MISM case study

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Observations About the Business World and Information Resource Management: • We live in an information age. • Among an organization’s their most value assets are its intellectual property (IP – a.k.a. proprietary knowledge). • Management of information pervades all aspects of business – – – – day-to-day operations management decision making and process control competitive strategy, innovation and corporate transformation. • Business leaders must comprehend the range, complexity, and uses of the information and develop the competencies to manage and apply these assets in running their organizations. Observations About the Business World and Information Resource Management: • Globalization, the growth in business activity running over the Internet, and the ongoing wave of corporate mergers and acquisitions have necessitated the rethinking of the role that information technology (IT) plays in enabling the enterprise. • This Course concerns itself not with specific technologies but rather with those issues, processes, and methods that: – – – demonstrate how IT-enabled business processes can transform the nature/value of enterprise product and service delivery position IT investments in the context of the enterprise, identify the critical success factors in the effective and efficient selection and deployment of IT . Michael Porter’s Value Chain Model *Image © Michael Porter The Hierarchy of Information Automated systems manage data generated by transaction/business processes. Informated systems provide information that enable people to control, manage, improve, transform and learn from processes. People and “Informated” Systems "Information is not knowledge, knowledge is not understanding, understanding is not judgment, judgment is not wisdom.” —Howard Gardner “Data is a collection of unorganized facts and/or figures, information is data that has been organized in such a way that it achieves meaning, in a generalized way, and knowledge is information that is presented within a particular social context” (www.transformingknowledge.info /what_is/page3.html). Wisdom Judgment Understanding Knowledge Information Data Bits & Bytes Computers and “Automated” Systems Three Levels of Processing Transaction/Data Input Process Output Management and Control/Information Input Process Output Manage Innovation, Transformation, and Learning/Knowledge Input Process Output Innovate & Transform Levels of Information Use and the Relative Level of Data Generated/Employed The Customer low aggregation Operational Value - transactional Relative volumes of data generated or employed high aggregation external sources of business intelligence Tactical Value – management & control Strategic Value – transformation/innovation Value Statements: • The three dimensions of role of information resource management in the enterprise are: – Operational efficiency and effectiveness (getting the work done in the most efficient and effective manner given the current configuration) – System-level effectiveness through controls, management, and decision making (i.e., organization as system, not information system) (monitoring the system and changing it to better meet its goal) – Innovation and transformation (learning to improve the system and/or goal) Assessing the Value of ITenabled Business Processes • operational or transactional value – – day-to-day focus – reducing costs, speeding up delivery, improving the quality/reliability of outcomes, and/or adding value to the customer experience. Assessing the Value of ITenabled Business Processes • tactical or managerial value – – informs day-to-day and near-term process controls and management decision making – concerning the timing, volume and flow of goods and services, staffing and operational expenditures – coordinating business unit activities, and wider supply chain controls between the organization and its suppliers and customers. Assessing the Value of ITenabled Business Processes • strategic or transformational value – – enable more long-term planning, decision making, and innovative/transformational thinking – effecting fundamental change within the enterprise in terms of its direction and market positions, its scope of activities and product offerings, its merger and acquisition decisions, and so forth, – usually involving the longitudinal analysis of distilled bodies of key internal performance information integrated with information drawn from external sources. Three Vital Themes To Consider that Drive IM/IT Investment: • Alignment – ensuring that any investment in information systems aligns with the strategic, tactical and operation needs of the enterprise through the effective and efficient use of information to enable operations, decision making, and innovation. • Integration – employing information resources, systems and technologies to allow far-flung global, and at times virtual, organizations to operate successfully, managing complexity and diversity with focus, speed, and economy. • Innovation – harnessing information resources, systems and technologies that redefine/reinvent the business and that catalyze revolutionary changes of all types and descriptions within organizations. MIS Integrative Framework A. Business Drivers/ Needs/Results 1. 2. 3. 4. (e.g., Operational Excellence, Customer Intimacy, Product Leadership some combination) Drives alignment Enables B. Information Requirements 1. Operations and Transaction Processing 2. Management and Control 3. Innovation, Strategy and Corporate Learning Drives alignment Enables C. Information Processing Infrastructure and Applications 1. Business Processes 2. Information Technology 3. People and Organization structure Business Results/Lesson Learned The MIS Integrative Framework may be reduced to the following elemental constructs: strategic business requirements drive the need for information and the organization’s infrastructure, comprised of business processes, people in organizational structures, and enabling information technologies. The latter allow that information to be created and used to meet the needs of the organization, as illustrated below: I/P Infrastructure Strategic Business Requirements Information Requirements Process Org. Tech. What information do you need? How will it be created and used? …within in the context of operations and transaction processing, management and control, and innovation, strategic, and corporate learning
Session 2: B of A Case Study Questions 1. What are the core business processes1 (i.e. high level; major business and financial services) performed at Bank of America as part of its product and service offerings? Core Bank of America Business Process: people management financial management Activities within the Core Process • recruiting • performance management • staff development • payroll • benefits administration • general ledger • accounts payable • accounts receivable • reporting and compliance • cash management • asset management add as many rows as required…… 2. List the sequential, descriptive steps required in a typical ATM transaction (your choice), such as drawing out cash or transferring funds from one account to another. Be sure to include those steps executed by local ATM system itself as well as those done by information systems housed within the Bank’s centralized data center. Use this table to organize your responses. Steps by Customer Steps by ATM System Steps by other Banking Systems add as many rows as required…… core business process – All organization possess core business processes that allow the enterprise to operate, delivering products and services to its customers. A typical organization has no more than five or six core process, including: (1) financial management, (2) people management, (3) perhaps supply-chain management, (4) perhaps sales force management, (5) perhaps product design and development, and so forth, depending upon the nature of the business under study. Note that a not-forprofit, like a university or hospital, may have very different core processes from those of a commercial bank or an automobile manufacturer. 1 prepared by rmk 040714 Page 1 Session 2: B of A Case Study Questions 3. Why do the core processes at the Bank of America require centralized information systems? a. . b. . c. . d. . e. add as many bullets as required. 4. What information is generated as part of ATM business processes and how are they employed within the Bank to transact, to manage, and to innovate (i.e. contribute to the Bank’s competitive advantage)? . Transactional Uses of Information information type: information use: add as many lines as required. Management and Control Uses of Information information type: information use: add as many lines as required. Innovation and Corporate Learning Uses of Information information type: information use: add as many lines as required. prepared by rmk 040714 Page 2
Session 2: Bank of America Case Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and an online banking with more than 25 million active users. Bank of America offers services to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. In late-2008, Bank of America acquired Merrill Lynch, a long-standing, global investments and financial services firm. Even if you are not a Bank of America customer, you have used some bank’s ATM system and/or online banking services. Whether you use an ATM or a bank Web site, you are employing an information technology platform to access banking services. The services themselves are enabled through powerful transaction processing systems that allow the bank to manage, as examples: • • • • • • • • • • • customer deposit accounts (a.k.a. bank accounts) customer checking credit card operations consumer loans corporate loans mortgages trust accounts corporate checking accounts corporate payroll services certificates of deposit and in the case of Bank of America because they now own Merrill Lynch a host of other investment management services The ATM and Bank Web site allow you as a customer to access information about your own personal or corporate accounts and to carry out a range of transactions in a secure manner. From your remote location you are accessing vast computing power in the bank’s data center via data networks that provide the pathways for transaction data. The following questions require you to consider the business processes delivered to you as a consumer of banking services via an ATM and to help you explore the underlying information management requirements of the bank. Be detail-oriented in your thinking and presentation. prepared by mhz and rmk 052014 Page 1

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