Managers have to make decisions several times a day. The decision-making process can be defined as an essential activity realized by managers every day. Decisions can be implemented intuitively, or by using relevant decision-making methods. This depends on the nature of the decision, as well as the intensity of its possible future effects. The theory of decision-making can be defined as a relatively young discipline. It can be stated that decision-making is no longer an intuitive process. Most decision-making situations are of a multiple criteria character. In this contribution, the authors focus on multiple-criteria decision-making, to which several methods can be applied. In the practical part, the authors use Saaty's method, also known as the Analytic Hierarchy Process. Saaty is considered to be the most important researcher dealing with the issue of multiple-criteria decision-making. The set multiple-criteria decision-making problem was to choose one business partner out of eight under consideration. The decision-making criteria included selected financial indicators and non-financial criteria. The aim of the contribution is to use the Analytic Hierarchy Process to assess potential business partners and to select an optimal candidate.
The article discusses the use of Internet of Things (hereinafter as IoT) solutions in the social and business environment to support managerial decision-making in Smart businesses. The paper key objective is to assess the rate of increasing technological advancement of the IoT which already affects us all, so it is not possible to talk about the IoT as a matter of the future. Currently, modern technologies provide specific level of digitization of business processes. Due to the penetration of information and communication technologies (hereinafter as ICT) in all areas of social life and business processes, it is possible to implement decisions on product production based on customer needs and requirements. This trend is mainly due to technological advances in ICT and the Internet. Thanks to the internet and the phenomenon called Internet of Things, it is possible to achieve higher profits and improve the quality of life in society. The manuscript main findings can be summarized through a statement that all the businesses try to implement the concept of IoT in their processes, and thus they become smart businesses. Thanks to IoT, businesses can quickly process data and distribute the results to responsible people for decision-making in the enterprise.
Globalized economy has changed the whole world both in good and in bad. The changes in economy have significant impact on the everyday life, which affect practically everyone. Because the economy, monetary systems and financial markets form the operational platform of the globalized world, it is necessary to understand their role. As the economy is one of the three main pillars of the sustainability, it is impossible to develop the global sustainability without stabile and sustainable economy. The inequality of the distribution of wealth and prosperity is the most critical factor of economic sustainability and the ever-increasing accumulation of wealth and money is one of the most crucial factors jeopardising the global sustainability. People and nations struggling economically are usually having the biggest challenges with both social and environmental sustainability. Wealth works dually: it enables rich people and nations to increase their consumption footprint and they hinder poor people and nations to make consumer decisions and investments needed to improve sustainability. The rich countries have outsourced their unsustainable industrial activities to poor countries having undeveloped legislation and maximized their profits by utilising these socially and ecologically unsustainable labour and production practises, which most are illegal in the rich countries.
Research background: The COVID-19 pandemic revealed many problems in global logistics, economy and sustainability. Very long time the globalization has been seen as the motor of international development and prosperity. Because the COVID-19 pandemic the global logistics has seriously affected (for example air and sea logistics), especially European and US economies have experienced serious setback and even the global sustainability has been under turmoil. Purpose of the article: In this article the major logistic, economic and sustainability challenges revealed by the COVID-19 pandemic during the years 2020 and 2021 will be researched and the research aims to define, how the global logistics, economy and sustainability have been affected and especially which of these changes can be seen irreversible. The world has already started the change of economic paradigm manifested by the Financial Times on September 18th 2019 in their article “Capitalism: Time for a Reset”. All the aspects highlighted by FT were catalysed by COVID-19 pandemic and now it is time to define, how we can use this experience for creation of the new globalization paradigm. Methods: The main method of creating this article is to find and analyse recent practical information about challenges, development and solutions in logistics, economics and sustainability. Findings & Value added: The main finding of this article is to create a holistic overview about what happened and what has been done in global logistics, economy and sustainability and how the post-COVID-19 ought to deal with globalization. The world will never return back to the status quo which was before the new economic paradigm and COVID-19, so it is necessary to understand, how our globalized world will change in the future.
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