM Institute of Science and Technology, Chennai, Tamil Nādu, India with more than 13 years of experience in the field of teaching. He holds a Doctorate degree from SRM Institute of Science and Technology, Chennai, Tamil Nādu, India. He holds a Master’s degree in Business Administration from Bharathidasan University Trichy, Tamil Nādu, India, and a Bachelor’s degree in Electronics and Communication Engineering from Madras University, Chennai, Tamil Nādu, India. His keen interest in research developed in his initial days of education which fulfilled his dream of achieving in publishing and presenting more than 40 research articles in his expertise domain of systems and marketing. His achievements have proven his potential and keen interest in the future of research in various areas including technology in the banking sector, mobile payment systems, and employee engagement strategy.

Dr Sanjeev Kumar is working as a Professor in the School of Hotel Management and Tourism at Lovely Professional University, Punjab, India. He has worked in the hotel industry in India and abroad. He has published over 35 research papers, articles, and chapters in Scopus-indexed, UGC-Approved, and peer-reviewed journals and books. Dr Sanjeev Kumar participated and acted as a resource person in various national and international conferences, seminars, research workshops, and industry talks. His research interests are food and beverage service, wine, tourism, metaverse, event management, and sustainable practices. He has published many book chapters in IGI Global and Wiley publication house.

Dr Sunil Kumar holds a PhD in Economics, an M.Phil. in Economics, an MA in Economics and PGDM. He has also completed various certification courses in Economics and Management from institutions of repute such as Stanford University, University of California, and University of Texas System. Dr Kumar is also an active researcher. He has published several research papers and articles in national and international journals of repute. He has also presented research papers at national and international conferences in the USA, Singapore, and UAE. He has also been awarded the Degree of Doctor of Letters (D.Litt.) by the International Economics University.

Prof Anu Singh Lather, an eminent academician, is Vice Chancellor of Dr. B.R. Ambedkar University Delhi, India. Professor Lather’s fields of specialisation are Strategic Human Resource Management, Organisational Behaviour, Organisational Development and Change Management, Business Communication, and Technology and Innovation Management. In recognition of her valuable and worthy research contributions, she has been conferred with the Best Researcher Award consecutively for 3 years, i.e., 2010, 2011, and 2012, by GGS Indraprastha University. Faculty of Economics and Management, Slovak University of Agriculture, Slovak Republic awarded a Gold Medal to her for Excellence in Academic and Research Activities. She received the International Achievers’ Award for Education Excellence from the Indian Achievers Forum in collaboration with the Singapore Chambers of Commerce and Thai Chambers of Commerce at the International Summit in Singapore in 2011.

Firdous Ahmad Malik is working as an Assistant Professor of Economics at University of People Pasadena, California, United States. Prior to this, he was engaged with Senior Research Associate in reputed institutes. He graduated with a PHD from Babasaheb Bhimrao Ambedkar University, Lucknow, India. His research areas of interest are microfinance, financial inclusion, and financial literacy. He has published papers in Springer, Elsevier, Taylor & Francis, and other Scopus-indexed journals. He has published his latest book with Springer, Financial Inclusion Schemes in India. There are many other books published by him with reputed publishers.

Thelge Ushan Indika Peiris is a Professor with the Department of Accountancy and Finance, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka.

Dr Anju Rohilla is an Assistant Professor at the Department of Business Studies, P.I.E.T, Panipat. She has five years of teaching experience. She has completed a PhD (Management) from Bhagat Phool Singh MahilaVishwavidyala, Khanpur Kalan, Sonipat, India. She has completed an MBA from Guru Jambeshwar University of Science and Technology in Hisar, India. Her area of interest is banking fraud. She has delivered 10 research presentations at national conferences and published several research papers in national and international journals. She has delivered workshops on case study analysis.

Dr Kumar Shalender is a Post-Doctoral Fellow of the Global Institute of Flexible Systems Management and Doctor of Philosophy in Strategic Management. He has more than 14 years of experience in domains of Business Policy, Strategic Management, and Business Model Development and a total of 70 publications including presentations at international/national conferences and book chapters to his credit. His current research areas include the field of Metaverse, Blockchain Technology, and Sustainable Development with a special focus on sustainable cities and mobility ecosystems in India.

Dr Anjali Sharma is an Assistant Professor at the Mittal School of Business, Lovely Professional University, Phagwara, Punjab, India. Anjali Sharma has an impressive track record of organising and leading over five workshops, as well as delivering guest lectures at Amity International Business School, Amity University. As a diligent researcher, she has presented research papers at both national and international conferences and seminars. Additionally, she has published 10 papers in esteemed journals and contributed five research papers/chapters to refereed edited books. https://orcid.org/0000-0002-4497-5489

Dr Naman Sharma is an Assistant Professor at Assistant Professor-General Management and Strategy, Indian Institute of Foreign Trade (An Autonomous Institution Under the Ministry of Commerce and Industry, Govt. of India), Kolkata Campus, India. His areas of research include General Management, Organisational Behaviour, and Human Resource Management among others. He has published papers in reputed journals and has many books to his credit.

