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Explain the differences and focus of MIS systems and KMS systems. Research online, present a specific company that most benefits from each type of system, analyse how each company uses the system and explain the benefits that each system provides for a particular company.
The MIS is the management information system, and the KMS is the knowledge management system. Both the system is different in several ways (Santoro et al., 2018). The differences between both the systems will be given below:
The famous multinational company Toyota has been taken here to analyse the MIS and KMS application within the operation of the company. Toyota applies all the management information system and the knowledge management system in its order.
The management information system in Toyota
The use of a management information system has helped the company in decision-making. The MIS suing in the company has enriched the company in several ways (Séin-Echaluce et al., 2015). The different methods of benefits in the company will be explained below:
1. It has helped Toyota to developed new areas in the company, and the innovations of the company have be4en increased by using the management information system.
2. The function of the company has been improved, and the process of delivery and shipment has been developed. The method of the company has been enhanced very fast after implementing the management information system.
3. The data collection methods of the company have become more comfortable by using the management information system. The data of the clients can be used by other organisations and can be handled differently.
4. The massive amount of information can be gathered, and the management information system has helped the company to track the interest of the consumers, and the marketing department of the company has been benefitted by using the management information system.
5. The planning procedure of Toyota is better, and the strategic application of the company has been improved by implementing the management information system.
6. The yearly operating system of Toyota and the budgetary process of the company has been enhanced as the management information system has helped the company to improve the data collection of the company.
KMS in Toyota
Knowledge management system has helped several companies to improve the system. The knowledge management system of Toyota will be explained below (Grace et al., 2015). The improvement in the company after implementing the knowledge management system will be described below:
1. The organisational agility of Toyota has been increased by applying the knowledge management system. It has helped to improve the corporate activities and structures of the company.
2. The decision-making in the company has been better by implementing the knowledge management system. Knowledge management system makes the understanding of all the topics in the organisation better, and this helps to improve the decision-making of the company.
3. The problem solving of the company has also been better, and the understanding of the problem has been better as well as the strategy of the solving problem became better.
4. The innovation in the company has been more. The knowledge management system in the company always encourages the modernisation of the company. The company always helps to improve the innovation of the company.
5. Use of technology and artificial intelligence has become more. Toyota is now planning to launch a new electric car, and this is one of the most important results of applying the knowledge management system in the company.
6. Knowledge management system encourages the method of gaining and increasing the knowledge of the system. Toyota has been using the knowledge management system to improve the wisdom about each problem and the training and development to the employees according to the knowledge management system.
Based on the theory presented in the course and other research on IS, show an outline of an MIS solution for a medium to large company that offers either products or services to its clients. Consider the organisational strategy, the functionalities and the applications.
The management information system is used to integrate the whole process of an organisation to provide a better solution to its clients. There are several management information systems for an organisation that can be used to solve various problems in the organisation. The MIS system will be better understood by applying on an organisation. To understand the management information system, IBM has been taken in this portion. IBM is a large multi-national company that operates worldwide. Several MIS solutions are applied to the company. The MIS solution helps the company to improve various internal systems of the company. The MIS system of the company is mainly used to enhance the activities related to the products and services of the company. The MIS solutions that are used by the company will be explained further. The functionalities of the company are related to marketing and planning, supply and stock management, distribution and sales, production management etc. All the parts of the company related to the product and services can be solved through the management information system.
Functionalities of IBM
To improve the organisational strategy the management reporting system, inventory control and production management should be done correctly. IBM uses a management information solution to solve all the related problems of the products and services (Link et al., 2017). The management reporting system can be improved by applying the database design and the report and financing activities design through the management information system. The management of the company uses the middle manager to manage the stories, the reporting of the organisation can be handled by the management information system, and the management information system creates a database of the reports in the organisation that helps the organisation by generating reports for the organisation. The middle managers produce the stories through MIS and managed by the upper managers. The management information system can understand the current financial position of the organisation and the efficiency of the organisation.
Process control is another facility of MIS solutions. The management information system helps to integrate all the processes through the system, and the operations of the organisation can be managed easily. IBM uses MIS to collect the data related to every process and uses those data to control the operation of the company, and effective management of the process helps to improve the organisational strategy.
Sales and marketing is another important part to be managed to improve the organisational strategy. An established organisational strategy can result in the improved sales and marketing of the company (Lim, 2016). MIS helps IBM to develop the products, forecast the sales, compile and track the advertising and schedules and manage the distribution of channels.
The MIS mentioned above solutions help IBM to improve the organisational strategy of the company.
