economies

Article
Business Intelligence (BI) in Firm Performance: Role of Big
Data Analytics and Blockchain Technology
Mladen Pancić *,† , Dražen Ćućić † and Hrvoje Serdarušić †

Faculty of Economics in Osijek, Josip Juraj Strossmayer University of Osijek, 31000 Osijek, Croatia;
[email protected] (D.Ć.); [email protected] (H.S.)
* Correspondence: [email protected]
† These authors contributed equally to this work.

Abstract: The analysis of the causes or drivers of the adoption of big data analytics and blockchain
and their subsequent influence on firm performance has become a significant need as a direct result of
the rapidly expanding popularity of business intelligence. The purpose of this research is to present a
model that investigates the direct and indirect influence of business intelligence on firm performance
through the mediating roles of the adoption of big data analytics and blockchain. The analysis is based
on data collected from a representative sample of 387 employees from 12 Information technology
(IT) firms operating in Croatia. The study investigates these connections using a structural equation
modeling. The findings showed that business intelligence has a direct and significant influence
on firm performance. In addition, business intelligence significantly and positively influenced the
adoption of big data analytics and blockchain and, in turn, firm performance. Additionally, the
adoption of big data analytics and blockchain technology signified and positively mediated the
relationship between business intelligence and firm performance. Both the mediations were partial.
Finally, the study also provides managerial implications, limitations and future directions.

Keywords: business intelligence; big data analytics; blockchain; firm performance; structural equa-
tion modeling (SEM)

Citation: Pancić, Mladen, Dražen

Ćućić, and Hrvoje Serdarušić. 2023. 1. Introduction
Business Intelligence (BI) in Firm
Business intelligence combines all of the news sources into something beyond the
Performance: Role of Big Data
sum of their components. It does this by pulling on the operational data provided by the
Analytics and Blockchain Technology.
enterprises’ resource planning system and transforming it into meaningful intelligence that
Economies 11: 99. https://doi.org/
directly supports the company’s strategic goals (Al-Mobaideen 2014). Business intelligence
10.3390/economies11030099
(BI) is universally acknowledged as the art of deriving business value from data; conse-
Academic Editor: Nick Drydakis quently, BI systems and communication infrastructure are required to integrate various data
sources into a consistent standard framework in order to facilitate fact-checking and deep
Received: 31 December 2022
Revised: 23 February 2023
analysis across the firms. By recognizing the firm information systems, such as customer
Accepted: 13 March 2023
data, procurement information, employee information, production data, marketing and
Published: 21 March 2023 advertising activity data and any additional reference to crucial data (Khan 2019; Muntean
and Cabau 2011), business intelligence tools have had the ability to make more smart
judgments more efficiently (Sharda et al. 2014). Undoubtedly, the accuracy of the data on
which a firm’s decisions are based determines the quality of those judgments (Kilani 2022).
Copyright: © 2023 by the authors. When managers consider both the internal workings of the company and the external
Licensee MDPI, Basel, Switzerland. environment in which it functions, they can make both productive and profitable decisions.
This article is an open access article This necessitates continuously seizing newly emerging opportunities, taking calculated
distributed under the terms and
risks and maintaining a flexible stance in response to various new requirements (Muntean
conditions of the Creative Commons
et al. 2010; Shi and Lu 2010).
Attribution (CC BY) license (https://
Business intelligence initiatives help decision-makers to solve business problems
creativecommons.org/licenses/by/
in order to maximize business value. The primary objective of these initiatives is to
4.0/).

Economies 2023, 11, 99. https://doi.org/10.3390/economies11030099 https://www.mdpi.com/journal/economies

Economies 2023, 11, 99 2 of 19

increase profitability and productivity. According to Zeng et al. (2012), the resolution to a
business challenge typically consists of a process that also involves business intelligence,
while business intelligence on its own is rarely a sufficient answer to enterprise needs.
Business intelligence suppliers are preoccupied with offering appropriate solutions for
administrators, business intelligence solutions that are competent at implementing balanced
scorecards, corporate reports and performance dashboards (Khatibi et al. 2020). This is
related to managerial visions and a strategic planning tool that offers a global view of
a company, transforming its strategy and mission into concrete and quantifiable goals
(Muntean et al. 2010; Silahtaroğlu and Alayoğlu 2016).
With the accessibility of “big data” and blockchain technology in intelligent machines,
the idea of “business intelligence” (BI) has emerged as an increasingly essential one (Agar-
wal and Dhar 2014). Over the course of the past two generations, the importance of the
fields of business intelligence, blockchain and big data analytics, which are closely related
to one another, has grown substantially in both the academic and commercial worlds
(Chen et al. 2012; Daneshvar Kakhki and Palvia 2016). When integrated with big data and
blockchain technology, these forms of business intelligence are able to carry out operations
and actions that are both timelier and more relevant than those carried out by humans.
Business intelligence is utilized in both testing and production environments by IT devel-
opment businesses (Wamba-Taguimdje et al. 2020). The term “machine learning” refers
to the process through which business intelligence might acquire new tools in order to
investigate big data and automate decisions. The term “business intelligence” is most com-
monly used as an umbrella term to represent a system (Shollo and Kautz 2010) or methods
and concepts (Sabherwal and Becerra-Fernandez 2013) that enhance decision-making by
making use of reality support networks. Many concepts (such as “business intelligence”,
“business analytics” and “big data”) are frequently interchangeable in research. Authors
have described business intelligence in a variety of ways, including as “a process and a
brand” (Jourdan et al. 2008, p. 121), “a process, a brand and a combination of methods, or a
mixture of such” (Shollo and Kautz 2010, p. 87) or as “a good or service alone” (Seddon
et al. 2017). Several of these findings come from a study that was carried out by Accenture
and General Electric. According to the study, 89 percent of businesses believe that if they
do not integrate big data and blockchain, they will lose market share (Columbus 2014).
Business intelligence (BI), blockchain technology, cloud computing services, big data
and fifth-generation (5G) wireless networking are the five primary trends that are currently
leading and influencing business (firm) performance. The term “big data” refers to the
attempt to find techniques that can analyze the enormous volumes of information that are
consistently produced. Big data uses computers to process information in order to gain
insights or advantages over competitors. Big data analytics encompasses a wide variety of
software programs, hardware technologies and business procedures that are all connected in
some way to the phases of gathering, storing, accessing and analyzing large amounts of data
(Bayrak 2015). “Big data” refers to the enormity of a large amount of unorganized data that is
collected as part of the process of developing big data analytics. This type of data can only
be analyzed and comprehended by using specialized software and hardware (Bayrak 2015).
Analyzing social media data allows crucial aspects of marketing strategies to be automatically
controlled using big data analytics and blockchain technology (Tan et al. 2013). These factors
include the opinions of customers toward a brand, service or organization. On the other hand,
the accessibility of big data presents practitioners and academics with new hurdles, even as it
opens up previously unimaginable prospects for marketing intelligence. The analysis of large
amounts of data focuses primarily on overcoming three distinct sorts of difficulties: storing,
managing and processing (Kaisler et al. 2013).
Wang et al. (2022) noticed that firm performance is impacted by the capabilities
and reliability of business intelligence (BI). In addition, performance affects a company’s
competitive advantage. Furthermore, BI capabilities affect BI reliability. Companies are
actively contributing to the rapid development of big data technologies and are becoming
more interested in the possibilities of big data. According to the Organization for Economic
Economies 2023, 11, 99 3 of 19

