1 Banking & Financial Institutions I conducted a search for business management Information Technology software. I am majoring in business management, and I am currently working at The Huntington Bank in Portage Michigan. The Huntington Bank uses systems like Oracle, Novell, Argo, Lotus, and a Huntington exclusive Intranet. At times it can be difficult to remember what each system‟s function is and when to use each one. This is why I searched the internet for some type of business management system that is specific to banking and could make our jobs less complicated by making the software easier to use. I discovered Microsoft Small Business Solutions software that was specific to banking and financial needs. The system requirements were pretty basic and would be compatible with most systems that financial institutions already have in place. Microsoft Small Business Financials has Client requirements of Microsoft Windows 2000 Server SP3 or SP4 or later, Microsoft Internet Explorer 5.5 or later, system requirements of a PC with 300 MHz or higher process clock speed; Intel Pentium/ Celeron, AMD K6/ Athlon/Duron family, or compatible processor, hard space of 175 MB, Ram of 128 MB, video capabilities of SVGA (800x600) with 16-bit video driver, and a 32-bit network card. Server requirements are Microsoft Small Business Server 2003, and had database requirements compatible with Microsoft SQL Server 2000 Desktop Engine SP3. I know the Bank I work at would have no trouble meeting these requirements, but if a business did have to make some system adjustments, the costs incurred would be well worth it. In my research I discovered many benefits to using Microsoft Small Business Solutions Software. The system has been proven to improve customer relationship management by delivering consistent account balances regardless of the customer‟s
2 location because of the consistent system architecture. One of our customer‟s main concerns are their account balances, and the reasons that the balances are different from what they had calculated. Microsoft allows banks, ATMs, and banking internet websites to deliver consistent balances and recent transaction history to customers in any location. This allows bank employees to focus on other facets of their jobs while providing customers with the information they are requesting. Not only does Microsoft make customer relationship management easier, but it also improves the sales aspect of business banking. Product line and marketing managers have used the Microsoft system to provide them with a wealth of analytic systems in the market, bankers are now able to calculate customer profitability, predict a customers tendency to buy products, and recognize attrition behaviors of customers. The customer knowledge databases and analytical engines have helped salesmen make the selling process more efficient and predictable. Furthermore, Microsoft Small Business Solutions has been used to improve the banking business by monitoring and predicting cash flows for the business, and processing banking transactions more efficiently. In addition to efficiency, Microsoft uses information recognition to eliminate redundant data entry, access information easily, and reconcile statements quickly. The Banks and Financial Institutions that have used Microsoft Small Business Solutions claim to now have a certain competitive advantage over the local competition. The main competitive advantage comes from the customer knowledge systems which provide valuable customer information at the point of customer interaction in the office. Customer‟s needs are met efficiently and accurately, and employee are now able use the information assembled from the customer knowledge systems to suggest new products to
3 customers while they are being helped. Banks spend an average of $3,500.00 in acquiring a new customer, and at the cost, banks cannot afford to lose a single one. Microsoft systems enhances not only customer and employee experience, but also operations experience with rapid development, short implementation of techniques, and familiar user interfaces mean quicker deployment of branch infrastructures. Evidence of this competitive advantage was found in a Turkish Bank that recently employed the use of Microsoft Small Business Solutions. DenizBank in Turkey boasts a growth in securities transactions by 30% and cuts customer waiting time for new credit cards by 94% (Microsoft Global Evidence Management pg. 1). Additional evidence comes from a small bank, Baker Hill, in the United States. Baker Hill used Microsoft technology to improve their loan application and processing services. Baker Hill and Microsoft created a “LiquidCredit Bank2Business” web application that automates and streamlines small business loan processing. Frost Bank, a Baker Hill customer with 79 financial centers in Texas was so impressed with Baker Hill‟s technology that they replaced many of their manual processes with the new “LiquidCredit Bank2Business” (Microsoft Global Evidence Management pg. 3). Microsoft Business Solutions software would easily be any small bank or business‟s greatest asset and advantage over local competition. The Microsoft Business Solutions has so many capabilities that the possibilities are endless, and the software has been proven to help businesses make more profit, become more efficient and accurate, and has helped businesses gain and retain valuable customers. Reference: www.microsoft.com/BusinessSolutions, http://members.microsoft.com/CustomerEvidence/
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The Aviation Industry Another example where by which technology is currently being used in the field that I plan to pursue is that of the Aviation Industry. From the inception of heavier than air powered flight in 1903, the aviation industry has been on the forefront of applying technology and new innovative systems into its infrastructure. One example in which aviation has been applying software technology in its industry is that of airline simulations. These software applications are some of the most sophisticated simulations ever created to date, and are available both for the private corporate sectors, as well as the public commercial airlines. Managers at each of these airlines use these simulations to run new types of operating procedures as well as try out new ways of accounting and financing methods. One of these simulations that are currently out on the market is called Airline 6, which is available on www.airlinesimulation.com. This simulation was developed by two software programmers in New Zealand who wanted to create a tool used by all involved in the aviation industry to try out new products and procedures, without building expensive prototypes or implementing an expensive new operating system without first knowing its effectiveness. These types of simulations offer anyone who has ever dreamed of running there own airline, those who are convinced they could build a super airline if only they had control over aircraft types, seating configuration, advertising, service levels and pricing. By using these new types of software applications, the technology offers companies, analysts, and individuals the opportunity to test there new products and ideas on the market, competing online against participators around the world as well as testing
