Critical Review Of Theories And Model Of Technology - Free Samples

Question: Discuss about the Critical Review Of Theories And Model Of Technology. Answer: Introduction Strategic information system helps to facilitate the business of an organization through providing effective strategy and regulation. In other words, vital information system offers a business strategy to remain competitive in the market. It is useful for the organizations for storing, processing as well as accessing confidential data. It assists the groups to apply various tools so that the business activities can be empowered. On the other hand, strategic information system provides multiple opportunities so that operations of the business are allowed. In the present study, Macquarie Group Limited is considered a case study. The organization is a global financial services group that provides banking as well as financial advisory. Also, the team includes investment as well as funds management services to several institutional, retail as well as corporate clients (Macquarie.com 2018). However, Macquarie Group Limited is currently suffering from various issues such as storing and accessing data in the database. The study presents major components of the strategic information system. It describes various elements of vital information system as well as consisting of outsourcing and end-user computing processed in Macquarie Group Limited. Also, the study evaluates internal control and the process of adding value by strategic information to the organization. It also illustrates management aspects of the bank in detailed format, compares and contrast the issues along with challenges. Overview of Macquarie Group Limited Macquarie Group Limited is an Australian financial organization headquartered in Sydney. It provides several types of financial services. Macquarie employs more than 14,000 staffs in around 70 office locations across the world. There are approximately $A450 billion assets reported under management. The company is listed in Australia and regulated by Australian Prudential Regulation Authority. The company gains high margin of profit as well as lucrative rewards for executives and shareholders (Macquarie.com 2018). In 2010, Macquarie Group Limited completed its most significant acquisition by purchasing Delaware investments, which is a leading US-based diversified asset management organization. It results in Macquarie as one of the top asset management group in the world. In 2017, Delaware investment has been rebranded as Macquarie Investment Management. Laudon and Laudon (2016) stated that the company has remarkably increased it's renewable energy activities in the decade. Macquarie g roup limited acquired a stake in Baltic 2 offshore wind park from EnBW that has a total fee of 720 million euro. The organization employs 13,597staffs in 27 countries. The business activities of the company are organized into five principle operating groups. Asset management: Macquarie is considered as the most prominent infrastructure asset manager across the world and included in the list of 50 global asset manager (Peppard and Ward 2016). The company is presently managing nearly $A450 billion of assets of superannuation funds as well as different institutional investors. Corporate and asset finance: The Company lends to the consumers as well as leases assets to several businesses consisting of a fleet of 600,000 cars and passenger aircraft, medical equipment, rail stock, medical equipment as well as mining equipment. Banking and financial services: The Company comprises retail-banking operations as well as provides personal banking along with wealth management and products of business as well as services to nearly one million clients. Issues and challenges faced by Macquarie Group Limited There are several areas concerned for Macquarie Group Limited that general issues and challenges with the system. To implement IT/IS technology, public as well as private sector face challenges. Private sector: The banks under private sector suffer mainly from the issues related to risk management. On the other hand, government banks usually receive more security than private banks (Macquarie.com 2018). Thus, in the case of risk management, government based financial organizations are more secured, whereas private banks face loses. Also, private sector banks face issue for having strict completion in respective field (Pearlson et al. 2016). As new marketing trends and innovations become part of the banking sector, it is challenging the company to launch new products, schemes, and facilities. As new services include several issues and bugs to be fixed, it is challenging the company to deal with it (Oliveira et al. 2014). The high rate of interest and challenging market trends is a challenge for the private banks. Moreover, strategic system designer faces various issues in adopting and maintaining IT/IS strategically. Public sector: Thakor (2015) mentioned that banking under public sector also faces several challenges to deal with strategy development. The planners need to perform various operations and take a go through various challenging situations. Capital base is one of the areas that public sector banks face. As they have a poor capital base, it is required through the initial public offering. Public sector banks usually earn low capital based than private banks. Also, the public sector banks include less number of bank branches, which can be considered a threat to public banks. The gap in innovating and applying new technology can be a serious issue for public sector banks (Shaikh and Karjaluoto 2015). Backdated technologies are used by the public banks, whereas private banks provide latest technologies and applications including several features and functionalities. Also, there are any security personnel or systems are implemented in