Managing Information Systems- evaluating information systems - Essay Example

Managing Information Systems- evaluating information systems Task one The role of information management systems cannot be overestimated. The application of information communication is increasing as more firms realize the benefit of using information technology to power various functions of the business processes. In the UK, there are a number of firms that have responded to the continued development of new management information systems. For example, the there are several mobile banking solutions that are increasingly being adopted in the UK by some of the banking firms. Within the UK Banking sector, First Direct has become one a leading bank in the adoption of mobility banking technologies. According to Boddy (2005), information management systems present business firms with opportunities to leverage their potential. In many business lines, mobile technology has been envisioned as a potential channel that could be exploited. However, developments in the recent decade opened new opportunities for business. Through the acceptance of the internet as a reliable medium of communication, the use of mobile phones to access internet and share information has been on the rise. Indeed, this is one of the push factors that motivated the development of management information systems that use the mobile platform. The adoption of the mobile banking has been a continued process in other parts of the world, but United Kingdom has been trailing behind. Nevertheless this process has changed over time. First Direct is one of the banks in the United Kingdom leading in the adoption of cutting edge technologies. When there was little investment in information management systems in the United Kingdom’s banking industry, First Direct regarded this as n opportunity that has made them scale new height in information technology. The proliferation of the mobiles phones in the United Kingdom prompted First Direct to adopt mobile banking platforms that has its make more profits while streamlining its services to the clients. As noted by Chaffey (2009), mobile banking was a proven business strategy that had worked for other business firms in the Canada and the United States. As a result, the adoption of mobile banking by First Direct corresponded to the development better information management systems for the banking industry. Industry focus on mobile banking had grown because of many factors that attracted the development of novel mobile banking solutions. After the entry of mobile phones, consumer behavior underwent a significant change, allowing more people to access information through their mobile phones. For the banking sector, reduced effectiveness of some marketing channels and the increased competition called for new strategies to create brand and attract new customers not to mention retaining the existing ones. This is one of the reasons that made First Direct to adopt a mobile banking system that would later transforms its operation in the banking sector. First Direct adopted a mobile banking system, which is a management information system that extends some of its traditional business processes. As one of the leading banks, First Direct move was a response to the wide acceptance and success that to the banks had accrued from using this kind of management system. First Direct made consideration of the benefits in mobile banking systems, which it aligned with its business goals. With the need to reach to more customers and at the same time offer seamless services delivery, the demand for mobile banking technology was long over due. As a premier in the field, First Direct became the first bank to adopt the mobile banking technology opening the field to other players in the banking arena. Significant development has been made in the information management systems in creating banking solutions. Whereas few banks in the United Kingdom are reported to have adopted this mobile banking technologies, there banking arena is increasingly becoming aware of the benefits of this system. As an example, more banks are now using mobile systems to harness the power of information management systems used in their organization (Laudon & Traver, 2008). There is an increasing trend among United Kingdoms’ banks to use mobile phones to access various management information systems to enable their customers’ to access their accounts and carry out their transactions. The focus has been on developing intuitive information management systems that work for various platforms. Recently, First Direct unveiled a new application that allows iPhone users to manage their accounts remotely. Without doubt, such innovation place First Direct a notch higher that its competitors. Equally importance, use of the management systems implies that First Direct will reach to more customers and create a brand name, as well. Ultimately, First Direct stand a chance of reaping more benefits in terms of cost reduction and growth of its customer base making this banks a well established financial institution. Task two Management information systems are an integral part of today’s business paradigm. Galliers, Baker and Leidner (2009) contend that management information systems are central in the development of innovation and business strategy. With the value of information management system in improving business performance, adopting effective and efficient information management technology is vital for any business. To be specific, there is need for other banking firms to adopt the use of mobile banking technologies in order for them to be at par with other service providers in their field. In the United Kingdom, Bank of America International Limited can make significant