ICT100 Foundation of Information System in First Bank Assessment 2 Answer
Foundation of Information system
With the ramified business economic changes, every organization needs to strengthen the business by creating the competitive advantage in this modern world. The implication of technologies and alignment of the advance technologies helps in creating the competitive advantage over the other business rivals. The modern information system helps in creating the foundation for the organization which strengthen the flow of data in various department in easy manner and also sets automation in updating of data query and creating the information flow management program. The information system modern implication is useful for the First Bank which help in increasing the effectiveness of the business decisions and also divulges the proper data in systematic manner. The implication of modern information system in Bank shows the proper flow of information in the business decision making process which helps in reduction of the associated cost and also helps in creating the risk management program to mitigate the uncertain risks in process. With the implication of modern information system in the process, First Bank could easily avoid the possible hindrance in process which would set up smooth flow of information (Franke, Mosk, & Schnebel, 2016). The competitive advantage of implicating the modern information system in First Bank would be created with the decreased banking cost, proper flow of information and symmetry in process.
Information system selection
The selection of the core banking system based on the various factors such as cost associated with the process, timely delivery, accompanied with the complexities and other influencing factors which affects the implication of the information management system in the banking program. This includes the procedures to process the data in support of the decision making. The MIS in the backend system will be useful which process the daily banking transactions and posts updates to accounts and other financial records. For instance, cost of the once process will be directly linked to other process costing which will eventually impact the daily revenue of the system in banking process. The MIS is useful and innovative web development system based on the Saudi Arabia (Franke, Mosk, & Schnebel, 2016).
This provides UX Design, marketing and content service management program services for the organization. In addition to this, in the shown graphs, it is found that First Bank has faced the higher costing due to eth re- entry required due to the system errors which could have been possibly reduced by bank if the proper modern MIS system was adopted (Franke, Mosk, & Schnebel, 2016).
Importance of data representation
The decision making is accompanied with the long strategic process which is undertaken with the due care and coherent thinking process. It helps in reducing the possible errors and eliminating the possible uncertain risks of the process. The right decisions making is useful to accomplish the certain goals, allocation of resources and selecting the best alternatives in the given projects (Rahaman, 2017). With the right representation of the data, accurate decisions could be taken effectively and it also helps First Bank to strengthen the choice of the investment banking by using the comparison method. The graphical representation of the data in right manner helps in evaluating the ups and down in effective manner and also shows the possible details changes in % and data as well which is useful to gauge the factors associated with the time and interlinked changes.
|Transactions||$ 1,500.00||$ 1,200.00||$ 1,400.00||$ 1,900.00||$ 1,100.00||$ 1,600.00||$ 8,700.00||$ 1,100.00||$ 1,900.00||$ 1,450.00|
|Re-Entry Required due to system errors||$ 64.00||$ 1.56||$ 70.00||$ 9.00||$ 41.00||$ 86.00||$ 271.56||$ 1.56||$ 86.00||$ 45.26|
|Total Transactions||$ 1,436.00||$ 1,198.44||$ 1,330.00||$ 1,891.00||$ 1,059.00||$ 1,514.00||$ 8,428.44||$ 1,059.00||$ 1,891.00||$ 1,404.74|
|Transaction Block||$ 28.72||$ 23.97||$ 26.60||$ 37.82||$ 21.18||$ 30.28||$ 168.57||$ 21.18||$ 37.82||$ 28.09|
|Transactions per module (6 modules)||$ 4.79||$ 3.99||$ 4.43||$ 6.30||$ 3.53||$ 5.05||$ 28.09||$ 3.53||$ 6.30||$ 4.68|
|Daily Revenue||$ 1,000.00||$ 1,300.00||$ 1,600.00||$ 1,900.00||$ 2,200.00||$ 1,800.00||$ 9,800.00||$ 1,000.00||$ 2,200.00||$ 1,633.33|
It is analysed that if the data gathered in shown in the right manner then it will be useful while preparing the strategic decision. It shows the right direction and helps in preparing the right flow of trends in the business decision making. For instance, if in the first bank the transactions entered is not shown right or the computation of the total transactions is made wrong then the daily revenue computation will also be wrong (Abbas, et al. 2018). If these wrong data is taken into consideration while making the strategic decision by the managers then it will impact the costing of the banking process, create the glitch in process and also lower down the efficiency of the banking program. The graphical presentation will also reveals the wrong results to the stakeholders which will impact the true and fair view of the recorded data. The decision taken on wrong data will eventually impact the business costing, time associated with the process and create hurdle in the banking process (Houston, et al. 2015).
After assessing all the data divulged in report on the implication of the data presentation of First Bank, it is found that if the proper modern information technologies system is used then it will set up strong competitive advantage. The competitive advantage of reducing the costing, saving time and easy flow of information will keep the First bank distinct from others in market which would strengthen the overall outcomes and save the business costing. In addition to this, the MIS is useful for the First Bank which help in increasing the effectiveness of the business decisions and also divulges the proper data in systematic manner. It is found that right decisions making is based on the proper flow of information and implication of the right modern information technologies system which helps in accomplish the certain goals, allocation of resources and selecting the best alternatives in the given projects