The organisational strategy helps to improve the different parts of the organisation. The regulatory approach can be developed through the management information system. The corporate strategy can be enhanced through the integrated information system and by collecting data of the different methods and by applying different approaches (Rittinghouse and Ransome, 2016). The management information system helps IBM to manage data from various departments from the data of the management information system, and then the data are analysed and synchronised as per the requirement. Management information system helps the company to improve the internal network by controlling the inventory and integrating the processes of the company. Management information system makes the whole system of the organisation automated. This automotive system makes the entire process far more comfortable. The changes in any department can result in changing the other entities in other departments. The company can check all the data of the organisation and predicting the sales, and the future risk of the company becomes easier. All the information related to the human resources of the company can be tracked through the management information system. The financial elements of the company can be managed easily through the database of the company.
MIS helps to satisfy different needs of the organisation and the various systems of the organisations by different methods such query system, analysis system, modelling system and decision support system. MIS helps in strategic planning, management control, operational control etc. The MIS system helps the junior level managers of the company by providing the required data, and the data analysis part of the company becomes more comfortable in this way.
Apply Porter’s competitive forces model in a bank. Make recommendations on how current IS, online collaboration, Web 2.0, Social Networks and the increasing popularity of mobile devices could benefit the bank and its customers. In your analysis have a separates that discusses the security implications of the above technologies for the bank and the customers of the bank.
The Barclays Plc is one of the prudential banks in the international scene. The global view of the banking sector has been observed with the assertions of competitions in the banking sector. The use of Porter's Five Forces is a strategical framework that helps in identifying the facts that would provide the company with a competitive, sustainable advantage (Dobbs, 2014).
The threat of the New Entrants
The risk of new entrants has been considered medium to low as the introduction of the new companies has been amounting to 215 new banks opened annually. Result in the alleviation of the Foreign Money Centre, and this has not stressed on the business operations of the Barclays Plc to reduce their on their pricing strategy as they are possessed with the prowess of dominating backgrounds. It is going to be difficult for any new entrant to penetrate the market, as the new company has to assert the means of higher capital investment (Gandy, 2014).
The bargaining power of the supplier is considered to be high as the dominant suppliers in the financial sector makes use of the negotiation advocacies to extract higher prices from the firms in the bank. This has led to a decrease in the margins of revenue generated by the Barclays Plc. The high scores of supplier bargaining power are that it decreases the profit ratios of Barclays Plc.
Bargaining power of buyers
The advents of the bargaining power are high as the number of banking institutions are quite high and has resulted in the provisions of more viable options that are accessible to the customers. The institutions provide the opportunities of availing the services at lower prices, and this has posed as a risk to the viability of the customer loyalty to the organisation of Barclays Plc.
Threat of Substitute
The numbers of the services and the product that meets the customer need in the financial services have been on the rise (Gandy, 2014). This is attributed to the facts of increased disposable incomes and the aspiration of availing insurance services. The threat of substitute is low as the company of Barclays plc has an exquisite brand identity and have demonstrated assurance over their insurance product. This, in turn, has created a huge consumer base for the Barclays plc and hence the chances of being substituted are reduced.
The aspect of the competitive rivalry is high as the numbers of financial institutions have been receiving consumer assertions this, in turn, has made the financial companies as one of the critical players in the finance industry. It has resulted in a decrease of draining down the prices and has decreased their annual profitability of Barclays Plc.
The use of the information system has been none of the influential technological incorporations in the sectors of banking services, and it would include the purposes of automating the business process (Murari and Tater, 2014). The banking sector could make use of the Information System to automate the back offices. The method of such systems could use the VBA macros and the Microsoft outlook services to acquire data digitally and send notifications to the bank customers through the implementation in the Change and Configuration Management database.
The use of the social network could be used extensively to promote the news of any probable predicaments that are faced by the financial institution. The banking entities should make use of the social media platforms of Facebook to support their new services and target a large number of consumer base (Cornett et al., 2014). The companies could also instantiate their Facebook pages, by providing their website link on the cover page and this would send traffic to their website through organic search results.
The aspects of the conversion of dynamic web pages from the grounds of static web pages could propagate the prospects of the consumer inclinations using enhancing the User Experience (Jurach and Blumenthal, 2014). Most of the website of the government banks are lagging on many aspects that have disregarded the ease of accessibility that hinders the customer satisfaction level. The site could make use of the interactive Chatbox that would guide the customers with ease. The purpose of online collaboration through the means of video conferencing on Cisco would help the banking institutions to conduct meetings from diverse geographic locations.
The feature of Information System has been observed with the increase in the scenario of demonstrating loopholes on the instantiation of the data security methods. Most of the banks have been facing the problem with the implementation in the features of an encryption algorithm. This is necessary to the securing of data with the means of SHA 1 and MD5 in order t make of hashing algorithm to the commonly used AES, which has been vulnerable to the attacks of cybercrime and phishing (Sun et al., 2014). The recent incidents of the Bangladesh Bank, being a victim to the liabilities demonstrated by the Swift network has raised doubts over AES encryption.
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