Mobile Payment Systems - Research Paper Example

of institute RESEARCH PAPER Computer Sciences and Information Technology [Pick the Assignment 5 Describe mobile payment systems. Mobile Payment Systems: Mobile Payment Technology is a natural successor to electronic payment technology. With life getting increasingly busier and the world being reduced to a complex inter-networked village, the ability to get important work done while on the move is essential for seamless business and uninterrupted professional services. A mobile payment or m-payment may be defined as any payment that is initiated by a mobile device (e.g.: PDAs, tablets, laptops or internet enabled mobile phones). The mobile device initiates, authorizes and confirms an exchange of currency for goods and services from a second party through a secure transaction and payment gateway. The payment is made through secure servers where the merchant website redirects to the consumer’s online bank account, allows a secure login and subsequent initiation of electronic payment in favour of the merchant. (Karnouskos and Fokus, 2004). Mobile Payment characteristics: Below listed are the mobile payment characteristics. 1. Simplicity and Usability 2. Universality 3. Interoperability 4. Security, Privacy and Trust 5. Cost 6. Speed 7. Cross border payment What are the basic tools or applications that characterize Web 2.0? The basic tools and applications that characterise Web 2.0 are: 1. Interactive message boards where users can post their opinion 2. Integrated Instant Messenger 3. Dynamic status updates 4. User Profile Maintenance 5. Blogging and Internet Advertising 6. Content sharing facility (sharing audio, video, documents eg: Wikipedia, napster etc) 7. Content Management Tools Web 2.0 is the latest technology that has taken the internet worl and the internet community by storm. It is characterised in the way a user interacts with the web. Unlike its predecessor the “Static Web”, this version of online Web interaction is a 2 way information exchange system. It not only allows the user to view and download content like text, video, audio, flash files etc, but also gives the user freedom to contribute to the online content. The technology behind, blogging, online user profile maintenance, twitter, Facebook, MySpace, Orkut, Google+, Linked In etc is Web2.0 which allows the user to customise his space or in other –words his profile. Some of the social media specific Web2.0 tools are: 1. Message Boards This is a frequently encountered feature in open chat rooms or discussion boards where users can either create profile or simply type text in the text boxes posting messages which mainly are polls, opinions, review or feedback about some product, service or technology. 2. Forums Forums like Physics forums, Maths forums, and online help forums are spreading like wildfire where users can interact with a team of experts from the comforts of their homes and get their queries answered by specialists. In such cases the users are separated by time and space which is what makes the interaction even more breathtaking 3. Media sharing Applications Media sharing applications like Bit Torrent and Lime wire also run on the concept of Web2.0, allowing millions of internet subscribers to interact and share their media online for others to download. Web2.0 redefines user interaction and has in fact changed the way people use the web. People use its much more like an online repository, a well organised, catalogued, tidy storage system capable of safe, secure and reliable storage of thousands of Gigabytes of information. Assignment 6 List the major characteristics of TPSs. The major characteristics of a TPS (Transaction Processing System) are as follows: 1. Rapid Processing  Fast processing with a rapid response time is critical for business. TPS handles customer requests and processes their requests instantly. To make this happen they require fast connectivity and instant access to customer data for validation and other processes 2. Reliability A breakdown our an outage will disrupt operations or even stop the business TPS are characterised with disaster recovery systems, and their failure rate is restricted to a minimum. 