Cooperation and Development (OECD), big data promises to produce increased value in
various business operations and it has been singled out as the next big thing in technological
advancement (Gunasekaran et al. 2017). In light of this, a recent study asserts that “big
data is more than just a technological issue and for big data to be fully effective, it requires
becoming an integral part of organizations” (Braganza et al. 2017). Recent research by
Ji-fan Ren et al. (2016) examined the link between the value proposition of big data
analytics options and the performance of companies. During this process phase, blockchain
technology has forced technological communication methods to forge stronger ties with
firm performance (Liu 2022). Blockchain technology, on the other hand, can boost a
company’s performance by increasing the number of innovations (Liu 2022). Companies
can improve their performance by increasing their market share, expanding into new
technologies, including blockchain and big data analytics (Braganza et al. 2017; Liu 2022),
and developing higher-quality goods and services (Braganza et al. 2017). In light of this,
this study approached the concepts of performance and performance as the predicted factor
of big data analytics, blockchain technology and business intelligence.
It was therefore proved that higher firm performance is influenced by advanced
technologies (i.e., business intelligence, big data analytics and blockchain). It has been
determined that the integrated business intelligence (BI) system is an effective and reliable
tool for managing corporate capacity planning and executing supply chains. Business
intelligence, with the adoption of big data analytics and blockchain, makes a substantial
contribution to higher firm performance in the market. The vast majority of these systems
can successfully carry out the feature in question; nevertheless, they lack the tools necessary
for data analysis and reporting. It is possible to use BI tools to maintain a consistent path of
innovation in information systems (Al-Measar 2015; Chou 2018). As a result, this research
focused on IT firms in Croatia that use business intelligence with the intention of using big
data analytics and blockchain. The objectives of the study are to (1) examine the influence
of business intelligence on firm performance and (2) test the mediating roles of big data
analytics and blockchain between business intelligence and firm performance.

2. Literature Review and Theoretical Framework

2.1. Underpinning Theory
According to the theory of signaling, an agent can minimize the information gap
between themselves and their principal by sending a signal or communicating confidential
information to the principal (Grover et al. 2018). The primary, who is typically portrayed
by the shareholders of a firm, may view the signal as one that increases value, which
could result in an increase in both the stock price (due to the shareholders’ increased
buying activity) and the value of the business. With big data and blockchain investments
in technologies, techniques, skills and governance viewed as the leading innovators in
social and media discussion, a company can gain significant effects via the signals created
through these investment opportunities and other business intelligence initiatives (Wang
2010). Additionally, herd behavior, which refers to the practice of following the lead of
the mob, is another hypothesis that underpins symbolic value (Grover et al. 2018). Some
businesses may want to use new information technologies to demonstrate that they are
up-to-date with industry trends and can compete effectively in order to maintain their
customer base or their reputation (Grover et al. 2018). Herd behavior was shown to occur by
Sun (2013), who demonstrated that it happens “when adopting a brand-new technology is
motivated mostly by the monitoring of earlier adoptions and thoughts of ambiguity about
the adoption of technology”. As a result, if the study is to properly investigate the strategic
ramifications of implementing business intelligence via big data analytics and blockchain
on firm performance, the symbolic significance must not be overlooked. In addition, the
resource-based view (RBV) suggests that the interaction between business intelligence and
the technology framework produces heterogeneity as well as immobility for value (Grover
et al. 2018). The logic of alternatives suggests that business intelligence could have a higher
value because it provides options ranging from more extensive performance to opening
Economies 2023, 11, 99 4 of 19

doors to subsequent options (Grover et al. 2018). Therefore, the theoretical perspectives
support the study model.

2.2. Business Intelligence (BI) and Firm Performance

Research on business intelligence that is based on the information system success
model rarely analyzes the connection between business intelligence and the performance
of the firm. This gap has indeed been noted and demands for a theoretically grounded
investigation based on the merits of business intelligence have been made as a result
(Sharma et al. 2014). Although it has been used as a basis for a number of BI studies
that investigate the link between BI and firm performance from the standpoint of making
decisions (Grover et al. 2018; Işık et al. 2013), it does not directly address the problem of firm
performance. Therefore, studies that are based on this perspective often do not go beyond
the intermediate benefits of BI, such as better decisions, quicker access to insights and
greater environmental awareness. This type of research, while having obvious value, does
not explicitly evaluate the mechanism by which these intermediate advantages influence
business performance (Torres et al. 2018). There are few scientific viewpoints that are
used to support BI research that clearly incorporate company performance as a dependent
variable. One of those conceptual frameworks is the RBV of the firm (Elbashir et al. 2008;
Torres et al. 2018). RBV is a firm-level theory of firms’ competitive performance that
implies that reserves are heterogeneously divided up across the economy and that agencies
endowed with resource bases that are beneficial, rare, unique and non-substitutable adore
business edge (Barney 1991). Based on the pieces of evidence in the literature, this study
proposes the research hypothesis:
H1. Business intelligence significantly and positively influences firm performance in Croatia.

