Our research at Centre for Industrial Revolution and Innovation (CIR4I) is the result of a unique collaboration between well-established researchers who address a wide array of social challenges faced by organizations. Our expertise is vast and span across financial literacy and technology, digital innovation, family business and entrepreneurship, as well as education. Additionally, our research focuses upon providing innovative solutions to challenges posed by integrating technology into teaching and learning, and its associated predicaments, from a multidisciplinary perspective. Our researchers are experts in the fields of economics, finance, marketing, management, psychology, statistics as well as behavioral and medical sciences. Additionally, we aim to mentor a new generation of researchers that are up to par with global standards and who are equipped to address challenges associated with the fourth industrial revolution.
There are various ways our team can work with your organization.
- Problem identification
- Innovative solutions to industrial problems
- Literature review
- Expert analysis, interpretation and reports
- Policy development
- Test and analysis work combined with expert interpretation
- Model development
- Conducting feasibility studies
- Intervention analysis
- Market research and analysis
To date, our research has seen measurable success through publications in prestigious academic journals. So far, several organizations from various countries have provided us with external grants with the explicit aim of either, improving their employees’ well-being or improving their customers purchase decisions through our cutting-edge research.
OUR RESEARCH CONSULTANCY PACKAGE
Our solutions comprise of various stages that we implement to ensure meticulosity.
- We define the scope of the problem that organizations present us with.
- We conduct a rigorous literature review to articulate relevant studies to see what has already been researched and what existing research lacks and how that applies to the problem we have been presented with.
- We develop a methodology to conduct our research. We cater to both, primary and secondary data.
- Through the gathered primary or secondary data, we develop a model and rigorously test it through robust quantitative techniques ranging from, machine learning to multivariate statistical techniques.
- We present our findings to the funding organization in a report and may further proceed towards publishing our findings.
- We design primary interventions in light of our findings. Our interventions are intended to be low cost that require low effort to implement.
- Super Asia Group, Pakistan
Topic: The role of heuristics in price cognition
Duration: 2019 – 2021
- To improve the understanding of the role of heuristics that underlie consumers’ price judgments.
- To design primary interventions that would aid consumers to make better purchase decisions
The problem: In the real world, consumers make purchase decisions under limited time, limited cognitive ability and limited information. These limitations suggest that consumers face “bounded rationality”, which makes them intuitive and subjective in their purchase decisions as opposed to the rational consumer often described in textbooks as logical and objective. Subsequently in the real world, consumer’s make use of heuristics or mental shortcuts to make quick purchase decisions. However, the use of heuristics often leads to biases in purchase decisions. While research on heuristics that underlie consumers’ purchase decisions is plentiful in literature, however, little attention has been given to the role of heuristics in consumer’s judgments concerning prices of goods.
Diagnosis: We sought to derive insights from the field of behavioral economics to identify heuristics that underlie consumers’ price judgments.
As a first step, we conducted an extensive literature review that revealed several classes of heuristics that underlie consumers’ price judgments. Our experts identified the “representative heuristic” reflected in the “precision effect”, as a potential source of bias in consumers’ price judgments.
Currently, we are in the midst of conducting several experiments to confirm whether price precision influences consumers’ price judgements. Our experiments are intended to have high external validity through the use of real-world conditions and scenarios.
Finally, we will design primary interventions that would aid consumers to make better purchase decisions. Our goal is to design interventions that yield high returns at a low cost.
- VISigma Apparel Group FZE, United Arab Emirates
Topic: Self-efficacy in workplace
Duration: 2019 – 2021
- To deliberate on the antecedents and outcomes of self-efficacy in the workplace.
- To design primary interventions intended to boost self-efficacy amongst employees.
The problem: Human capital is one of the most valuable assets that organizations can possess. In an organizational setting, employees regularly face, challenges, obstacles, setbacks, and failures. Highly capable employees often strive for innovative solutions to problems whereas the less capable employees settle for mediocre solutions. Organizations primarily rely upon active supervision of their employees to ensure that their performance meets a defined standard. However, active supervision is both, resource intensive and costly to implement and even then, there is no guarantee that a particular employee will perform up to the defined standard. Nonetheless, a growing amount of research suggests that self-regulation is a key component of competence. Alberta Bandura, one of the most influential social psychologist initially postulated that human behavior is extensively motivated and regulated by self-influence. Self-influence is primarily exhibited through the mechanism of self-efficacy. The determination of goal challenges to undertake, the effort individuals will exert in these goals and their perseverance in the face of difficult task are all partly influenced by their self-efficacy beliefs. Despite the growing evidence that points towards the pivotal role of self-efficacy belief in performance attainment, few organizations attempt to encourage self-efficacy in the workplace. This is partly due to the lack of awareness of the role of self-efficacy in the workplace or in an organizational setting.
Diagnosis: We sought to derive insights from a multidisciplinary perspective to identify the antecedents and the outcomes of self-efficacy in the work-place. Particularly, we attempt to deliberate upon the mechanisms that would enhance self-efficacy amongst employees and the subsequent outcomes of doing so in an organizational setting.
As a first step, we conducted an extensive literature review that revealed potential antecedents of self-efficacy.
Currently, we are conducting various cross-sectional studies to examine the antecedents of self-efficacy and “how” and “why” they relate to various outcomes in an organizational setting. The advantage in utilizing a cross-sectional research design is that it enables us to explain causal relationships that have been revealed through experimentation. Our derived model of self-efficacy in the workplace is currently being examined through multivariate statistical analysis techniques including, structural equation modeling.
Following our model assessment, we aim to design low cost and low effort primary interventions that would aid organizations to boost their employees’ self-efficacy.
Various projects have been awarded to CIR4I and CIR4I’s members.