Analyzing Cost Efficiency Elements in Virtual Teams Application : A Systematic Review

https://doi.org/10.35912/jakman.v6i1.3728
Published: Dec 24, 2024

Abstract:

Purpose: This study aims to understand the critical elements influencing the cost-effectiveness of virtual teams and their strategic application in enterprises.

Research methodology: The research uses a literature review to assess the organizational dynamics, money allocation, and efficiency of virtual teams.

Results: The study finds that investing in technology, especially communication platforms, is crucial. Savings are identified in team development, office space, travel costs, and communication expenses.

Limitations: The research relies heavily on prior studies, limiting its generalizability and requiring adaptation to rapid technological changes.

Keywords:
1. Virtual team
2. cost efficiency
3. cost saving
4. digital collaboration
Authors:
1 . Natashia Merrylien Rayo
2 . Edwina Fabiola Rayo
3 . Elvis Ronald Sumanti
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How to Cite
Merrylien Rayo, N., Fabiola Rayo, E., & Ronald Sumanti, E. (2024). Analyzing Cost Efficiency Elements in Virtual Teams Application : A Systematic Review . Jurnal Akuntansi, Keuangan, Dan Manajemen, 6(1), 279–293. https://doi.org/10.35912/jakman.v6i1.3728
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Issue & Section
Vol. 6 No. 1 (2024): Desember
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

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    Broccardo, L., Zicari, A., Jabeen, F., & Bhatti, Z. A. (2023). How digitalization supports a sustainable business model: A literature review. Technological Forecasting and Social Change, 187, 122146.

    Butler, T. (2020). What’s Next in the Digital Transformation of Financial Industry? IT Professional, 22(1), 29–33.

    Cabral, V., & van Winden, W. (2022). The reaction of coworking spaces to the COVID-19 pandemic. A dynamic capabilities perspective. Service Business, 16(2), 257–281.

    Caligiuri, P., De Cieri, H., Minbaeva, D., Verbeke, A., & Zimmermann, A. (2022). International HRM insights for navigating the COVID-19 pandemic: Implications for future research and practice. In Crises and Disruptions in International Business: How Multinational Enterprises Respond to Crises (pp. 417–454). Springer.

    Cardon, P. W., Huang, Y., & Power, G. (2019). Leadership communication on internal digital platforms, emotional capital, and corporate performance: The case for leader-centric listening. International Journal of Business Communication, 2329488419828808.

    Chamakiotis, P., Panteli, N., & Davison, R. M. (2021). Reimagining e-leadership for reconfigured virtual teams due to Covid-19. International Journal of Information Management, 60, 102381.

    Chatti, W., & Majeed, M. T. (2022). Information communication technology (ICT), smart urbanization, and environmental quality: Evidence from a panel of developing and developed economies. Journal of Cleaner Production, 366, 132925.

    Cheng, C.-Y., Chien, M.-S., & Lee, C.-C. (2021). ICT diffusion, financial development, and economic growth: An international cross-country analysis. Economic Modelling, 94, 662–671.

    Cimperman, S. (2023). Informal socialization in virtual work environments: Creating a digital culture of connectivity. Global Business and Organizational Excellence, 43(1), 53–71.

    Davidavi?ien?, V., Al Majzoub, K., & Meidute-Kavaliauskiene, I. (2020). Factors affecting knowledge sharing in virtual teams. Sustainability, 12(17), 6917.

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    Kropman, D., Appel-Meulenbroek, R., Bergefurt, L., & LeBlanc, P. (2023). The business case for a healthy office; a holistic overview of relations between office workspace design and mental health. Ergonomics, 66(5), 658–675.

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    Kupa, K. (2020). Challenges and benefits of virtual teams: A leadership perspective. Economic and Social Development: Book of Proceedings, 193–202.