2.3. Business Intelligence, Big Data Analytics and Firm Performance

Within the context of assisting the adoption and deployment of big data, this study
also investigates and reports on the possible influence of business intelligence on firm
performance (Aydiner et al. 2019). “Big data adoptions” are those that transform large
amounts of data into information that is both emotional and functional for businesses
(Bayrak 2015). Business intelligence was conceptualized as a collection of information
system applications in the model; these included market intelligence, financial intelligence,
data gathering and decision-support systems. According to Ramanathan et al. (2017),
organizations have the potential to realize considerable improvements in performance
by adopting big data analytics in a manner that is aligned with their business operations
and the firm’s goals. A firm process is a cross-sectional and complicated situation that
gathers information from all of an organization’s operations and capabilities. Therefore,
increasing firm performance requires both the analysis of interactions and the identification
of prospective enhancements in favor of decision-making. Big data, which is included
in BI apps and counts as one of the big data analytic components, improves company
performance and economies by facilitating the smooth interchange of data and information
between various business processes and outside partners.
By taking into consideration the resource-based view (RBV), one can determine the
degree to which big data analytics has the potential to contribute to the development of a
competitive advantage (Gunasekaran et al. 2017). As a result, it is essential to have a clear
understanding of the distinctions between a firm’s performance and its value (Ji-fan Ren
et al. 2016). According to Kozlenkova et al. (2014), RBV recognizes business value as its
core construct, which lies between rare, unique and non-substitutable resource base and
firm performance.
As a result, the implementation of big data results in the provision of standardized
tools that may support, diagnose and enhance performance inside an organization (Sharma
et al. 2014; Torres et al. 2018; Sun et al. 2017). Other studies have focused explicitly on the
effect of big data analytics on decision-making performance without evaluating its effect
Economies 2023, 11, 99 5 of 19

on firm performance (Appelbaum et al. 2017; Gunasekaran et al. 2017; Sun et al. 2017). This
is despite the fact that many studies state that business intelligence and big data adoption
provide better value creation, leading to firm performance (Bayrak 2015). Nevertheless,
business analysis and the applications of business analysis have a wider influence on a
firm’s value and business operations when a company changes its organizational structure
and its procedures. As a result, the adoption of big data analytics and all of its components
is the primary focus of our research. In light of this, we offer the following hypothesis
concerning the link between business intelligence and the adoption of big data analytics:
data analysis and e-commerce structures are ingrained in business intelligence in a concep-
tual framework as the most common information system applications and tools because of
their ability to respond to “so what” and “now what” queries and their ability to improve
service standards while simultaneously reducing spending (Sivarajah et al. 2017). Finally,
the study proposes the following research hypotheses:
H2a. Business intelligence significantly and positively influences the adoption of big data analytics
in Croatia.
H2b. The adoption of big data analytics significantly and positively influences firm performance
in Croatia.
H2c. The adoption of big data analytics significantly and positively mediates the relationship
between business intelligence and firm performance in Croatia.

2.4. Business Intelligence, Block Chain and Firm Performance

Blockchain technology is a game-changing innovation that has ushered in novel ideas
for the safe and confidential exchange of data and information. This cutting-edge technology
is made up of a string of blocks that, when combined with shared and dispersed networks,
make it possible to safely keep every transaction that has been made (Salah et al. 2019; Lahami
et al. 2022). The hashing, global consensus methods and digital signatures are some examples
of the fundamental technologies that have been implemented in order to achieve this objective.
As no centralized authority is required for the completion of any transaction, third parties
are unnecessary for its confirmation and verification (Litke et al. 2019). Through the use
of a hypothetical application scenario, the benefits of blockchain technology in terms of
providing provenance and traceability to essential products are brought into focus (Krichen
et al. 2022). Lighter consensus approaches are necessary in addition to standard ones
in order to bridge the performance gap that exists between a public blockchain and a
regular database.
The blockchain is an indestructible digital blockchain platform of financial relation-
ships that is capable of being designed to record not only financial transactions but almost
anything of value. The blockchain was initially developed to record money transactions.
The utilization of blockchain technology releases auditors from the duty of having to check
repetitive transfers so that they can instead concentrate on complex operations and internal
control systems It also verifies that the digital performance of tangible assets is legitimate,
it guarantees that the agreement is authored in compliance with standards and it alters
both the scope and the methodologies of individual opinions (EY 2017). As part of this
process, official key performance metrics were developed so that all of our hard work was
directed in the appropriate direction, resulting in measurable accomplishments (Zhang
et al. 2020). According to Kim and Shin’s (2019) research, which examined the influence
of blockchain technology on partnerships and firm performance, blockchain technology
has a significant influence on firm performance. They explained that GPS could indeed
track goods all across their life span, which is beneficial in the procedures of composting,
reprocessing and renewability. Kouhizadeh et al. (2019) clarify the implementation of
blockchain technology by using the instance of a monitoring system. As the history of
each transaction is preserved in blockchain ledgers, blockchain technology can also be
used to monitor the efficiency of the circularity management process. PBV sheds light on
Economies 2023, 11, 99 6 of 19

the differences in firm performance that can be attributed to the utilization of specific and
transferable firm operations. Processes are defined as “an exercise or set of exercises that
firms in different industries may perform,” and PBV explains how these differences come
about (Bromiley and Rau 2014). In the theory of practice-based view (PBV), organization is
the dependent variable. Blockchains, on the other hand, are practices that are integrated
throughout firm performance (Rehman Khan et al. 2022). The emergence of technology
based on blockchain could play a significant role in the radical transformation of monetary
and organizational performance.
While the mainstream finance literature studied corporate branding and its impact
on business performance by using data sets that contained organizations that operate
under established regulatory regimes, other researchers looked at the topic from a different
perspective (Akyildirim et al. 2020). Shitanda et al. (2020) also showed the findings that
blockchain technology significantly and positively influences firm performance in Kenya.
The purpose of this study was to investigate the impact that blockchain technology has had
on business performance in Kenya and to compare those findings to the procedures that
are currently being utilized by insurance companies. Although well-established blockchain
systems have already been chosen to suit the requirements of these novel applications, it is
still necessary to conduct extra-dimensional and hands-on assessments of the performance
of these public blockchains (Pongnumkul et al. 2017). These details are necessary for
practitioners to comprehend the constraints and choose the appropriate platform to use for
their own applications. There are still a lot of obstacles that need to be overcome before
blockchain technology can become widely used. Dinh et al. (2017), the authors of a recent
work that will soon be published, investigated the performance of blockchain technology
and mentioned performance review as a research area. When it comes to the adoption
of blockchain technology, performance is one of the most significant concerns. This is
because it is vital to provide a credible alternative to preexisting financial platforms. The
following provides a synopsis of the contributions made by this paper. In the first step
of this research project, a standardized procedure for analyzing a blockchain platform is
offered. Both of the blockchain technologies in Croatia are evaluated with up to 10,000
transactions to determine how they perform in terms of throughput and latency using this
firm performance approach, which is used to evaluate the current condition of the markets
in Croatia. Therefore, the study proposes the following research hypotheses:
H3a. Business intelligence significantly and positively influences the adoption of blockchain
in Croatia.
H3b. The adoption of blockchain significantly and positively influences firm performance in Croatia.
H3c. The adoption of blockchain significantly and positively mediates the relationship between
business intelligence and firm performance in Croatia.
Finally, Figure 1 shows the conceptual framework before a detailed discussion of the
literature review.
Economies 2023, 11, x FOR PEER REVIEW 7 of 20
Economies 2023, 11, 99 7 of 19