Dr Ridhima Sharma is an avid reader and believer of hard work. She is an Assistant Professor in VIPS-TC. She earned her graduation from Daulat Ram College, Delhi University, India. She pursued her MBA(Hons) from USM, KU followed by MPhil(Economics) from Thapar University and did her Doctorate at Banasthali Vidyapith. She has been the Gold medalist across her complete academics. She has contributed several articles to the journals of national and international repute, has presented papers in national and international conferences, and has authored a book. She has 10 years of teaching experience. She also holds rich corporate work experience working in managerial positions with reputed companies.

Dr Vikas Sharma is currently employed as an Associate Professor at the University School of Business, Chandigarh University. Vikas’s academic background includes a Master’s in Business Administration (MBA) with a specialisation in Management, Finance and Accounting. Vikas successfully obtained a PhD degree in Management, with a focus on Finance and Accounting. With a combined experience of 14 years in both academic and professional environments, Vikas has comprehensive knowledge and expertise. Vikas has actively contributed to the publication of insightful and thought-provoking research. Vikas’s abilities extend beyond academic pursuits. Vikas also gained proficiency in administrative assistance and data analysis. Vikas is now seeking a challenging position in the realm of finance.

Thambawita Maddumage Nimali Tharanga is a Lecturer with the Department of Accountancy and Finance, Faculty of Management Studies, Sabaragamuwa University of Sri Lanka.

Dr Jyoti Verma is a Faculty at Chitkara Business School, Chitkara University, Punjab, India. With more than 19 research papers to her credit, published in various journals and conferences at the national and international levels, Dr Verma has developed her core expertise in the areas of service quality, blockchain, and behavioural finance. She has authored one book titled Accelerating the Development of Quality of IT-Enabled Banking Services by international publishers and published many book chapters in edited books at the international level. She has published many patents and has prepared and delivered many E-Content programs on Research Methodology (MHRD Projects).

Dr R. Vijay Raja is an Assistant Professor in the College of Management at SRM Institute of Science and Technology. He has more than 12 years of academic experience and 3.5 years of industry experience. He completed his Doctor of Philosophy (PhD) in the area of ‘Electronic Recruitment’ in Human Resource Management at the Department of Management Studies, University of Madras. He completed his Master of Business Administration (MBA) in the year 2010 from London Metropolitan University, UK and had the opportunity of working as a Lecturer in Business Studies, London Victoria College, UK. He holds an Undergraduate degree in B.E. (Electronics and Communication). As an academician, he has expertise in human resources and marketing and taught various subjects like Organisational Behaviour, Human Resource Management, Manpower Planning and Selection, Marketing Management, Consumer Behaviour, etc. He also coordinated with TATA Consultancy Services (TCS) for the preparation of Learning and Curriculum Based Framework (LOCF) for B.Tech., Computer Science in Business Systems. At present, he is the Program Coordinator for MBA in Hospital Management. He has published various research articles in Scopus-indexed and other peer-reviewed journals.

Dr Pawan Whig is an Accomplished Expert in Artificial Intelligence and its use in healthcare. He currently holds the positions of Professor and Dean of Research at the Vivekananda Institute of Professional Studies -TC, New Delhi, India. With over a decade of experience in the field, his research focuses on machine learning’s application in drug discovery and development. He has published over 100 papers in leading conferences and journals in the field, and his work has been widely cited. As an active member of multiple professional societies, he has served as a reviewer and program committee member for several international conferences. Dr Whig also has industry experience, having worked on various AI-based pharmaceutical projects, and he is highly respected for his ability to translate academic research into practical applications.

Foreword

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This book presents a number of applications in varying circumstances of the VUCA environment involving constant, unpredictable changes that have now become the norm in different areas of the business world. Such applications include the use of bibliometric analysis to investigate the fluctuations of scientific publications over the years; the use of backcasting practices by leadership teams in different industries in order to survive in turbulences; the fostering, in such a VUCA world, of creativity, innovative service behaviour and performance of entrepreneurs through employee engagement practices; the consolidation of leadership strategies valuable in VUCA times like COVID-19; investigations on price volatility of internal and external shocks as well as the effect of COVID-19 on the Colombo Stock Exchange; the measurement and prediction of how innovative a company can be considering key internal factors using modern data analytics/science; how small businesses might succeed in the handicraft industry in a VUCA environment and the identification and analysis of the VUCA factors emerging during the COVID-19 pandemic. Resilience in a challenging VUCA environment is thus particularly studied from different perspectives.

VUCA and Other Analytics in Business Resilience is therefore a book to be highly recommended for its insights to any reader seriously interested in the achievement of success in a rapidly changing world.