public banking services that protect data of the custome rs. The public sector bank has issues and complaints about providing poor services. The banks are struggling for offering quality services as well as not meeting demands of the customers. On the contrary, the private sector is committed to providing quality service to the customers. Adoption of IT and critical assessment of IS strategy Tam and Oliveira (2016) commented that at present days, rapidly changing environment leads to adopting information technology within the organization and continuously improved. It is driven by the external push of technological advancements as well as the internal pull of increasing requirements of the organization (Macquarie.com 2018). For achieving a great return on IT investment, the diffusion process of IT within the particular organization needs to be analyzed properly (Tarhini et al. 2015). Due to several advantages of IS strategy, Macquarie Group Limited needs to adopt IT applications properly to support business. Adoption of IT differs from larger organizations as there are particular characteristics like resource limitations. Hence, it is significant to provide a better and deeper understanding of the process of adopting IS strategy. The information system strategy for Macquarie Group Limited can be described as followed. Updating prevalent IS strategy: The organization needs to act responsibly as well as take the responsibility to update the system. The enterprise needs to update the system regularly. Appointment of new employees: Macquarie Group Limited needs to change common management system as well as the adoption of the new management system. The new system planned for incorporating IS strategy for managing the system. In this case, the management of Macquarie Group Limited needs to hire talented, hardworking as well as creative people. The staffs should have the capability to bring innovation to the organization. Maintenance of system and database: Macquarie Group Limited needs to focus on maintaining the system as well as financial operation (Karpovsky and Galliers 2015). The IS strategy is helpful for Macquarie Group Limited for maintaining the system as well as the database. Maintaining security: IS strategy is helpful for the organization to ensure privacy and security in the organization. As security is one of the major aspects of a financial organization, management of Macquarie Group Limited needs to focus on it. Adoption of new and innovative ideas As banking industry is considered as a flourishing industry, it is required to focus on technological innovation. Internet banking has emerged as one of the biggest emphasized areas at present days (Rubino and Vitolla 2014). Thus, organizations need to develop new and innovative ideas by improving customer experience and optimizes cost structure. On the other hand, there is a wide variation of technology agendas along with implementation capability in distinctive players of the banking industry. Macquarie Group Limited requires adopting specific strategies through which they can be able to furnish business and financial activities. The organization needs to improve banking value and to revamp digital agenda (Macquarie.com 2018). Also, moving from information to insight needs to be focused on this approach. Dealing with changing the risk regime is one of the major approaches need to be focused on the organization. As the existing market is moving from cash to electronic modes of payme nt, Macquarie Group Limited needs to emphasize on it. The ability of technology to bring services to customers is considered as the biggest driver to achieve comprehensive financial inclusion. The approaches followed by Macquarie Group Limited can be explained as followed. Mandate creation: According to Shaikh and Karjaluoto (2015), it is one of the types of approaches, can be helpful to improvise business activities of Macquarie Group Limited. A mandate usually provides right direction so that changes can be appropriately deployed. On the other hand, the mandate is related to distinct strategy as well as expected for bringing innovations to the premises of banks. The role of top authority in Macquarie Group Limited is to create a mandate where initiators of mandate adoptions as well as improvisations. The approach towards people with the same passion for creating order is required in the case. Beany model: It is one of the types of approaches followed by Macquarie Group Limited. The top-level management needs to keep strategies so that it can be processed efficiently. Macquarie Group Limited needs to give prioritization in the business thinking process. Issues and challenges with stakeholders and employees: Macquarie Group Limited needs to ensure that information system needs to analyze the problems that arise in the particular order and ensure that there are any loopholes existed in the process of decision making as well as problem solving techniques (Tam and Oliveira 2017). Macquarie Group Limited provides training to the employees that can be helpful to analyze the issues as well as sort out easily. The staffs can be able to find out the best possible solution through which they can be able to mitigate problems effectively. Developing dedicated team: Macquarie Group Limited needs to analyze specific issues inside and outside of the organization. Management of the organization needs to understand several solutions through which the problems can be mitigated. The team needs to understand alternative solutions through which the financial organization can enhance business activities. Access to people: Macquarie Group Limited deals with customers effectively. The customers need to provide proper login access. Feedback from the customers is necessary for the business organization. Macquarie Group Limited should also consider input from the customers