Figure 1. Conceptual
Figure 1. Conceptual model.
model.
3. Research Methodology
3. Research Methodology
3.1. Research Design
3.1. Research
This studyDesign
used a quantitative research method (Creswell et al. 2008). This study used
Thisquestionnaire
a survey study used a to quantitative research method
collect quantitative data from (Creswell et al. 2008).
the employees of IT This
firmsstudy used
in Croatia.
a survey
This studyquestionnaire to collect
used the validated andquantitative data from
developed scales fromthe employees
previous of ITand
research firms in Cro-
literature
atia. ThisThis
studies. study used
study the validated
targeted andbecause
12 IT firms developed thesescales from
are the previous
ones that useresearch and lit-
new, advanced
technologies by using business intelligence services to facilitate daily transactions withnew,
erature studies. This study targeted 12 IT firms because these are the ones that use the
advanced technologies by using business intelligence services to facilitate daily transac-
customers.
tionsThe
withquantitative
the customers. research method offers three perspectives to collect and analyze
The quantitative
the data: research method
(1) using quantitative offerstothree
approaches extractperspectives
prospective todata
collect andanalysis
from analyzeand the
data: (1) using
understand quantitative
in detail what isapproaches
happeningtoupstream
extract prospective
and downstreamdata from analysishow
to evaluate and un-
the
operations
derstand inand maintenance
detail decision-making
what is happening upstream affect
andthe firm’s performance
downstream to evaluate(Niuhow et al.the
2019);
op-
(2) the operational
erations progression
and maintenance from tend toaffect
decision-making answer
the management
firm’s performancesystems(Niu that
et can help
al. 2019);
experts analyze larger
(2) the operational datasets from
progression utilizing
tendavailable
to answeranalytical
management and numerical
systems that techniques
can help
(O’Dwyer and Renner
experts analyze larger2011); andutilizing
datasets (3) the mixture
available that results from
analytical and of the implementation
numerical techniques
of both quantitative
(O’Dwyer and Renner methods. In the
2011); and quantitative
(3) the mixture that survey, thefrom
results research
of themethod used was
implementation
aofsurvey
both quantitative methods. In the quantitative survey, the research method useda was
based on sampling and the instrument used to gather information was ques-a
tionnaire. It consisted of open-ended and closed-ended questions and
survey based on sampling and the instrument used to gather information was a question- used nominal and
ordinal
naire. Itscales to measure
consisted responses.
of open-ended Theclosed-ended
and research wasquestions
carried outandwith the nominal
used assistanceand of 387
or-
respondents who were knowledgeable in the subject matter. The employees
dinal scales to measure responses. The research was carried out with the assistance of 387 who indicated
their willingness
respondents whotowere
participate in the poll in
knowledgeable werethesent an email
subject containing
matter. a link to the
The employees who survey
indi-
questionnaire.
cated their willingness to participate in the poll were sent an email containing a link to the
survey questionnaire.
3.2. Population and Sample Size
The studyand
3.2. Population targeted
Sampleemployers
Size from 12 IT firms in Croatia. This research aimed to
determine the most important aspects that could impact firm performance by using business
The study targeted employers from 12 IT firms in Croatia. This research aimed to
intelligence in 12 IT firms to determine whether advanced information technologies increase
determine the most important aspects that could impact firm performance by using busi-
firm performance or not. In a broader sense, IT firms have an immediate requirement
ness intelligence in 12 IT firms to determine whether advanced information technologies
for a model that can guide the successful implementation of business intelligence in the
increase firm performance or not. In a broader sense, IT firms have an immediate require-
firm performance of Croatian IT firms. Consumers in Croatia, who have suffered through
ment for a model that can guide the successful implementation of business intelligence in
years of economic downturn, are now in a position to raise their spending and have a
the firm performance of Croatian IT firms. Consumers in Croatia, who have suffered
fresh sense of hope about their country’s economy. Because the European Commission
through years of economic downturn, are now in a position to raise their spending and
Economies 2023, 11, 99 8 of 19

began tracking this measure for Croatia in February 2018, the economic sentiment reached
its best level ever, scoring 118.8 out of a possible 100 points in February 2018. When
purchasing at conventional retail establishments, Croatian customers have a preference
for domestic brands; however, when buying online, they have a high preference for global
online merchants (40 percent of Internet users buy largely from foreign sites). Despite this,
e-commerce is a long way from attaining its full potential because businesses only make
14 percent of their revenues through this channel (the average in the EU is 20 percent)
(Eurostat 2020). Therefore, the Croatian market is the hub of online business and monetary
transactions using technological tools, including business intelligence, blockchain and big
data analytics. The researcher received 78 more responses but felt that there might be more.
Finally, on 9 September 2022, the researcher received 61 additional responses, bringing the
total to 387. The study also includes the demographic information of the employees in the
IT firms, including gender, qualification, firm size, marketing experience and BI systems
experience.
Finally, the study adapted the items of measurement scales from the previous studies
so that the study uses valid and reliable measurement scales. The study adapted eight
items of firm performance from the studies of Aydiner et al. (2019) and Ramanathan et al.
(2017). The study adapted six items of business intelligence from the studies of Aydiner
et al. (2019) and Hindle and Vidgen (2018). The study used modified versions of the
adoption of big data analytics and the adoption of blockchain technology from the study of
Maroufkhani et al. (2020). There were seven items for each construct. All measurement
items were measured on a five-point Likert scale ranging from 1 = never to 5 = always.
The study also used the demographic characteristics of the respondents, including gender
(male = 1, female = 2), qualification (1 = school level, 2 = graduation, 3 = master degrees
and 4 = PhD degree), firm size (1 = <50 employees, 2 = 50–100 employees and 3 = >100
employees), marketing experience (1 = <5 years of experience, 2 = 5–8 years of experience,
3 = 9–10 years of experience and 4 = >10 years of experience) and business intelligence (BI)
system experience (1 = <1 year of experience, 2 = 1–2 years of experience, 3 = 3–4 years of
experience and 4 = >4 years of experience).