    KUSAIRI, S., MUHAMAD, S., RAZAK, N. A., & TRAPSILA, A. P. (2021). The role of ICT and local wisdom in managing work-life balance during the COVID-19 pandemic: an empirical study in Malaysia. The Journal of Asian Finance, Economics and Business, 8(9), 321–331.

    Lauring, J., Drogendijk, R., & Kubovcikova, A. (2022). The role of context in overcoming distance-related problems in global virtual teams: an organizational discontinuity theory perspective. The International Journal of Human Resource Management, 33(21), 4251–4283.

    Lechner, A., & Tobias Mortlock, J. M. (2022). How to create psychological safety in virtual teams. Organizational Dynamics, 51(2).

    Loyless, L. H. (2023). Competence in virtual communication: Remote transformational leadership. Public Administration Review, 83(3), 702–709.

    Masood, T., & Sonntag, P. (2020). Industry 4.0: Adoption challenges and benefits for SMEs. Computers in Industry, 121, 103261.

    Men, L. R., O’Neil, J., & Ewing, M. (2023). From the employee perspective: Organizations’ administration of internal social media and the relationship between social media engagement and relationship cultivation. International Journal of Business Communication, 60(2), 375–402.

    Morrison-Smith, S., & Ruiz, J. (2020). Challenges and barriers in virtual teams: a literature review. SN Applied Sciences, 2(6), 1–33.

    Muchsinati, E. S., Oktalia, A., & Priscilla, Y. G. (2024). How e-human resource management can increase employee productivity in F&B in Batam. International Journal of Financial, Accounting, and Management, 5(4), 443-458. doi:https://doi.org/10.35912/ijfam.v5i4.1606

    Newnam, S., & Goode, N. (2019). Communication in the workplace: Defining the conversations of supervisors. Journal of Safety Research, 70, 19–23.

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    Schuster, N. (2022). New Work in China–Work From Home, 996 and Employee Motivation. International Journal of Academic Research in Business and Social Sciences, 12(3), 428–440.

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    Silsand, L., Severinsen, G.-H., & Berntsen, G. (2021). Preservation of person-centered care through videoconferencing for patient follow-up during the COVID-19 pandemic: case study of a multidisciplinary care team. JMIR Formative Research, 5(3), e25220.

    Song, L. (2022). [Retracted] Construction of Accounting Internal Control Management Platform Based on IoT Cloud Computing. Wireless Communications and Mobile Computing, 2022(1), 9552118.

    Swartz, S., & Shrivastava, A. (2022). Stepping up the game–meeting the needs of global business through virtual team projects. Higher Education, Skills and Work-Based Learning, 12(2), 346–368.

    Szkudlarek, B., Osland, J. S., Nardon, L., & Zander, L. (2020). Communication and culture in international business–Moving the field forward. Journal of World Business, 55(6), 101126.

    Tan, C. K., Teoh, A. P., & Cheah, J.-H. (2019). Factors influencing virtual team performance in Malaysia. Kybernetes, 48(9), 2065–2092.

    Ta?tan, H., & Gönel, F. (2020). ICT labor, software usage, and productivity: Firm-level evidence from Turkey. Journal of Productivity Analysis, 53(2), 265–285.

    Walker, R., Chong, S., & Chong, J. (2021). Facilitating peer-led group research through virtual collaboration spaces: an exploratory research study. Research in Learning Technology, 29, 2520.

    Xiao, Y., & Watson, M. (2019). Guidance on conducting a systematic literature review. Journal of Planning Education and Research, 39(1), 93–112.