individually, analyze them and provide effective solutions according to the demands. Designing and developing a system: Macquarie Group Limited should design and develop a system in such way that can be helpful to manage new system (Alenezi et al. 2015). It is required to provide effective service profitably. New management system provides services in such way that can bring competitive edge. Establishing a business network with other workers of the bank: Macquarie Group Limited needs to design and develop a system in such way that the system can profitably provide efficient service. The new system of management provides solutions so that the organization can gain competitive advantage. The workers need to discuss with every issue occurring in the bank that is based on the way taking critical decisions to solve the problems. Roztocki and Weistroffer (2015) stated that the change towards internet banking has fueled through changing dynamics in the banking industry. Hence, organizations need to be smart and adopt effective IS strategy so that the demands of customers can be quickly fulfilled. Also, it is important to focus on business intelligence by taking IT and IS strategy in the organization. The banking industry is involved in customer management. Therefore, it is essential for the agencies to implement effective IT and IS strategy and participating in performing activities like customer segmentation, co-creation, and utilization of alternative channels, useful cross as well as upsell and CRM to the customer experience. Also, risk management and information security are considered as important aspects that deal with adopting effective IT/IS strategy. It is important for the organization to focus on some elements such as credit systems, liquidity risk systems as well as enterprise risk management system (Baskerville et al. 2014). The advent of mobile banking generates several security risks and vulnerability. In this perspective, it is important for the organizations to adopt effective strategy so that security risks can be mitigated. Moreover, Macquarie Group Limited needs to follow and implement IT Act 2000 so that privacy of customers can be ensured. Along with these, it is vital to frame efficient payment and settlements Act to provide regulation as well as supervision of the payment system in banking. Providing robust RTGS/ NEFT platform can be effective in this case. Regulation, as well as promotion of the acceptance channels consisting ATMs, payment gateway policy along with POS implementation , can bring competitive advantages in Macquarie Group Limited. Issuance guidelines, as well as security measures for card transactions, can be helpful for the organization. Outsourcing vs. End-User Computing in Macquarie Group Limited The use of outsourcing methods is mainly applied by various companies or organizations to get functionalities from various efficient service partners. This process can be utilized by the Macquarie Group Limited to work with efficient and effective business partners (Deresky2017). In various cases, it is seen that employees are transferred for meeting the outsourcing requirements. End-user computing or EUC is defined by the utilization of non-programming personnel to work with related applications (Wheelen and and Hunger2017). In this type of outsourcing process, the end users associated are utilized for addressing the programming environment. The process of outsourcing is considered effective solutions where Macquarie Group Limited can enjoy more significant benefits. The director of the associated company must adopt the strategy associated with this adoption process to enjoy maximum benefits (Tucker et al. 2017). This report has discussed the processes by which the director will be benefitted by the adoption process. Macquarie Group Limited focusing on Basic Actions: Macquarie Group Limited can enhance their business operations with the help of IS Strategy. The financial operations and the business operations can get enhanced, and the bank should focus on these basic operations to gain the desired profit they want (Wheelenand and Hunger2017). Macquarie Group Limited must also focus on the outsourcing of financial and business operations. Expenses Savings and Efficiency in Macquarie Group Limited: The company must choose the process of outsourcing which will be responsible for cutting off the expenditure of the work. Also, the efficiency of the bank is also increased (Tucker et al. 2017). The reduction in spending concerned and the increase in efficiency are very useful for Macquarie Group Limited as these will be helpful in increasing the profit associated. Lessening Overhead: The process of outsourcing helps in reducing the cost associated with overhead charges as this will be effective for the bank (Wu2017). Also, the expenses incurred for back-office operations are also very high. Macquarie Group Limited Control in Operations: As operations are normally being outsourced, the need for control is absent in this case (Tjemkes, Vosand Burgers2017). The departments of Macquarie Group Limited can be affected due to poor control and operating processes. As a result, the bank will be able to get the greatest services in operations as well. In addition, this will be a cost-effective solution for the bank (Rahimi and Kozak 2017). Thus, the bank will be benefitted from this adoption. Macquarie Group Limited s Staffing Flexibility: For any organization, an adaptation of a new management system can pose problems for them (Serenkoand and Bontis2017). A major vital point ion outsourcing is the flexible staffing process. The staffs are responsible for contributing to the success of the bank (Rahimi and Kozak 2017). In addition, various operations can be managed with ease through outsourcing. vi) Risk Management in Macquarie Group Limited: Mostly, all organizations consider