Syndicate Bank in Business Intelligence Field - Assignment Example

QUESTION 1 Any business intelligence tools are aimed at creating a better environment in how people work and also the output expected. In this respects, banks fail to realize anticipated returns from their investments in business intelligence schemes. This is because the scheme An ideal implementation plan in using any BI tool is first it be based on the query, reporting and analysis (QRA) end user and also advanced analysis. The QRA model is mainly designed to provide for ad hoc reporting and this is usually required in a setup such as the Syndicate Bank based on the large number of customers and the amount of reports that would be needed in creating accountability in all transactions that take place within the bank[Bur99]. Since the Syndicate Bank has on-line banking services and query tools, this BI tool will provide a good framework for data management environment that would enable the bank to deal with problems and also analyzing business data[Gil88]. Advanced analytics is to be used with the QRA model enabling the Syndicate Bank sufficient data mining software and statistical for data analysis. This will use technologies such as; rule induction, neural networks that even cater for hidden information. The operative benefits are also to be considered in implementation, this is because it can be taken in bits or in phases. The implementation plan in this instance would ensure that certain capabilities. Firstly it will improve financial performance within the bank. This will be through budgeting, consolidation, and planning and strategy management for the bank. Services operations and analytic applications would be improved within the bank because a good bank requires a better operations in terms of the financial reports are made. Website analytics and customer service are also an important aspect in the BI tools based on the fact that more and adequate banking services would be provided to the bank. The interactivity of this investment tool is created to work well with any particular software tool hence making it cheaper and easier to use compared to other BI solutions. In one instance, this solution once created it can be exported to be used in files such as Microsoft Word, Microsoft Excel Spread Sheet, Microsoft Access and Visual Basic. This will provide sufficient integral optimization of how Syndicate Bank works and does its daily operations. Moreover since the services carried out by the banks are numerous, an adequate method of generating information and report is required[Por85]. QUESTION 2 The main competitive advantage of business intelligence (BI) is that information is always ready for analysis to give a timely decision making. Syndicate Bank needs this for its services in customer care, on-line loan request, complaint redress and also on shareholder information. Having a BI solution will place the bank at a better advantage in terms of the decisions it makes and also based on the wide data available for decision making. The information and data collected is also important based on the fact that it would enable the bank to monitor how it has complied with the provision of the RTI Act of 2005 that governs the bank.[Por85] Moreover a competitive advantage is offered based on the fact that BI solution based on the fact that the information and data collected is linked with business strategies and information. For instance Syndicate Bank offers a wide range of services such as ATM withdrawal , this data can enable the bank keep track of client’s account and know the spending rate. Business strategies would be important in knowing what kind of services are needed and better made for the customer. It can be contended that any business solution enables the bank to collect and analyze information regarding the capability, intentions of business competitors through the use of information database. This will be a basis for Syndicate Bank to access competitor’s information both legally and ethically. Since the information that is provided is ready for decision making, it will be important for Syndicate Bank to make necessary changes to their services based on opportunity and threats. A business intelligence solution also provides a competitive advantage over other bank services providers based on the fact that there is a reduction in cost, quality and speed in terms of the offing of services. For instance, the processing of loan request, rates of interest and the better provision and processing of withdrawals. This will provide a client base that will have confidence on the banks operation. Customers do not like to wait in queues or to be put on hold at all times, this solution will enable them to get quick and fast services. The daily financial results of the Syndicate Bank would also be easily accessible based on the fact that that data is availed and hence cheaper costs in preparation of financial reports. A business intelligence solution that integrates Web-based IT enables the bank to gain a competitive advantage in case of any serious corporate threat. This can be on the basis of global economy falling or customers moving to other banks. It has been highlighted that the internet is the changing platform for conducting business. Phones, laptops and tablet PC have become the tools for investors and business people to transact business. This will sufficiently enable the bank to get clients who are internet users and also gain an advantage over banks that do transact business over-the- counter. The trend of the Web market would give the Syndicate Bank an achievement that would enable it to withstand any global or corporate threat. It is to be understood that any BI solution is handled based on the law and it is to be protected. Patenting is the process in which inventions are protected from being copied or used by other competitors without permission. The patent innovative system would enable the bank to guard its solution in order to fully utilize it without the threat of any bank copying it. This will enhance service delivery within the bank and also a basis of more creation of other favourable customer service solutions. List of References Bur99: , (Burwell, 1999), Gil88: , (Gilad & Tamar, 1988), Por85: , (Porter, 1985), Read More