Investing in E-Coin Technology - Essay Example

Progress Report-Investing In E-Coin Technology Introduction The project is on E-coin as a new and emerging technology usedfor online payments. As a new form of payments, E-coin continues to renovate the traditional online transaction markets and continue to get millions of users globally. E-coin is widely embraced mainly because of its convenience and safety of transactions involved. One advantage of adopting this technology is that for any transaction made, buyers cannot claim back their money, that is, they cannot reverse the money as it occurs in the case for Paypal and other credit cards (Raszl 1). With this safety and credibility among traders, this project will be to see Goldman Sachs invest in E-coin technology for its trading. Also, the project is worth undertaking given the huge potential that it has. Thus the E-coin project will be well out thought venture for Goldman Sachs given the numerous investments. Moreover, the internet usage of E-coin continues to show a tremendous sign of growing over the past few years. The return for Goldman to investment in E-coin is invaluable if E-coin becomes one of the most popular online payment systems. Work Complete Strategy on putting the advert about E-coin technology that Goldman seeks to introduce was crafted. This involved how the technology would be advertised. In doing this, some of the reputable media organizations were approached to do the advert. The department involved in executing this task was the marketing department. The advert was to be done in a full-page paper in magazines as well as through TV adverts and radio adverts. Further, also, negotiations were done with the supplier companies that would be tasked with the production of the technology. The negotiations entailed a meeting at the company headquarters where resolutions were arrived at. Among others, the resolutions included the manner in which the technology would be secured and made easy to use, that is, user friendly. The down payments for the technology were done. Further, an agreement was made that the IT team from Goldman Sachs would work collaboratively with the company’s IT team. Work In Progress The work at this stage is more of transition work that I am doing to ensure that Goldman Sachs properly adopts the E-coin payment system. At this stage, we have acquired a number of equipment to see the adoption and implementation of technology. We are bringing experts also on board at this stage so as to implement the technology successfully. Therefore, lots of resources are bing deployed at this stage to ensure successful execution of task. Deploying resources means that we are putting a consideration of capital for planning, risk management and monitoring the project. Trial Phase: Fraud Concerns Currently, we are involved in upgrading of the systems as well as internet platform for Goldman Sachs. In this process, we have acquired a few machines from IBM and contracted a private company to do the installation at the main offices. The upgrade of the platform is warranted by the fact that Goldman had analogue type of internet platform and also the platform was open to risk and hacking and did not support the transactions. While carrying out the trial face, fraud concerns emerged. In order to mitigate the fraud and its concerns, we are putting up proper systems in place that will control any security concerns. We have taken upon us to have proper guidelines and further advised the CEO Goldman Sachs to also ensure that upon adoption of the technology their company has proper guidelines, policies and procedures for transactions as well as credit limit controls. We are also putting up the right procedures. Currently, the team is seeking to put up the E-Coin transaction protocol that follows standard security protocols in the industry as well as the encryption and EMV technology standards. With the standard protocol in place suspicious issues are flagged immediately and automatically to the administrators and the users. Additionally, our department is working hard to get more expertise as there is shortage of expertise in the field and some of the experts that were working with the company had retired. Systems integration Currently, we are working our way out to integrate the E-coin system into Goldman’s enterprise resource planning (ERP) as well as the expense reporting systems. With this integration, the processes are made lean and properly streamlined to minimize or do away with manual data processing in totality. The integration is necessary as the machines that Goldman has currently may not be able to support the new technology on their own. Additionally, in this process, we have made new purchases of internet support systems including better and faster broadcasters. Management and Training Currently, the organization is putting in place all its systems together to carrying out training and proper management for its employees. Sufficient resources are being set aside to ensure that management training is properly done. The training is being carried out in phases with the first phase in progress. It is estimated that by the end of the first training phase about 5000 users will easily be served as it is the target group. The training is being carried out because most of the staff that works in Goldman are not techno-savvy and also there are less experts and technocrats in the field.Metrics for acting as yardstick for management is being established and the metrics in this case entails the target in terms of spending and number of individuals expected to transact. The metrics are based on other organizations that are employing similar technology as well as published data. Work Planned In order for full execution of the project proposal, there are a number of tasks that Goldman Sachs needs to execute. Increase Popularity of the E-Coin Technology Given that the E-coin is not widely known at the moment, popularity of the card can be increased upon its introduction. Increasing popularity can be done through sites like Amazon and E-bay. Usually, these two sites are known for large consumer traffic and expenditure online. Upon successfully persuading such sites to use the E-coins, the usage of E-coins will definitely increase. One way to encourage the sites like Amazon to use E-coin is to have cash being given back. For instance, when one purchases with E-coin, an individual is given 5% coin back for the next purchase they are involved in. The move is significant as it helps increase usage of E-coin and at the same time raises the sales point on the online shopping sites hence it is a win for all the parties. The persuasion can be done by approaching the CEOs of E-bay and Amazon and working out a financial plan that would benefit all the companies. Deploying E-coin Transaction Technology with Traditional Transaction Methods Feasibility test is to be carried out at this pointto give chance to customers who hesitate to try the new technology and at the same time give the company adequate time to test the new technology. This will be done by allowing the users to use the old and new technology at the same time until the point when the company is satisfied that they can carry out the transactions effectively and efficiently. Rolling Out the Technology and Marketing Rolling out the technology and market it is inevitable. During this process, individuals who are willing to open E-coin account to be familiar with the technology. During the marketing process, rewarding of individuals who subscribe to the technology and this could entail giving discounts to the first time purchasers upon use of E-coin. With the benefits and full experience from the cards, the customers are able to gauge credibility and convenience of the E-coin thus uses it. Carrying out Internal Education Programs Internal education programs will be carried out on the E-coin Technology. This process will go a long way in assisting to reduce the cost incurred in hiring of experts who are naturally expensive. The education programs to be carried out mainly targets the current employees. Internal education is very achievable and feasible given that the concepts and applications used in E-coin are not complicated. Through the training the employees will be very competent and can easily assist the customers to use the E-coins. Further, the education programs are necessary for the marketing department as it will help them relay out the right product features. Goldman Sachs need to invest heavily in education programs. Advertising of E-coins In order to successfully deliver on e-coins, advertising of the product an inevitable venture. Goldman should invest heavily in E-coin by advertising the product in the monthly magazines and this can be through front page adverts and accompanying promotion messages on the dailies. This will ensure that the reputation of E-coin increases and at the same time raise awareness of the product to the customers. Conclusion Going through the work in progress and work planned, it is no doubt that the project is is on the right track. Though at the beginning there were lack of experts and the right skills, with more collaboration with companies like E-bay and Amazon and with acquisition of the right financial muscle to undertake the investment, the technology adoption will surely pay. Even though there are challenges like lack of enough training time given that Goldman’s staff are currently employed and on full time employment, I believe the team will deliver their best under the circumstances at hand. Works Cited Raszl I. Bitcoin: Benefits and Risks.ND. Web. 28.04.2015. Read More

 

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