3. Standardisation Every transaction is processed in the same way regardless if the user TPS process transactions each time in the same way to maximise efficiency 4. Controlled Access The processing in a TPS must support an organisation’s operations As TPS access confidential customer information they are only accessible to a few people authorised with the operation, maintenance and supervision of the TPS and its tasks Describe five types of enterprise systems. Following are the five types of enterprise systems: 1. Executive Support systems 2. Decision Support Systems 3. Management Information Systems 4. Transaction Processing Systems 5. Learning Management Systems Executive Support systems: Executive support systems or Manager Support Systems (as referred in some Enterprise Resource Planning Systems) enable managers and executive to efficiently execute their daily managerial and supervisory tasks. It eases the process of: tracking and monitoring, approvals, appraisals, feedback and managing employee information. Decision Support Systems: Decision Support Systems: Decision Support Systems help the user to make decisions based on a given set of situations. It is an automated decision making system based on rules and criteria previously set, that eases the process of decision making. Management Information Systems A Management Information System is the modern day back bone of the Enterprise Management System. It comes with a huge price tag and a cumulative investment of installation, maintenance, upgrade and repair (in case there needs to be modifications arising out of bugs in the software). It is used to efficiently manage an organisation and effectively. Management Information Systems involve three resources: People, Technology and Information or Decision Making. MIS’s are used to analyse Operational Activities in the organisation. MIS is commonly referred to group of information management methods tied to the automation or support of human decision making. Assignment 7 Explain how to recognize the need for BI. Recognising the need for Business Intelligence Whenever there is a large amount of data that needs strategic storage, back up, archival, access and usage, the need for a robust Business Intelligence process comes into the picture. It is needed for the efficient, reliable and fast access to relevant information to the end user for carrying out regular day to day business smoothly. Whenever there are large amounts of data that needs to be processed meaningfully to be of use to the organisation (e.g.: Sales Data, Survey Results etcs) Business Intelligence find its place. It is about analysing an organisation’s performance in order to improve its income and competitiveness in the market amongst other peer-players. Identify the issues driving the need for IT governance The need for IT Governance: In the recent past, due to the below mentioned high profile issues, the need for IT Governance has been identified: 1. New Regulatory Requirements 2. Introduction of Public company Accounting Reform and Investor Protection Act 9also known as Sarbanes-Oxley (SOX) aiming at financial compliance. 3. Missed Critical targets 4. Misstated revenues Also a pressure on the CIOs to demonstrate the value generated by IT investments Justification of business value of investments and alignment to strategy Have lead organisations to formulate and execute an IT Governance Plan. Investigation the nature of business, the operating model and the client demands in the IT sector, IT governance helps in the following ways: Besides buy-in, IT governance can: Aid in aligning IT with the organizational goals and strategy. It Governance unifies IT Operations and processed with pure organisational goals and strategies. It serves as the conversion and unification tool/method that translates IT effort and operations into Organisational overheads and costs. It translates IT delivery into Organisational effort and maps IT with Organisational objectives and processes. Raise the profile of IT. It helps standardise IT specific processes to regular business processes and raises the profile of IT Aid in compliance. It helps in auditing and compliance with industry norms and standards through internationalised regulation and quality standards. Help convert strategic goals into IT projects. As discussed in previous points that it helps connect IT goals with Organisational goals and strategies, IT governance also helps in convert some of its goals into independent, internal IT projects. Aid in project and portfolio management. It helps in managing client-project and organisation portfolio management. Reduce IT risk. Through proper risk assessment, transformation of It objectives to organisational goals and strategies, it helps reduce risk. Aid in IT strategic planning. As discussed in previous points it brings down risk levels to the bare minimum through risk mitigation. The standard processes and tools employed in the day to day IT jobs helps streamline and optimised processes, thereby reducing the possibility of encountering fatalities and risks. Aid in performance measurement. IT governance aids in system performance measurements. Aid in embedding IT into the organizations culture. It governance helps IT embed It into Organisation’s culture through process and people initiatives. Aid in demand management (demand for ITs services by other departments) Internal and Client demand forecast and demand management is done through It governance Optimize IT operations. Performance