3.3. Data Analysis

To test the hypotheses and examine the proposed model, the current study applied
a widely known technique of partial least squares (PLS) based on component structural
equation modelling (SEM) using Smart PLS 4.0 (Richter et al. 2020). The study used partial
least square (PLS) SEM to ensure the reliability and validity of the measurement constructs
(Dash and Paul 2021; Hair et al. 2017; Henseler et al. 2015). The PLS-SEM technique
provides accurate and statistically robust results even with a small sample size and complex
model (Sharif et al. 2021). First, the study ran an algorithm technique with 5000 subsamples
to test the validity and reliability of the measurement constructs. Second, the study ran
the bootstrapping technique with 5000 subsamples to examine the effect of independent
variables on dependent variables because Hair et al. (2017) argued that the bootstrap
samples need to be at least greater than the number of valid inferences in the initial data
set, but the authors recommended using 5000 instead (Dash and Paul 2021). In addition,
the study tested the model’s adequacy and accuracy.
For the demographic information, the study used IBM SPSS software to do the fre-
quency analysis. Table 1 shows the demographic information (N = 387).
Economies 2023, 11, 99 9 of 19

Table 1. Demographic information.

Frequency Percent Valid Percent Cumulative Percent

Male 343 88.6 88.6 88.6
Gender
Female 44 11.4 11.4 100.0
Total 387 100.0 100.0
School level 6 1.6 1.6 1.6
Bachelor 75 19.4 19.4 20.9
Qualification
Master degree 257 66.4 66.4 87.3
PhD degree 49 12.7 12.7 100.0
Total 387 100.0 100.0
<50 employees 102 26.4 26.4 26.4
Firm size 50–100 employees 248 64.1 64.1 90.4
>100 employees 37 9.6 9.6 100.0
Total 387 100.0 100.0
<5 years of experience 42 10.9 10.9 10.9
5–8 years of experience 141 36.4 36.4 47.3
Marketing experience
9–10 years of experience 110 28.4 28.4 75.7
>10 years of experience 94 24.3 24.3 100.0
Total 387 100.0 100.0
<1 year of experience 20 5.2 5.2 5.2
1–2 years of experience 78 20.2 20.2 25.3
BI system experience
3–4 years of experience 124 32.0 32.0 57.4
>4 years of experience 165 42.6 42.6 100.0
Total 387 100.0 100.0

3.4. Common Method Bias (CMB)

A common method variance (CMV) might be an issue in situations where self-report
surveys are employed to collect data. If participants have a tendency to provide vital
information when finding survey items that are not otherwise related, data from self-report
surveys may result in the creation of misleading correlations (Podsakoff et al. 2003). The
study uses a Harman’s single factor test in addition to a common latent factor (CLF) since
several of the methods utilized in this investigation have the potential to encourage the
development of CMV (Chang et al. 2010; Podsakoff et al. 2011). According to the findings
of the Harman test, a single component cannot account for more than 24% of the variance,
while there were four factors with eigenvalues that were higher than 1, each of which
explained 40.1% of the total variance, which is lower than 50%. The findings of these tests
imply that the common method variation is not present and that it does not affect the
outcomes in any way.

4. Results
The analysis used PLS-SEM route modeling because this method was the most appro-
priate for the non-normal dataset and fairly significant sample size that were present in our
research. The PLS-SEM methodology employs extremely broad, non-rigid distributional as-
sumptions in addition to non-parametric evaluation metrics focused on prediction (Richter
et al. 2020). The PLS-SEM method is particularly useful for doing analyses of indirect effects
using several mediators (Taylor et al. 2008). For the PLS-SEM analysis and bootstrapping;
the results are given in accordance with recent recommendations (Chin 2010).

4.1. Assessment of Measurement Model

Following this, the convergent validity was evaluated by analyzing the factor loadings
of the construct items and the extracted average variance (AVE). The item loadings of
all four constructs were tested using the algorithm technique with 5000 subsamples and
the loading should be higher than 0.70, which is the established guidance for proving
satisfactory convergent validity (Chin 2010; Ringle et al. 2015). Other than that, all of the
outer loadings that were associated with the final scale items met or exceeded the threshold
Economies 2023, 11, 99 10 of 19

set by the scholars. The addition of the item did not have a detrimental effect on the
construct’s dependability, nor did it make a significant difference to the AVE; hence, the
inclusion of the item was kept. Every single one of the AVE values that were measured
was higher than the recommended 0.50. (Richter et al. 2020). Last but not least, the Fornell–
Larker criterion (Fornell and Larcker 1981) was applied in order to evaluate the discriminant
validity of the measurement scales. The fact that no latent variable correlations were higher
than the square root of the AVE is evidence that the discriminant validity was satisfactory.
The study ran a series of algorithms because there were some items that had lower factor
loadings than 0.70. The study deleted one item of big data analytics (BDA4 = 0.674), two
items of business intelligence (BI1 = 0.668, BI5 = 0.687), one item of blockchain (BC7 = 0.600)
and one item of firm performance (FP1 = 0.649) from the measurement model due to lower
factor loadings. Finally, Table 2 shows that the factor loading and AVE values were within
the threshold values, meaning the study meets convergent validity.

Table 2. Validity and reliability.