    Zhu, F., Li, Q., Yang, S., & Balezentis, T. (2021). How ICT and R&D affect productivity? Firm level

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  2. Alam, N., Gupta, L., & Zameni, A. (2019). Fintech and Islamic finance. Springer.
  3. Alward, E., & Phelps, Y. (2019). Impactful leadership traits of virtual leaders in higher education. Online Learning, 23(3), 72–93.
  4. Bat?rl?k, S. N., Gencer, Y. G., & Akkucuk, U. (2022). Global virtual team leadership scale (GVTLS) development in multinational companies. Sustainability, 14(2), 1038.
  5. Bharathi, M., Muthhukumar, A., Nisha, V., Linda Rose, G., & Jaya Prasanna, S. (2019). E?ectively managing universally disseminated virtual team: Challenges and mitigation strategies. International Journal of Engineering and Advanced Technology, 9, 1018–1019.
  6. Blak Bernat, G., Qualharini, E. L., Castro, M. S., Barcaui, A. B., & Soares, R. R. (2023). Sustainability in project management and project success with virtual teams: A quantitative analysis considering stakeholder engagement and knowledge management. Sustainability, 15(12), 9834.
  7. Broccardo, L., Zicari, A., Jabeen, F., & Bhatti, Z. A. (2023). How digitalization supports a sustainable business model: A literature review. Technological Forecasting and Social Change, 187, 122146.
  8. Butler, T. (2020). What’s Next in the Digital Transformation of Financial Industry? IT Professional, 22(1), 29–33.
  9. Cabral, V., & van Winden, W. (2022). The reaction of coworking spaces to the COVID-19 pandemic. A dynamic capabilities perspective. Service Business, 16(2), 257–281.
  10. Caligiuri, P., De Cieri, H., Minbaeva, D., Verbeke, A., & Zimmermann, A. (2022). International HRM insights for navigating the COVID-19 pandemic: Implications for future research and practice. In Crises and Disruptions in International Business: How Multinational Enterprises Respond to Crises (pp. 417–454). Springer.
  11. Cardon, P. W., Huang, Y., & Power, G. (2019). Leadership communication on internal digital platforms, emotional capital, and corporate performance: The case for leader-centric listening. International Journal of Business Communication, 2329488419828808.
  12. Chamakiotis, P., Panteli, N., & Davison, R. M. (2021). Reimagining e-leadership for reconfigured virtual teams due to Covid-19. International Journal of Information Management, 60, 102381.
  13. Chatti, W., & Majeed, M. T. (2022). Information communication technology (ICT), smart urbanization, and environmental quality: Evidence from a panel of developing and developed economies. Journal of Cleaner Production, 366, 132925.
  14. Cheng, C.-Y., Chien, M.-S., & Lee, C.-C. (2021). ICT diffusion, financial development, and economic growth: An international cross-country analysis. Economic Modelling, 94, 662–671.
  15. Cimperman, S. (2023). Informal socialization in virtual work environments: Creating a digital culture of connectivity. Global Business and Organizational Excellence, 43(1), 53–71.
  16. Davidavi?ien?, V., Al Majzoub, K., & Meidute-Kavaliauskiene, I. (2020). Factors affecting knowledge sharing in virtual teams. Sustainability, 12(17), 6917.
  17. Deepwell, M. (2022). Leading Virtual Teams. Research in Learning Technology.
  18. Dudian, M., Todoran, T. A., & Popa, R. A. (2022). Organisational Culture Shifting Into Online Learning. Virtual Learning Practices. Studies in Business and Economics, 17(3), 57–69.
  19. Eladira, Lubis, Y., & Sakti, I. (2024). The effect of e-assessment on performance, competency, worklife balance, and motivation on civil servant performance. International Journal of Financial, Accounting, and Management, 6(2), 165-181. doi:https://doi.org/10.35912/ijfam.v6i2.1825
  20. Feitosa, J., & Salas, E. (2021). Today’s virtual teams: Adapting lessons learned to the pandemic context. Organizational Dynamics, 50(1), 100777.
