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The Use of Chat GPT in Assessing the Tourism Industry in the Island of Crete, Greece. A PESTEL Analysis

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The tourism industry in Crete, Greece is well developed nowadays hosting an increasing number of visitors every year. However, it is affected from various external factors which might reduce its attractiveness as a popular tourism destination worldwide. PESTEL analysis can facilitate the development of a strategic management plan for the local tourism industry. The PESTEL methodology analyzes the political, economic, social, technological, environmental and legal factors which affect the hospitality industry in the island.  Instead of using the opinion of tourism experts and tourism stakeholders the opinion of Chat GPT was used in the current study. The language model responded promptly and rapidly and its answers were further analyzed. Chat GPT identified four to five factors in each PESTEL category affecting the tourism industry in Crete. Its answers were almost similar with the opinion of several stakeholders regarding the external factors influencing the tourism in the island. The results of our study are innovative and useful while they could be used for the development of a strategic management plan for tourism in the island. This is necessary for the promotion of its sustainability and attractiveness as a global tourism destination. Our study could be useful to several stakeholders and policy makers of the tourism industry in the island in order to develop a strategic management plan for the hospitality industry in Crete.

Strengthening BNI’s Position as Transactional Bank by Optimization of Cash Management Solutions

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The cash management industry is becoming significantly intense from both banking and non-banking institutions as they keep innovating and offering advanced solutions to meet and cater to the dynamic business of the customers. This study was conducted to explore the strategic initiatives that can be formulated for PT. Bank Negara Indonesia (BNI) to strengthen its position as a transactional bank through the optimization of its cash management solutions, specifically focusing on BNIDirect. The analysis was carried out by understanding the nature of the competition and assessing the position of BNI in terms of cash management solutions relative to its competitors. The study used a qualitative method based on the interview with the key executive management and the literature review related to marketing and business strategy to uncover valuable insight and best practices that can strengthen the positions of BNI as a transactional bank. The research concludes that by addressing and overcoming the challenges that impacted cash management solutions, BNI can solidify its market position and achieve sustainable growth in the competitive cash management industry.