the aspects of risk management. The management team along with the workers associated with Macquarie Group Limited must consider the need for addressing risk management in their office (Durand et al. 2017). For this reason, risk management can be effectively applied by outsourcing processes by undertaking minimal investments. vii) Developing Internal Staff: For every organization, the complex or large projects can be effectively accomplished only when the employees associated with them are working well (Durand et al. 2017). In a similar case, the management process of Macquarie Group Limited must address the training process of their employees in an efficient manner (Wolfand Floyd 2017). The internal employees of the bank are responsible for maintaining the business operations and outsourcing of them. The training programs will be responsible for strengthening the skills and talent of the employees. This will also be responsible for bringing out innovative approaches to business. Strategic information of Macquarie Group Limited through IT/IS Implementation of strategic information is considered as important in the organization. It is helpful to add value to the organization by aiding information system strategy. The strategies can be described as followed. In the first phase, it is required to provide related information system technology in Macquarie Group Limited that can add value to the organization. In addition, the first stage includes behavioral traits of management staffs as well as approaches for employees and business activities (Mu et al. 2015). It is also required to deal with expenses that are required to be paid. In the particular stage, Macquarie Group Limited needs to learn about the competitors. On the other hand, the second stage includes mission and strategies that depend on targeting proper market, the location of the office premises and development of new products. Moreover, launching of new products, promotion of the products and budget related to the project. Identification of the requirements of customers needs to be amended. The demands of the customers can add value to the bank. The organization can obtain competitive benefits and a large number of customer bases by adding information of system strategies. In addition, segmentation of the market acts an important role in running a business. It can be helpful in developing a particular group of customers. Macquarie Group Limited can obtain advantages through segmenting office departments and business processes into proper segments. Critical analysis of internal control in Macquarie Group Limited Good internal control needs to take consideration by analyzing internal activities of the organization. The specific characteristics of effective control help the organizations for carrying out business activities. Also, operations involved in business can be helpful to safeguard assets of the business. Controlling environment is one of the important approaches followed by the company (Dwivedi et al. 2015). Moreover, attitude towards internal control of business activities needs to fulfill business demands of Macquarie Group Limited. The organization can become disrupted whether the management system of the financial organization can override controls in place. Internal control of Macquarie Group Limited is threatened for managing override of control. Risk evaluation is a methodology through which threats and risks can be mitigated. The organization needs to identify threats and take initiatives accordingly. Macquarie Group Limited can be similarly benefited with the assistance of ri sk evaluation. The elements of communication are responsible for accumulating spread of related information associated with the internal control. The components of communication can assist the staffs of the organization. The workers of Macquarie Group Limited can perform better by aiding communication segments related to ongoing control efforts (Ahmadi et al. 2015). Monitoring is one of the processes that ensure internal control system. Effective monitoring engages the processes through which the business process can be effectively managed. Effective control is well traced by assisting in monitoring the system. It also helps to complete the business tasks within the scheduled time. Mohammadi (2015) mentioned that the control activities need to be carried out with the help of management body of the organization. The management team of Macquarie Group Limited needs to assure internal control effectively. On the other hand, control activities are helpful to understand the issues faced by Macquarie Group Limited. The result of analysis needs to be shared with employees (Yadav et al. 2016). In this perspective, staffs of the bank and stakeholder management body need to be effective the system. Conclusion From the above discussion, it concludes that information system assists an organization in every possible way. Macquarie Group Limited can be significantly benefited with the help of information system. The organization needs to adopt information system effectively. The approach needs to meet the target as well as the objective of the organization. Since Macquarie Group, limited has decided to adopt strategic information regarding one year completing the plan. All associated stakeholders of the organization need to cooperate and undertake project activities. The advantages of strategic information can offer in involving stakeholders in the organization. The strategic information offers decision making as well as data mining capabilities. ERP system can be a better option for making strategic planning in Macquarie Group Limited. The study describes the process through which enterprise resource planning software can provide a facility for the development of business in Macquarie Group Limited. 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