  21. Garro-Abarca, V., Palos-Sanchez, P., & Aguayo-Camacho, M. (2021a). Virtual teams in times of pandemic: Factors that influence performance. Frontiers in Psychology, 12, 624637.
  22. Garro-Abarca, V., Palos-Sanchez, P., & Aguayo-Camacho, M. (2021b). Virtual teams in times of pandemic: Factors that influence performance. Frontiers in Psychology, 12, 624637.
  23. Glikson, E., & Erez, M. (2020). The emergence of a communication climate in global virtual teams. Journal of World Business, 55(6), 101001.
  24. Greer, C. R. (2021). Strategic human resource management. Pearson Custom Publishing.
  25. Hijazi, A. A., Das, P., Moehler, R. C., & Maxwell, D. (2023). A roadmap to a shared vision for platforms: The motivations and roles of stakeholders in the transformation from projects to platforms. Creative Construction Conference 2023, 185–193.
  26. Ichdan, D. A. (2024). The effect of training, work environment, motivation, job satisfaction, and career satisfaction on employee productivity. Annals of Management and Organization Research, 6(1), 57-69. doi:https://doi.org/10.35912/amor.v6i1.2264
  27. Kiely, G., Butler, T., & Finnegan, P. (2022). Global virtual teams coordination mechanisms: building theory from research in software development. Behaviour & Information Technology, 41(9), 1952–1972.
  28. Kropman, D., Appel-Meulenbroek, R., Bergefurt, L., & LeBlanc, P. (2023). The business case for a healthy office; a holistic overview of relations between office workspace design and mental health. Ergonomics, 66(5), 658–675.
  29. Kumar, P., Gupta, M., & Kumar, R. (2023). Improved Cloud Storage System Using IPFS for Decentralised Data Storage. 2023 International Conference on Data Science and Network Security (ICDSNS), 1–6.
  30. Kumar, V., Verma, P., Mittal, A., Tuesta Panduro, J. A., Singh, S., Paliwal, M., & Sharma, N. K. (2023). Adoption of ICTs as an emergent business strategy during and following COVID-19 crisis: evidence from Indian MSMEs. Benchmarking: An International Journal, 30(6), 1850–1883.
  31. Kupa, K. (2020). Challenges and benefits of virtual teams: A leadership perspective. Economic and Social Development: Book of Proceedings, 193–202.
  32. KUSAIRI, S., MUHAMAD, S., RAZAK, N. A., & TRAPSILA, A. P. (2021). The role of ICT and local wisdom in managing work-life balance during the COVID-19 pandemic: an empirical study in Malaysia. The Journal of Asian Finance, Economics and Business, 8(9), 321–331.
  33. Lauring, J., Drogendijk, R., & Kubovcikova, A. (2022). The role of context in overcoming distance-related problems in global virtual teams: an organizational discontinuity theory perspective. The International Journal of Human Resource Management, 33(21), 4251–4283.
  34. Lechner, A., & Tobias Mortlock, J. M. (2022). How to create psychological safety in virtual teams. Organizational Dynamics, 51(2).
  35. Loyless, L. H. (2023). Competence in virtual communication: Remote transformational leadership. Public Administration Review, 83(3), 702–709.
  36. Masood, T., & Sonntag, P. (2020). Industry 4.0: Adoption challenges and benefits for SMEs. Computers in Industry, 121, 103261.
  37. Men, L. R., O’Neil, J., & Ewing, M. (2023). From the employee perspective: Organizations’ administration of internal social media and the relationship between social media engagement and relationship cultivation. International Journal of Business Communication, 60(2), 375–402.
  38. Morrison-Smith, S., & Ruiz, J. (2020). Challenges and barriers in virtual teams: a literature review. SN Applied Sciences, 2(6), 1–33.
  39. Muchsinati, E. S., Oktalia, A., & Priscilla, Y. G. (2024). How e-human resource management can increase employee productivity in F&B in Batam. International Journal of Financial, Accounting, and Management, 5(4), 443-458. doi:https://doi.org/10.35912/ijfam.v5i4.1606