Constructs Item Code Factor Loading AVE Cronbach Alpha (α) Composite Reliability
BI2 0.746 0.598 0.776 0.856
Business intelligence BI3 0.769
(BI) BI4 0.787
BI6 0.791
BDA1 0.760 0.622 0.878 0.908
BDA2 0.743
Adoption of big data BDA3 0.787
analytics (BDA) BDA5 0.782
BDA6 0.833
BDA7 0.825
BC1 0.727 0.580 0.855 0.892
BC2 0.724
Adoption of BC3 0.777
blockchain (BC) BC4 0.799
BC5 0.767
BC6 0.772
FP2 0.778 0.612 0.894 0.917
FP3 0.705
FP4 0.838
Firm performance (FP) FP5 0.778
FP6 0.803
FP7 0.787
FP8 0.782

Every first-order construct was evaluated by a reflective measurement and, as a result,

it was subjected to tests of convergent and discriminant validity (Chin 2010; Sharif et al.
2021). Concerning the concept of convergent validity, the reliability index was evaluated by
looking at the significance of the construct loadings. Each variable item’s factor loadings
are significant at the p.001 level. In terms of construct reliability and validity, the study
demonstrates a high level of internal consistency in aspects of composite reliability and
Cronbach alpha (Cronbach’s α ≥ 0.70, composite reliability ≥ 0.70) (Chin 2010; Ringle et al.
2015; Sharif et al. 2021). All of the extracted average variances (AVE) are clearly higher
than 0.50, which demonstrates that convergent validity has been established (Fornell and
Larcker 1981). Finally, the study also ensures good composite reliability and Cronbach
alpha for all four constructs (Table 2).
The study assessed the discriminant validity of the construct indices by comparing
the loading of each indicator on the first-order construct to the loading it had on the other
constructs. The study demonstrates that all first-order construct loadings are greater than
0.70 (Chin 2010; Richter et al. 2020) and it also shows that the loading that each indicator
contributes to the corresponding latent variable construct is the greatest (Fornell and
Economies 2023, 11, 99 11 of 19

Larcker 1981). It is proof of the discriminant validity of the notions that every square root
of the AVE in the diagonal of the measurement constructs is higher than the correlation
with the other constructs (Richter et al. 2020; Taylor et al. 2008). Finally, the study ensures
discriminant validity, including cross loadings (Table 3) and Fornell–Larcker criterion
(Table 4).

Table 3. Cross loadings.

Adoption of Block Chain Adoption of Big Data Business Intelligence

Firm Performance (FP)
(BC) Analytics (BDA) (BI)
BC1 0.727 0.319 0.393 0.433
BC2 0.724 0.390 0.447 0.508
BC3 0.777 0.414 0.429 0.509
BC4 0.799 0.535 0.489 0.489
BC5 0.767 0.431 0.444 0.551
BC6 0.772 0.455 0.473 0.553
BDA1 0.447 0.760 0.525 0.455
BDA2 0.433 0.743 0.464 0.507
BDA3 0.388 0.787 0.514 0.457
BDA5 0.466 0.782 0.533 0.490
BDA6 0.431 0.833 0.531 0.542
BDA7 0.488 0.825 0.542 0.483
BI2 0.480 0.529 0.746 0.529
BI3 0.429 0.424 0.769 0.452
BI4 0.394 0.517 0.787 0.405
BI6 0.500 0.550 0.791 0.489
FP2 0.567 0.535 0.505 0.778
FP3 0.424 0.345 0.330 0.705
FP4 0.531 0.541 0.530 0.838
FP5 0.469 0.441 0.480 0.778
FP6 0.535 0.497 0.509 0.803
FP7 0.574 0.450 0.444 0.787
FP8 0.541 0.550 0.511 0.782
Note: In Table 3, bold values show the higher cross-loadings of the same construct than the blurred cross-loadings
of another con-struct.

Table 4. Fornell–Larcker criterion.

Adoption of Block Adoption of Big Data Business Firm Performance

Chain (BC) Analytics (BDA) Intelligence (BI) (FP)
Adoption of Blockchain (BC) 0.762
Adoption of big data
0.560 0.789
analytics (BDA)
Business intelligence (BI) 0.587 0.657 0.773
Firm performance (FP) 0.669 0.620 0.610 0.783
Note: Diagonal values represent the square roots of AVE and below values represent correlation coefficients. Bold
values represent the square roots of AVE and below values represent correlation coefficients.

4.2. Assessment of the Structural Model

Examining the structural model involves factoring in an assessment of the path coeffi-
cients as well as the R2 values for the amount of variance that is explained (Richter et al.
2020; Sharif et al. 2021). More specifically, the study tested all of the predicted model’s
relationships by specifying the mediating interactions on their own. In addition, the coeffi-
cients and t-statistics can be generated using bootstrapping using 5000 resamples. Each of
the expected direct effects as well as the outer values of the latent factors is accounted for in
the SEM-PLS route model (Chin 2010). The value of the route coefficients is a representation
of the extent of the direct impacts. Increasing the coefficients of the several channels in the
mediational chain yields a calculation that may be used to determine the indirect impacts
Economies 2023, 11, 99 12 of 19

(Taylor et al. 2008). The bias-corrected 95% bootstrap approach is used to evaluate the
significance of each impact (Taylor et al. 2008).
The study tested the research hypotheses by using a SEM approach (Table 5 and
Figure 2). The study examined the direct and indirect effects of business intelligence on the
performance of IT firms in Croatia. The study found that business intelligence significantly
and positively influences firm performance (beta = 0.201***, t-value = 3.634, p-value = 0.000)
and H1 is accepted. This means that business intelligence has a direct impact on the perfor-
mance of Croatian IT firms. Business intelligence significantly and positively influences the
adoption of big data analytics (beta = 0.657***, t-value = 17.321, p-value = 0.000) and the
adoption of blockchain (beta = 0.587***, t-value = 15.529, p-value = 0.000); therefore, H2a
and H3a are accepted. On the other hand, the adoption of big data analytics significantly
and positively influences firm performance (beta = 0.262***, t-value = 4.233, p-value = 0.000),
and H2b is accepted. The adoption of blockchain significantly and positively influences
Economies 2023, 11, x FOR PEER REVIEW 13 of 20
firm performance (beta = 0.404***, t-value = 7.499, p-value = 0.000), and H3b is accepted.
The study showed that business intelligence has the strongest effect on the adoption of big
data analytics
Note: in firm performance
p-value measures the size of thethan blockchain
difference technology.
relative Additionally,
to the variation the adoption
in your sample data. t-
of blockchain
statistic hasbetween
is the ratio a higher
theeffect on firm
estimate performance
and the as compared
estimated standard to the adoption
error. Bootstrapping withof5000
big
data analytics.
subsamples.

Figure
Figure 2. Structural
Structural equation
equation modeling
modeling (SEM).
(SEM).