achievements by adopting a robust management information system that will improve is business processes. Bank of America International Limited is one of the subsidiaries of Bank of America situated in Europe. Bank of America prides in using various management systems in United States, but this is not the case with its subsidiary in the United Kingdom. Because of this and the potential benefit of management information systems in the banking industry, it is importance for this bank to adopt a strategy that will entail the adoption of new management information system. A new management information system will present an opportune for the bank to glean some of the channels that can be exploited to improve its performance in the banking arena. Researches indicate that more consumers are turning to mobile and internet banking as a solution to many issues affecting the tradition business approach. There are many reasons why customers prefer to choose banks that have internet and mobile banking. Whereas easy access to internet using cell phone is of the reasons, the conveniences of this kind of management systems are unparalleled. This is an indication that more banks can benefit by improving their existing information management systems to include novel systems that offer customers with flexibility and access to capabilities available in customer service desks and ATM’s (Laudon & Traver 2008). Bank of America International Limited thus needs to adopt a management information system that will extend its banking services to consumers who are increasingly growing developing a demand for remote access to their accounts. The success of banks like First Direct in United Kingdom and other banks underscore the value of mobile banking. In addition, the increasing number of hand held devices and the use as primary means of accessing the internet indicate a bright outlook for the banking industry. This means that banks like Bank of America International Limited need to align their banking operations in order for them to exploit the benefits associated with these technologies. With an information management system that does not support customer interactions beyond their brick and mortar premises, there are other reasons that justify a new management information system for Bank of America International Limited. The new system for the Bank of America International Limited should provide the bank and its customer’s access to some of the banking process via mobile phones. The system will be made of several components all working together to deliver services to consumers and providing access to data that can be used to make decisions and develop new products. With future trends pointing to prevalence of mobile and internet banking, the new management information system must be developed to run on the internet, as well as on mobile phones. The new systems will require data repositories and server solutions that will accept queries from users and provide them with requested information. Most important, the new system must provide access to customer’s information remotely, while ensuring security and privacy of information. Improvements of the existing system must be planned and implemented with efficiency to unsure business continuity (Lucey, 2005). Given the importance of management information system in the wellbeing of business, a proven system must be acquired and installed for use. This process can be achieved if planning is done in time to allow the system to be sourced and installed. First, the bank must determine the finer details of what they require from the management information system both in terms of hardware and software requirements. This will be followed by invitation of tenders of vendors of such system. The tendering process will then be conducted with applicants vetted based on their performances. Once a successful vendor has been established, the system will be delivered in small areas as a pilot study. This will then provide a basis for a wide scale rollout among all branches of the bank. In order to ensure success and ownership of the system, training must be provided and teams established to provide support (Laudon & Laudon, 2011). User manuals and other training resources must be provided to customers and employees. The adoption of the system will provide customers of the bank the flexibility of accessing the banks services and carrying out transactions online. In addition, new the management information system will be used to provide customers with new products such as alert services that will enable them track bank transactions without visiting the bank. The bank will also benefit from the new management system by having data that can be used to tailor products and make decision on pricing. Most important, the bank will build its brand name through innovation and adoption of cutting edge management system. References Boddy, D. (2005) Management: an introduction 3rd Edition London: Pearson Education Boddy, D. Boonstra, A. Kennedy, G. (2008) Managing Information Systems: strategy and organisation 3rd Edition London: Pearson Education Chaffey, D. (2009) E-business and e-commerce management: strategy, implementation and practice 4th edition London: Pearson Education Galliers, RD. Baker, BSH. Leidner, DE. (2009) Strategic Information Management Challenges and Strategies in Managing Information Systems.Hition Oxford: Elsevier Butterworth-Heinemann Laudon, K C. and Laudon, J P. (2010) Management Information Systems: managing the digital firm 1lth edition London: Pearson Education Laudon, K C. and Traver, C G. (2008) E-commerce: business, technology, society 4th edition London: Pearson Education Lucey, T. (2005) Strategic Management Information Systems 9th EditionLondon: Thomson Learning Read More