Technology is an essential part of the production of organizations in different industries through information systems. This is through the ability of information systems to connect the different parts of the value chain within an organization. The information system is used to improve the communication linking the distinct parts of the value chain, helps in the storage and retrieval of data. Data is an essential part of an organization's development and success. This makes information systems highly necessary to ensure that the data within the organization. In financial companies, data is collected in all transactions since these companies run numerous transactions that require to be stored for references. FINCORP is an investment banking company that provides different services and products in the finance industry. This company offers banking, private equity, wealth management, advisory, and corporate finance. The FINCORP financial institution also collects and stores customers' information that is required to be processed and stored together with the transactions made by the customers using an information system. These services and products require an information system to handle, facilitate the provision, and save the records for references. The industry's primary focus is to circulate money, manage investments, and lend funds to individuals and groups.
The finance industry requires most of its services and products to be computerized and automated, thus requiring a system that can handle this automatically and efficiently. Information in this industry is essential since it contains progress and other vital information about the organization and institution. “The information in the financial industry is essential to a business since managers need the resulting information to make decisions about how to run the organization” (Tucker, 2017). It is essential for an information system to be put in place to ensure that the information on customers and their transactions is collected and stored safely. Information in this industry is expected to have a high impact on the different activities in the value chain of the organization. This is providing solutions to the activities done within each part of the value chain (Laitinen, 2017). An organization in this industry without a proper information system is at a high risk of having financial issues and ultimately failing or going bankrupt. The FINCORP organization requires an information system to process the transactions and ensure there are maximum productivity and success.
FINCORP is an investment in Malaysia which is involved in a financial industry that offers banking services and advice. Customers of these organizations acquire advice from the organization concerning finances and investments. Customers acquire information and funds from the institution and management of wealth and private equity. The FINCORP organization has a focus on helping its customers to invest and offer them advice on how to manage their finances while providing them with loans to help their customers. It also has a mandate to provide customers with services related to the financial industry. This involves offering advice and cash to the customers of the FINCORP to ensure that they meet their objective and provide high customer satisfaction to the customers.
FINCORP utilizes information system to collect data from the customers and from the transactions that are done through the organization's system. The data collected is used to make decisions and developing operations that are focused on improving services and products. The organization is recommended to utilize different information systems within the value chain to improve the services and products and productivity as well. The value chain is essential in ensuring that the organization is able to meet the objectives through utilization of information system. FINCORP is an international offers its products and services through innovative initiatives that improve the service provision and productivity of the organization. This illustrates that the information system is a major innovative initiative utilized within the organization to link the value chain together to improve its ability to reach its objectives and improve its productivity.
The productivity of this organization depends on customer satisfaction and an increase in the number of customers in the organization. This leads to the organization increases its ability to reach out to numerous customers through the improvement of customer services and the development of their products. This is done by utilizing the organization's information system to achieve the objectives in each value chain section. The organization also develops operations that help them in acquiring more customers and providing a high level of customer satisfaction. Proper usage of the information system is essential to ensure that the organization improves its productivity considerably.
The inbound logistics involve receiving and storing products in a warehouse and then distributing them to others later in the outbound logistics. In the FINCORP organization, the products and services are acquired from other organizations and individuals in terms of money. The money is stored in the bank, where it can be distributed to the FINCORP customers for their endeavors. During inbound logistics, large amounts of data are collected to ensure credibility and transparency (Loving, 2019). The organization can utilize the information system in providing the section of the value chain is more productive.
A warehouse management system is one of the information systems that help in managing the information collected in the supply chain. This data is used to track the products in the FINCORP, ensuring that the products involved within the organization are accounted for all time (Lyon & Furse, 2017). The system utilizes data stored in the database to provide insight on decisions to be made, such as increase products in warehouses or reduce those in the store. This information is also helpful when making significant decisions on the available product in the store. The data can also help in finding lost products quickly since the transactions involved can be used.
Electronic data interchange is also a system that can be utilized in the inbound logistics to allow the FINSCORP organization to track electronic transactions. The products transferred electronically are tracked using this system since the data cannot be acquired in person since they are done wirelessly and electronically and not physically (Mai et al., 2018). The data collected can be used to improve the efficiency of the operations done on the products. This can help the management of the FINCORP organization to come up with decisions that will enhance the productivity of the organization.
An Enterprise resource planning system can be used within the FINCORP organization to allow integration of systems to deliver services to the customers. This is achieved through the integration of hardware and software that automate back-office functions within the organization. The system provides a connection between the segments of the value chain to improve the organization's productivity. This is achieved through data collection and manipulation, where data collected from the organization is used to understand the operations done. This helps the organization decide on the amount of inbound to receive (Chofreh et al., 2018). Through the data, the organization can determine the number of customers who require certain services and products, thus making it easy to confirm the amount to be received at a certain time. This allows the organization to receive enough amount for it to handle and not cause an overflow of resources.The FINSCORP organization acquires the data collected from different parts of the organization through the DBMS. This data is stored in the database for use within the organization. The data include data on previous transactions and how they fared, thus offering the management to decide on the amount of the resources required to run the organization. The data acquired in the organization is used within the organization also to improve the productivity of the organization.
This section involves transforming the products received in the inbound logistics into final products and services used in the outbound logistics. In the FINCORP organization, the products, in terms of money, collected from other organizations, and individuals are changed into personalized products and services offered to the customers. The primary information system involved in this section of the value chain is the operation management system. “This system involves a combination of both analytical and quantitative methods to develop the new products and services” (Azahar & Hanif, 2018). This involves acquiring data from past operations, then analyzing them to come up with new products. The previous operations help provide an overview of how to develop new products. It also provides an overview of the past operations and how they performed. This means that the new operations are based on the success of the previous operations and solutions developed for those that did not perform well.
The knowledge management systems is also a system that is used to acquire knowledge from different operations. This helps the organization develop better products and services. These include loans, mortgages, and other bank-related operations. These services are designed between inbound and outbound logistics to ensure that they reach the customers after being planned enough. The system allows data from the past to be accessed to offer knowledge on the best operations to be done on the products and services acquired in the inbound logistics (Santoro et al., 2018). The information system helps the organization reach its goals and improve its productivity.
This section is also improved through the decision support systems since it involves acquiring knowledge from previous operations. This consists of accessing data stored in the organization using the information system, then analyzing the different operations that had been implemented in the past (Turban et al., 2010). This helps the management decide on the most effective operation to be performed in the current time. This means that the data in the past is useful in the present, thus relevant. This also means that the information system helps improve the operations implemented in the organization and improve productivity.
The outbound logistics section in the value chain involves moving and distributing the products stored in the organization. The FINCORP organization performs this operation by giving out cash to the customers to improve their livelihood and other reasons. The organization conducts this action through loans, grants, and paying dividends to its customers. This process requires an information system since massive amounts of data are utilized at this stage since there are numerous customers involved with the organization.
FINCORP organization can utilize the warehouse management system since it helps organizations manage the information collected in the supply chain. This data is used to track products within FINCORP to ensure that the products involved within the organization are accounted for all time. The system utilizes data stored in the database to provide insight on decisions to be made, such as increase the products in the warehouse or reduce those in the store (Lyon & Furse, 2017).
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