Additionally, the study examined the mediating roles of both big data analytics and
Additionally,
blockchain technology between business intelligence and firm performance (Table 6). The
blockchain The
study proved
study proved that
that the
the adoption
adoption ofof big
big data
data analytics
analytics significantly
significantly and
and positively
positively mediates
mediates
the relationship
the relationship between
betweenbusiness
businessintelligence
intelligenceandandfirm
firmperformance
performance (beta
(beta = 0.172***,
= 0.172***, t-
t-value = 4.112, p-value = 0.000), and H2c is accepted. Meanwhile, the adoption
value = 4.112, p-value = 0.000), and H2c is accepted. Meanwhile, the adoption of blockchain of
blockchain significantly
technology technology significantly
and positively and positively
mediates mediates thebetween
the relationship relationship
businessbetween
intel-
business intelligence and firm performance (beta = 0.237***, t-value = 6475, p-value
ligence and firm performance (beta = 0.237***, t-value = 6475, p-value = 0.000), and=H3c 0.000),
is
and H3c isThe
accepted. accepted. The study
study clarified clarified
that thatmediations
both the both the mediations were
were partial partial mediations
mediations because
because
the directthe directwere
effects effects were
also also significant
significant but thebut the mediating
mediating role ofrole
the of the adoption
adoption of bigofdata
big
analytics has a stronger effect than the direct effect between business intelligence and firm
performance. It means business intelligence produces higher firm performance when the
firm follows the adoption of big data analytics in marketing.

Table 6. Mediating effects.

Economies 2023, 11, 99 13 of 19

data analytics has a stronger effect than the direct effect between business intelligence and
firm performance. It means business intelligence produces higher firm performance when
the firm follows the adoption of big data analytics in marketing.

Table 5. Direct effects.

Estimate t-Statistics p-Values

H1. Business intelligence (BI) -> Firm performance (FP) 0.201 3.634 0.000
H2a. Business intelligence (BI) -> Adoption of big data analytics (BDA) 0.657 17.321 0.000
H2b. Business intelligence (BI) -> Adoption of blockchain (BC) 0.587 15.529 0.000
H3a. Adoption of big data analytics (BDA) -> Firm performance (FP) 0.262 4.233 0.000
H3b. Adoption of blockchain (BC) -> Firm performance (FP) 0.404 7.499 0.000
Note: p-value measures the size of the difference relative to the variation in your sample data. t-statistic is the
ratio between the estimate and the estimated standard error. Bootstrapping with 5000 subsamples.

Table 6. Mediating effects.

Estimate t-Statistics p-Values

H2c. Business intelligence (BI) -> Adoption of big data analytics (BDA)
0.172 4.112 0.000
-> Firm performance (FP)
H3c. Business intelligence (BI) -> Adoption of blockchain (BC) -> Firm
0.237 6.475 0.000
performance (FP)
Note: p-value measures the size of the difference relative to the variation in your sample data. t-statistic is the
ratio between the estimate and the estimated standard error. Bootstrapping with 5000 subsamples.

4.3. R2 and Adjusted R2

R2 tells the strength of the effect when an exogenous construct explains the amount
of variance in the endogenous construct (Henseler et al. 2015). R2 value varies from the
recommended criterions such as an R2 value equal to 0.25 or higher value indicates a weak
effect, a value equal to 0.50 or higher indicates a moderate effect and a value equal to 0.75
or higher indicates a strong effect (Chin 2010; Richter et al. 2020; Sharif et al. 2021). Table 7.
shows that business intelligence explained 34.5% of the total variance in the adoption of
blockchain, which is a weak effect. Additionally, business intelligence explained 43.2%
of the total variance in the adoption of big data analytics, which is also a weak effect.
Business intelligence explained 55.5% of the total variance in firm performance, which
is a moderate effect. However, the study showed that there was good variation in each
exogenous construct in endogenous construct.

Table 7. R2 and adjusted R2 .

R Square R Square Adjusted

Adoption of blockchain (BC) 0.345 0.343
Adoption of big data analytics (BDA) 0.432 0.431
Firm performance (FP) 0.555 0.552

5. Discussion
This study conducted research in Croatia by targeting 12 IT firms. The study used an
online survey questionnaire to collect the data from the management and employees of
these IT firms. The study applied a SEM technique to analyze the relationship between
business intelligence and firm performance in the presence of the adoption of big data
analytics and blockchain technology. The study uploaded the survey questionnaire on
social media platforms and gathered data from 387 top managerial officers. The study found
the results that business intelligence directly and significantly enhanced firm performance
Economies 2023, 11, 99 14 of 19

of the Croatian IT firms. Although this conceptual model is affiliated with the mobility
perspective, which is broadly used in the research on how IT affects firm performance, the
treatment of the firm capacity to sense, confiscate and reshape opportunities is inconsistent
throughout the IT agility literature (Chen et al. 2012). The model makes a clear distinction
between each of these aspects and, as a result, it helps to create a more accurate perception
of the connection that exists between business intelligence and firm performance. It does
this by elucidating the nature of the connection between business intelligence and firm
performance and then providing empirical validation of that connection (Torres et al. 2018).
Secondly, the study examined that business intelligence more strongly influenced the
adoption of big data analytics than blockchain because the Croatian IT firms would recom-
mend utilizing big data analytics in order to enhance and store big data and information
(Aydiner et al. 2019). It also proved that big data analytics is the priority of the marketers to
enhance business-to-customer (B–C) relationships. Business intelligence is the capabilities
of digital computer technologies to assist businesses in locating and analyzing vital data
connected to their business that may be applied to a variety of different business sectors
(Aydiner et al. 2019; Bayrak 2015). With the assistance of business intelligence, firms are
able to more easily develop novel and useful corporate insights (Barney 1991). Users of
business intelligence are assisted in drawing inferences from analyzed data (Chen et al.
2012; Elbashir et al. 2008). Data scientists delve deep into the particulars of the data at hand,
applying sophisticated statistical methods and predictive analytics in order to identify
patterns and make predictions on future patterns. On the other hand, the adoption of
big data analytics and blockchain significantly and directly impacted firm performance
but in this case, blockchain highly enhanced firm performance. Elbashir et al. (2008)
demonstrated that blockchain is a public, open-source, blockchain-based, decentralized
computing platform with smart contract capabilities.
According to Gunasekaran et al. (2017), blockchain is an application for improving
firm performance that is intended to serve as a foundation for the development of a wide
range of industries. When evaluating the effects of blockchain adoption, new performance
proposals emerge as relevant. These new measures cope with the lateral restructuring
of online transactions as well as the capacity and resources of the firms. Furthermore,
these new measures of firm performance are relevant. The implementation of blockchain
technology has the potential to result in more efficient transaction administration. How-
ever, when the study tested the mediating roles of the adoption of big data analytics and
blockchain technology, the researcher found that the adoption of big data analytics is a
strong technology that has a higher potential to increase firm performance rather than the
adoption of blockchain.