of Software systems are optimised through It governance, SLAs, SLOs etc. Increase project visibility Through the integration of Human resources, Scheduling and Project Management It governance help in increasing project visibility. Assignment 8 Why would a company engage in social media monitoring Reason for a company to engage in social media monitoring: Social media play a prime role in establishing and propagating perceptions and awareness about an organisation. Its brand credibility is severely impacted in positive and negative way depending on the discussion on social media platforms. Social media platforms like: Facebook, Twitter, My Space, Linked In and other small scale lesser known networks. Due to such adverse effects that social media publicity can have on the reputation, opinion and awareness of a company Social Media Monitoring is done by organisations to take stock of the current trends and discussions as well as have a crisis management team ready to undo any damage that might arise of negative remarks and comments. Below are a few more reasons as to why would a company engage in social media monitoring: Market research into greater consumer insight Competitive intelligence Improved product marketing New product testing and launch Public relations Customer service and support Brand reputation protection (Kent Lewis, Anvil Media Inc., 1) What are objections to the monitoring? The objections to Social Media Monitoring are as follows: 1. It has become a common trend and need not be followed to leverage business and stay ahead of competitors 2. It involves a completely different approach and involves a radical change in getting feedback and communicating with the public. Companies resist this change 3. It has a high cost overhead 4. Legal Ramifications/Regulatory issues 5. Requirement of many resources to operate, monitor and maintain a social media account 6. It is a high risk initiative 7. Employee usage cannot be controlled Social Media Monitoring can be a high cost initiative. Its maintenance, upgrades, monitoring and constant surveillance requires the constitution of a separate department or may be an organisational wing altogether. References: 1. Kreyer, N., Pousttchi, K., Turowski, K., Mobile Payment Systems. (2002). Retrieved From: http://www.jstor.org/discover/10.2979/ESJ.2003.2.3.7?uid=2129&uid=2&uid=70&uid=4&sid=47698765748147 2. Carr., M. (2012). Mobile Payment Systems and Services: An Introduction 3. O’Reilly, T. (2005, Sept 2005).What is Web 2.0. Design Patters and Business Models For The Next Generations of Software. Retrieved From: http://oreilly.com/web2/archive/what-is-web-20.html 4. Ankolekar, A., Kr¨otzsch, M., Tran, T., Vrandeˇci´c, D. (2012, Mar 16).The Two Cultures: Mashing up the Web 2.0 and the Semantic Web. 5. Transaction Processing Systems. (2012, Mar 16) Retrieved From: TPS:: http://www.bestpricecomputers.co.uk/glossary/transaction-processing-systems.htm 6. Transaction Processing Systems. Doc Stoc (Documents and Resources for Small Businesses and Professionals). (2012, Mar 16) Retrieved From: http://www.docstoc.com/docs/1024659/Transaction-Processing-System 7. Types of Information Systems. (2012, Mar 16) Retrieved From: http://www.slideshare.net/mannyardales/types-of-information-systems 8. Information Systems (2012, Mar 16) Retrieved From:http://www.slideshare.net/UNITECMexico/im-information-systems 9. Magal, Simha R.; Word, J., (2009, Jan 20).Essentials of Business Processes and Information Systems. Retrieved From: http://my.safaribooksonline.com/book/-/9780470416129/chapter-2-enterprise-systems/21_enterprise_systems 10. Business Intelligence Tutorial: Why is business intelligence needed? (2012, Mar 16) http://businessintelligencetutorial.blogspot.in/2010/06/31-why-is-business-intelligence-needed.html 11. Charles Mandel, The essential need for IT Governance .CIPs Joint Venture Supplement. April 2006. 12. Kalatur, K.,(2008, Aug 31) Enterprise Architecture and Portfolio Management: The Need for IT Governance 13. Louis, K., (2012, Mar 16). Social Media Monitoring and Analysis: Brand Building or Corporate Crusher? Retrieved From: http://www.anvilmediainc.com/search-engine-marketing-resources/search-engine-marketing-articles/social-media-monitoring-analysis 14. Enterprise Architecture and Portfolio Management: The Need for IT Governance Retrieved From: http://www.architectureandgovernance.com/content/enterprise-architecture-and-portfolio-management-need-it-governance 15. Heuvel, Dana Van Den. (2012, Jan 27) Marketing Savant. Management’s Top 5 Objections to Social Media with Corresponding Rebuttals Retrieved From: http://www.marketingsavant.com/2012/01/management%E2%80%99s-top-5-objections-to-social-media-with-corresponding-rebuttals/ 16. Kenny, J. (2012 Feb 22). Why You Need Social Media Monitoring. 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