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CONCEPT OF STRATEGIC INFORMATION SYSTEM

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 CONCEPT OF STRATEGIC INFORMATION SYSTEM

Introduction

Strategic information system is a common and eminent procedure utilized in most successful industries today. It influences an organization largely and controls the entire method of information collection to information security in the workflow. Information strategies are used to set firm and stable objectives for an organization. Most of the MNC’s today adapt the process in order to keep the business in control. It involves collection of information of data in various forms and managing them. The structure of the organization largely depends of strategic information which is operated by technical experts, researchers and planners. This particular method is important for banking purposes, as a bank deals with huge amount of financial data. This process is required for data preservation, retrieving of data, providing access to others when required as well as organization of the financial information. The most important purpose of strategic information in a bank is security of the existing data.

An overview of business process

The improvement and betterment of the business involves the adoption of effective strategies. According to Orozco et al. (2015, p.1), some of the useful strategies used by experts are mapping of the business or graphing, process re engineering, process transformation and more. A business process can be described as a flow of work or a management chain that explains the complete structure of several tasks that needs to be executed in order to provide a quality service or come up with a particular product.

One of the categories of business process is the process of management. Management process is about the management structure of the specific organization. Banking sector includes numerous activities like billing system, accounting process, cash receipts and also maintaining the data of the customers in a secured way. Accounting Information System (AIS) can provide several reports related to investment as well as lending. A banking sector is a place where these activities are provided major concern. This system helps in displaying the amount delivered along with the paid dividends. It is the duty of the manager of the banking venture to conducts ratio analysis for management of the entire capital of the entity in a proper way.

The above process shows in the way by which this particular system assists banking sector to conduct its financial work in a proper way. Business analyst, Chief Financial Officers and auditors prefer to work with AIS as it provides the assurance regarding immense level of accuracy in workplace. The financial transactions of the banks are regulated by AIS, which aids in maintaining the information in an intact way. Moreover, information of the employees of the financial institution is also kept in a confidential way by this system. Usage of this system is done with the help of information technology infrastructure for better service.

Determining the business requirements

The motto of the banking business sector is to understand the needs of the customers so that such financial services can be provided to them (Galeotti et al. 2013, p.1751). Initially, it can be said that customers needs to be identified. It can be followed by the understanding of the preferences of the users so that they can be served properly. However, capital requirements are required to be considered by the banking business houses. Regulation of the banks is required to be set suitably so that no unexpected loss incur in the business progression of this industry. Certain grades can be maintained by providing grades as per the risks involved:

Capital of Tier 1: This capital helps in continuation of the banking activities without any issues.

Capital of Tier 2: In this case, the depositors are repaid in case of bank becoming insolvent.

These banking business activities are the major requirements. AIS will help in easing these activities by entering into each part of the activity so that risk can be reduced further. Leverage is another requirement of the business. Elbanna (2016, p.220) has mentioned that leverage is considered as the relationship in between entire assets of the bank along with that of the capital base of the bank. All these are worked upon with the help of the information technology infrastructure thereby, adding immense of efficiency in the work process. Last but not the least is the monitoring of the business activities of the bank. Visibility of the system is essential so that flexibility can be maintained in the competitive market. Proper understanding of the requirements has to be kept with the employees so that this industry can operate successfully in the coming years.

 

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