Financial System - Essay Example

Analysis of financial system Professor Name of the school City and state Date Introduction The tourism division is a meeting up of different suppliers of suppliers to offer individuals a complete tourist experience. Travel specialists and tour operators assume an indispensable part in the advancement of tourism. Today the travel and tourism industry is one of the greatest and most element businesses on the planet. On the off chance that you are arranging to be a piece of this dynamic industry then you are required to know more about the travel office operations than exactly what happens inside the dividers of the workplace (Hermes & Lensink, 2000). "Travel Agencies offer comprehensive visits, occasion, transportation tickets and other related items, for example, facilities, auto rentals, fascination tickets what's more, protection to people in general". "A Travel Agency is an agent - a business or individual offering the travel industry's individual parts or blend of the parts to the shopper". "A business that takes care of the subtle elements of transportation, agenda and lodging for explorers. The organization goes about as an intermediary, bringing the purchaser what's more, vender together. They don't substitute the administration giving data and access to the guest and are the go between in the buy of certain tourism commodity"(Hermes & Lensink, 2000). Organizational structure The organization is headed by the group chairman who have legal advisor to the company then external auditor. These three does no involve in day to day running of the business but offere crucial advise and participitate in long term decision making of the company. From the legal advisor and external auditor, the conmpany is headed by the director who is involve in day to day running of the business (Hermes & Lensink, 2000). The company has several departmens which includes finance and administration, under it which human resource and administration followed by accounting and finance. This is followed by marketing and business development, this department have marketing within the office and oversease marketing. The next department is the inbound divisionn which deals with sales department, operation department, product development department among others who deals with specifically improving the services offered by the company. We have domestic and flight division, the domestic deals with tourist within the country while flight division mostly deals with the arrivals and departure of the visitors from airpot. Generally this is the common organization structure of modern tour operator. Current system process The present framework utilizes online framework to offer clients the advantage of arranging and saving travel courses of action through an electronic application. As a major aspect of the application, it perceives the capacity to permit the business accomplices and clients to automatic get to their administrations through electronic interface (Prowse, 2006). The present framework goes for accomplishing three principle goals which incorporate; Allow the clients to submit set out itineries to ACME travel specialists Automatically get proper aircraft, inn and vehicles bookings for clients itineries and in conclusion To consequently return affirmation on all reservation back ti the clients once handling of agenda is finished. The current system has integrated both the customer and business and the processes can be represented in the figure below; It starts from the receiving of the itinerary of the client, then the type of client whether booking hotel, airline or vehicles. This will move to the accounts department after which the customer is being notified of the booked services. The cancelation can only take place at the second stage that is at the reservation stage after which customer may not cancel the booking. It depends on top of the web organizations outline. Web associations does not permit applications running on various, perhaps clashing runtime stages to combine and interface with each other in an adaptable, dynamic manner. By associating on this base, BPEL, WS-Coordination, and WS-Transaction help business streamline the mix get ready and execute more flexible business shapes (Prowse, 2006). It is not extensible. BPEL, WS-Coordination, and WS-Transaction, at their inside, give a general structure to how business technique can be executed yet leave a huge amount of space for relationship to broaden and change the unpretentious segments to meet making business prerequisites. This permits the contraptions to advance as business prerequisites advance, hence sparing entire arrangement change costs as your needs change. It is not easily adaptable. The system presented by BPEL, WS-Coordination, and WS-Transaction offers backing to a clearing extent of value based and non-exchange business shapes. The upside of this system is that it empowers solid and reliable dealing with. The WS-Transaction determination gives the best way to deal with screen the unwavering quality of every individual undertaking that must be done in a more prominent framework. The BPEL determination, in the meantime, gives the best way to deal with depict how fizzled tries can be adjusted for. Introduction of the new system Today's travel agencies exist in a world that is continually advancing and where keeping up an aggressive edge is an ever-introduce distraction. Weights from exceptional rivalry, changing explorer conduct, and new plans of action, amongst others, are pressing edges and driving you to audit the way you work together (Prowse, 2006). To guarantee your organization stays gainful in such a situation, you have to center your endeavors and assets on high esteem income producing exercises, and less on manual authoritative undertakings. You’re mid and back office frameworks are basic to this accomplishment; through the streamlining of your business forms you can enable your specialists to work in a more proficient and client administration situated way. The new system aimed at filling the gap which is not covered by current system. The system aimed at handling all processes of the business from reservation to invoicing, payment and reconciliatory accounting services. The new system will be efficient and significantly improve the way business is being handle. Components of the new system The figure below shows the component of the new business process and stages The major components with this software include computer, printers and scanners. These will be integrated together for the system to work appropriately. Integration of multi-source reservation: This service offers multi GDS services with the local provider interface. The new system offers the business its own internal production means of a universal XML interface which was not provided by the other system (Prowse, 2006). Major processes of the new system Search purposes: - This is the first stage. The new system allow customers to verify the information they wish to purchase, if it is car service, the new system will enable the customers to check information and offers which are available. It offer an interactive user interface. Sales booking: - after the customer has found the service he or she intend to get from the company, the customer books the service and this is done online. The customer will be able to calculate the fee automatically through the system after this the customer will be able to know how much the service will cost Automatic invoice: - The customer will be issued with automatic invoice upon request of the service he intends to get from the company. These are touchless invoicing directly after ticketing, avoiding the need for manual intervention. Payments:- after confirmation of the invoice, the customer is required to make payments and this is also through online and payment receipt is issued for record purposes. This was not in the current system hence the new system will be all inclusive Document management: - after the automatic issuance of ticket and invoice, the system carryout automatic documentation and reports which can be printed and stored both in soft and hard copy is being done. Production of reports: - The new platform also gives option of producing reports by the end of the day. Reports like total sales can be produced and the management can be able to make decision in line with the company performance Advantages of this system 1. It will be able to increase productivity due to the fact that a single integrated application for management of all from, mind and back office function in one platform. 2. Enhance performance through pre and post booking, invoicing and profile synchronization of profile between front and mind office. 3. It will improve customer service through automatic search, booking, invoicing and payment which would be tedious if done manually. 4. It empowers solid and dependable handling. The WS-Transaction determination gives the way to screen the dependability of every individual undertaking that must be finished in a bigger procedure. The BPEL determination, in the meantime, gives the way to characterize how fizzled undertakings can be adjusted for Reference Hermes, N., & Lensink, R. (2000). Financial system development in transition economies. Journal of Banking & Finance, 24(4), 507-524. Prowse, S. D. (2006). Corporate finance in international perspective: Legal and regulatory influences on financial system development. Economic Review-Federal Reserve Bank of Dallas, 2. Appendix: Gantt chart Activity/Time April-May May-June June-July July-August August- September Creating of the system Building of the system Training of the staff Launching of the system Evaluating and correcting Read More