Before the BI in banking manual systems were prevalent because the computers were not used extensively and this was when the banking operations were small and limited mainly to branches. The non-computerized system of banking involved the manual recording of branch transactions. The generation of rudimentary reports from the manual ledgers and were consolidated with those of other bank branches into a final report for the bank as one comprehensive transaction. In this case the BI was limited to simple reporting of banking transactions only (Troy, 2010). As the banking sector grew in size, geographical footprint and channels their transactions, jumped multifold. The manual reporting was time consuming and filled with redundancy and error prone, it proved unequal to the task and paved the way for automated systems. The bank began to wholly depend on technology to manage large volumes of data. As result of adapting technology and growth of banking the computers were widely used to eliminate the errors that were introduced by the manual systems. The introduction of the modern BI has led to innovation of management information system (MIS) that helps top analyze the data that gave insightful meaning (Troy, 2010).
Methodologies used in banking
Measurement: it is a program that develops a hierarchy of performance metrics and helps the banks to benchmark to inform the top management about progress towards enterprise objective.
Analytics: it is program that builds quantitative processes for an enterprise to arrive at optimal decision and hence able to perform business Knowledge Discovery. It frequently involves data mining, predictive analytics, statistical analysis, business process modeling and predictive modeling (Yarong & Ling, 2006...
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According to the given task, it is expected to create the database for the management of the company. Such organization as dentist clinic has chosen for development. In order to collect information, many sources with such kinds of clinics were investigated and used for this purpose. The main ones are http://www.medtorgrf.ru and http://www.mosdental.ru, in which necessary medicines, instruments and main procedures were revealed for the implementation of dental activity. Besides, it is necessary to identify the types of systems to which the designed database belongs. As a result of the research, the transaction processing system (TPS) is the most suitable for the implemented functions of the data bank for the following reasons. The first is the relation of this system to the operational level. Laudon and Laudon (2006) indicate that the systems of this level allows helping the managers to monitor the activity of the company and business operations associated with earnings, sales, paysheet and material flows in the plant while other systems of such levels as management and strategic focus on controlling, reporting and prognosis of sales for future, considering environmental factors. The second reason is the operation’s principle of TPS is similar to the developed database. Chaffey et al., (2003) confirm that the system saves the day-to-day bargains during the conducting of the business, and pay for products and services is provided as an example of such a system. The last reason is the necessity of TPS for manages to track the condition of inner operations and interaction of the company with exterior environment. Authors add that the TPS is “the major producer of information for the other types of systems” (p. 44).
Sallam, Rita L; Tapadinhas, Joao; Parenteau, Josh; Yuen, Daniel;Hostman, Bill (2014, February 20). Magic quadrant for business intelligence and analytics platforms. Retrieved from http://www.gartner.com/technology/reprints.do?id=1-1QLGACN&ct=140210&st=sb
In today’s organizational structure many of the organizations realize that business intelligence (BI) can provide solutions and important competitive advantages and thus want to evolve their BI strategies beyond spreadsheets.
XBRL, the eXtensible Business Reporting Language, is an open standards-based reporting system built to accommodate the electronic preparation and exchange of business reports around the world. XBRL started back in 1999 with 12 organizations as the founding members. There are now in excess of 450 organizations worldwide in over 30 countries involved in its development. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. The idea behind XBRL, eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own unique tag. The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data "intelligently" as they can recognize the information in a XBRL document, select it, analyze it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information. Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, ...
The business intelligence (BI) marketplace is teaming with new innovations and struggles for market share. With new technologies and more companies entering the business intelligence landscape pricing for BI processes and tools are decreasing. “The relational database market is around 30 years old. It should be mature by now, but every year there seem to be new innovations in the relational database space. I’m always astounded that there continue to be new entrants” (Beckerle, p. 281, 2008).
Laudon, K., & Laudon, J. (2007). Essentials of Business Information Systems (7th ed.) (Bob Horan, Ed.). Upper Saddle River, New Jersey: Pearson Prentice Hall.
I was given the task to make an assignment on the subject of Business Information Management. In this assignment, I have to read and analyse a case study entitled RBS failure caused by inexperienced computer operative in India. After that, I need to make a summary of this case study because it shows what I understand in this case study. Besides that, the objective of this case study is to know the factors that have caused the system failure at Royal Bank of Scotland. The reason I want to know this factor because Royal Bank of Scotland (RBS) has faced computer meltdown with the loss of its share price as well as millions of customers unable to access their account.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
With the advent of e-systems; business and consumers have access to a plethora of information which makes the decision making process more complex. The overwhelming information flow makes it extremely difficult for decision makers to analyze the available data and make precise decisions. Under such an information intensive online environment, businesses need to make real time intelligent decisions in order to stay economically and commercially viable. Multi agent systems have the inherent ability to facilitate provision of an adequate decision support mechanism in an e-business setting. These multi –agent decision support systems are of particular assistance in processing large amounts of data, filtering out irrelevant information and eliminating cognitive biases. In this study, we attempt to explore the existing decision support mechanisms facilitating the e-business environment with respect to B2B and B2C segments. Several models have been proposed and implemented to assist decision support in e-systems. We attempt to identify possible weaknesses in these models and pin point future research areas that would provide an opportunity for improved decision support mechanisms in e-systems.
Paige B., Brian D. and Cameron W. (2012). Business Driven Information Systems, 3rd Canadian Ed. 300 Water St, Whitby, ON L1N 9B6, McGraw Hill Ryerson Ltd
First of all, business intelligence analysis requires the capturing of information and storing in a single location for effective data analysis. Currently, data analysis is supported by transactional systems, business specific data marts, and other ad-hoc processes. Information is distributed making it difficult and time-consuming to access. Business teams have adapted to this environment by creating user maintained databases and manual “work-arounds” to support new types of reporting and analysis. This has resulted in inconsistent data, redundant data storage, significant resource use for maintenance, and inefficient response to changing business needs.
Business intelligence, or BI, is an umbrella term that refers to a variety of software applications used to analyze an organization’s raw data. BI as a discipline is made up of several related activities, including data mining, online analytical processing, querying and reporting. Data mining is the process of sorting through large amounts of data and picking out relevant information. It is usually used by business intelligence organizations, and financial analysts, but is increasingly being used in the sciences to extract information from the enormous data sets generated by modern experimental and observational methods.
Curtis G. & D. Cobham (2002: 4th edition) Business Information Systems: Analysis, Design and Practice. Essex: Pearson Education Limited
Nowadays with the implementation of new emerging technologies, the way businesses keep this financial information has become computerised. At the moment businesses use computers with a computerised accounting system in order to perform many other new activities than what they were able to do in the past. Businesses can access financial information from different department in the organisation, access to the information through computers and find financial data very fast, being more efficient. (Beliss, 2013)