5.1. Managerial Implications

The results of this research have four massive implications for marketing firms and
other organizations that want to get the most out of the money they invest in business
intelligence and analytics. To begin, the findings of this research provide credence to
the idea that business intelligence, big data analytics and blockchain can be considered
a sort of capital plan that, in the long run, has an effect on a firm’s performance. This
research provides empirical data that could be used as a foundation for company executives
wanting to justify investments in business intelligence by establishing the causal link
that connects business intelligence and firm performance. The study was conducted
to provide this evidence. The big data analytics and blockchain framework provides
intuitive theoretical advice that practitioners could rely on to better grasp the complicated
interactions that are required to extract benefits from big-data-based business intelligence.
This is possible because big data aligns well with traditional business intelligence functions
within firm performance (Işık et al. 2013). According to the results, in order for firms
to fully capitalize on business intelligence resources, they will need to transform big-
data-based business intelligence from a technical asset into a firm competence that is
essential to achieving success in a competitive environment. Despite the fact that this
Economies 2023, 11, 99 15 of 19

is not a novel concept, the calls for businesses to implement it are often motivated by
imperatives stemming from their finances, structures or cultures (Daneshvar Kakhki and
Palvia 2016; Grover et al. 2018). Because of the work that we have done, businesses
now have a new lens through which they can view the utilization of their big-data-based
resources as a significant action that can enable companies to continually create and adapt
in reaction to business intelligence that is constantly changing (Gunasekaran et al. 2017;
Hindle and Vidgen 2018). Secondly, the research results highlight the significance of
opportunity cost in realizing the value of business intelligence investments and recommend
that the advancement of mutual understanding, policymaking and planning ought to be
regarded as essential components of big data and blockchain capabilities. This is because
opportunity usurpation is a key factor in realizing the benefits of big-data-based business
intelligence investments. This indicates that businesses should make investments in firm
policies that enable successful information and communication among various stakeholders,
in addition to making technical investments in business intelligence infrastructure and
employees. Although businesses are frequently advised to streamline decision-making
and take proactive measures to ensure that important solutions and plans can be made in
a timely manner in response to possibilities, the firms embed this recommended method
in a chain of events that translates business intelligence investments into improved firm
performance.
The model that the study proposed offers managers whose involvement in business
intelligence, big data analytics and blockchain technology is growing (Davenport 2014).
These technologies allow them to undertake an incorporated evaluation of the impact that
business intelligence, big data analytics and blockchain technology have on firm perfor-
mance. It is essential to educate IT managers on the various value-generating options
offered by business intelligence, big data analytics and blockchain technology solutions
and the processes by which these opportunities can be translated into improvements in
the company’s performance, because the changes may be profound (Orlikowski and Scott
2015). The findings of our study indicate that business intelligence, big data analytics and
blockchain technology continue to hold the promise of adding value. The implementation
of blockchain technology solutions paves the way for higher firm performance, the intro-
duction of ground-breaking new products and the potential to outperform rival businesses.
Implementing solutions for business intelligence enables the firm to provide superior goods
and services to its clientele, thereby winning their satisfaction. The findings on the firm
performance and the explored mediation impacts will make it easier to scale up solutions
for business intelligence, big data analytics and blockchain technology. According to these
findings, IT managers should take customer satisfaction as a key strategic objective to ensure
an improvement in their companies’ financial performance. Even so, managers ought to be
mindful that some distinctions could emerge based on the particular IT objects they wish to
engage in (George et al. 2014; Orlikowski and Scott 2015). These findings were published by
(George et al. 2014; Mayer-Schönberger and Cukier 2013; Orlikowski and Scott 2015).

5.2. Limitations and Future Directions

The findings of the research need to be interpreted with a number of significant
limitations in mind. Despite the lack of empirical studies to support a preference for one
modeling approach over another, the mediation model is compatible with other theorizing
in the sense of big data analytics and blockchain. This study used a convenience sampling
technique in collecting data; however, the researcher faces biases and the findings are
not generalized. The study only used a survey questionnaire (i.e., quantitative method),
so mixed method research should be used to explore more factors in implementing new
technologies in firm performance. This is a unique research model that conceptually
examines the mediations of the adoption of big data analytics and blockchain; however, the
study targeted only the perceptions of the IT firms and not their practical jobs. This lends
credence to its use as a basis for the selection of one modeling framework over another. As
a result, the mediation technique was chosen by the study to represent the aspects of other
Economies 2023, 11, 99 16 of 19

dynamic capabilities in this work. Further consideration should be given to the possibility
that detecting, seizing and converting operate in comparison, have interaction or portray
first-order factors of a higher-order concept; even so, future research should expand upon
the post-hoc assessment that was revealed here and further investigate the possibility that
these three processes exist. Secondly, due to its non-random nature, this study used a
convenient sample, which is prone to selection bias. In order to solve this problem, two
strategies were utilized, including the use of different access points to enhance the features
of the sample in Croatia. Thirdly, this research made use of evaluations that were based
on people’s perceptions of firm performance by adopting business intelligence, big data
analytics and blockchain. Such measurements include the self-reported assessments of
the individuals who participated in the research, which may be prevalent in research on
capacities and strategic management. Verifying the conclusions of this study would benefit
from additional research in the future that investigates the data sources utilized by third
parties. Fourthly, the information that was gathered places a strong emphasis on business
intelligence in relation to the particular facets of the sense–seize–transform paradigm.

Author Contributions: Conceptualization, M.P.; Investigation, D.Ć.; Writing–review & editing, H.S.
All authors have read and agreed to the published version of the manuscript.
Funding: This research received no external funding.
Informed Consent Statement: Informed consent was obtained from all subjects involved in the
study.
Conflicts of Interest: The authors declare no conflict of interest.

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