  40. Newnam, S., & Goode, N. (2019). Communication in the workplace: Defining the conversations of supervisors. Journal of Safety Research, 70, 19–23.
  41. Nguyen, M. H., Gruber, J., Marler, W., Hunsaker, A., Fuchs, J., & Hargittai, E. (2022). Staying connected while physically apart: Digital communication when face-to-face interactions are limited. New Media & Society, 24(9), 2046–2067.
  42. Nosike, C. J., Ojobor, O. S., & Nosike, C. U. (2024). Enhancing business resilience: Innovation and adaptation during and after the global pandemic. International Journal of Financial, Accounting, and Management, 6(2), 217-229. doi:https://doi.org/10.35912/ijfam.v6i2.1891
  43. Noto, G., Marisca, C., & Barresi, G. (2023). Adapting management control to virtual teams: evidence from a natural experiment. Qualitative Research in Accounting & Management, 20(5), 621–646.
  44. Onyekwelu, N. P., Monyei, E. F., & Muogbo, U. S. (2022). Flexible work arrangements and workplace productivity: Examining the nexus. International Journal of Financial, Accounting, and Management, 4(3), 303-314. doi:https://doi.org/10.35912/ijfam.v4i3.1059
  45. Plebankiewicz, E., Le?niak, A., Vitkova, E., & Hromadka, V. (2022). Models for estimating costs of public buildings maintaining-review and assessment. Archives of Civil Engineering, 68(1).
  46. Rehman, A. U., Nawaz, A., & Abbas, M. (2020). Role of project management in virtual teams success. ArXiv Preprint ArXiv:2008.13111.
  47. Robertson, M. M., Lee, J., Huang, Y.-H., & Schleifer, L. (2022). Virtual office intervention effectiveness: A systems approach. Work, 71(2), 451–464.
  48. Sandberg, J., Holmström, J., & Lyytinen, K. (2020). Digitization and phase transitions in platform organizing logics: Evidence from the process automation industry. Management Information Systems Quarterly, 44(1), 129–153.
  49. Santoso, J. T. (2023). Kecerdasan Buatan (Arti?cial Intelligence). Penerbit Yayasan Prima Agus Teknik, 1–227.
  50. Schuster, N. (2022). New Work in China–Work From Home, 996 and Employee Motivation. International Journal of Academic Research in Business and Social Sciences, 12(3), 428–440.
  51. Shaik, F. F., & Makhecha, U. P. (2019). Drivers of employee engagement in global virtual teams. Australasian Journal of Information Systems, 23.
  52. Silsand, L., Severinsen, G.-H., & Berntsen, G. (2021). Preservation of person-centered care through videoconferencing for patient follow-up during the COVID-19 pandemic: case study of a multidisciplinary care team. JMIR Formative Research, 5(3), e25220.
  53. Song, L. (2022). [Retracted] Construction of Accounting Internal Control Management Platform Based on IoT Cloud Computing. Wireless Communications and Mobile Computing, 2022(1), 9552118.
  54. Swartz, S., & Shrivastava, A. (2022). Stepping up the game–meeting the needs of global business through virtual team projects. Higher Education, Skills and Work-Based Learning, 12(2), 346–368.
  55. Szkudlarek, B., Osland, J. S., Nardon, L., & Zander, L. (2020). Communication and culture in international business–Moving the field forward. Journal of World Business, 55(6), 101126.
  56. Tan, C. K., Teoh, A. P., & Cheah, J.-H. (2019). Factors influencing virtual team performance in Malaysia. Kybernetes, 48(9), 2065–2092.
  57. Ta?tan, H., & Gönel, F. (2020). ICT labor, software usage, and productivity: Firm-level evidence from Turkey. Journal of Productivity Analysis, 53(2), 265–285.
  58. Walker, R., Chong, S., & Chong, J. (2021). Facilitating peer-led group research through virtual collaboration spaces: an exploratory research study. Research in Learning Technology, 29, 2520.
  59. Xiao, Y., & Watson, M. (2019). Guidance on conducting a systematic literature review. Journal of Planning Education and Research, 39(1), 93–112.
  60. Zhu, F., Li, Q., Yang, S., & Balezentis, T. (2021). How ICT and R&D affect productivity? Firm level