5 them in individual simulation itself. This offers all those involved cost saving benefits as well as introducing new innovative ideas that benefit the airline industry as a whole. An addition instance of the aviation industry making use information technology can be found at General Aviation aircraft. General Aviation aircraft are leading the way in the design of technologies that will some day bring aviation to the masses as well as making commercial aviation safer. There is one single plane that is doing this extraordinarily well. The aircraft is the SR-20 and the SR-22 which is manufactured by Cirrus and it integrates avionics that are some of the most advanced in the industry to date. It consists of EGPWS [enhanced ground proximity warning system], satellite weather that is updated in real time, electronic approach plates, topography, as well as real time traffic information all displayed on a „glass cockpit‟. This information is displayed on the HUD [Heads up display] screen where as all the flight data is displayed by the PFD [Primary flight display] screen. “FlightMax shows standard flight instrumentation, including PFD altitude indicator, horizontal situation indicator, altitude, airspeed, and vertical speed. The Entegra MFD [Multi function display] supports moving map, weather, terrain and traffic on high-resolution, full color displays”. Essentially this type of technology is integrating data from all across the instrument panel and making it very user friendly. Since all this information is available, the pilot has more situational awareness and can therefore become a safer aviator. Cirrus is also trying to integrate a FLIR [Forward looking infra red] system which could possibly be displayed on the PFD. When a pilot is coming in on an IFR [Instrument flight rules] flight plan and wanting to make an ILS [Instrument landing system] landing, the FLIR system can be turned on and the pilot can essentially see what is out there even if visibility is at rock bottom
6 minimums. The glass cockpit is the next generation of avionics that will come to define the status quo. Anytime someone mentions a glass cockpit, most pilots will come to think of the Cirrus aircraft and associate this technology with this company. They have become so well known for this technology in their flagship that the company has grown in leaps and bounds. The company started in 1984 selling kit airplanes and has now at present, “Cirrus is the world's second largest manufacturer of single-engine, pistonpowered aircraft, and the SR22 is the industry's best selling model.” At a base price around $250,000, no other company can compete in this marketplace with this manufacturer. They have come to define the new breed of aircraft that has a glass cockpit and more advanced system than commercial aviation.
Reference: http://www.cirrusdesign.com/
Human Resource Management A thriving Human resource Management team is a critical facet of any business, large or small. Successful Human Resource Management technology projects begin with prioritizing functionality needs, accessing detailed solution data, and choosing the right technology solutions. Every year, billions of dollars are spent by organizations to enhance improvements of software for companies to successfully operate with. Due to factors such as inadequate software, useful information technology used for a competitive advantage in the business world can sometimes be challenging. This is why it is important for HR management to correctly correlate with useful software and business tools now and in the future.
7 One of the newest types of software is a service called, HROffice- human resources information system that provides perceptive interface that will allow key system users to setup and maintain the HR system on their own, without any professional IT help, specific technical skills, or consultancy. HROffice claims to be easy to set up and utilize for an entire HR information data base, day-to-day tasks and reporting. A different type of IT used by companies today is Staff Files. This simplifies routine ways to manage staff records. With Staff Files “quick-tab” navigation system; tracking all types of personnel information is simple. Staff Files claims to be an easy way to store, retrieve, and safeguard employee information. Staff Files is flexible HR software that allows one to track compensation, benefits, evaluations, and more. Last but not least is Manager Assistant 2.0. Tracking, evaluating and controlling the behavior, performance and activities of your employees is easy and quick by using just one application, without the chaos of trying to manage employees with an awkward mix of spreadsheets, word documents, database files and cumbersome email folders. This is a highly intuitive software application that stores large selections of data in just one space. This software has been successful because of its use of employee assessment tools in cooperation with modern software organization. Today many HR managers have familiarized their firms with the importance of IT and the impact it has on the success of companies. Recently, Three of the nation's largest telecommunications service providers, BellSouth, SBC Communications Inc. and Verizon, have adopted a set of general technical requirements based on traditional industry standards and specifications for a technology known as fiber to the premises. These advanced fiber-optic systems can be used to connect homes and businesses to
8 telecom networks. The decision of these three companies has set an example for exploitation of next-generation broadband networks that offer nearly boundless bandwidth for home and business Internet, voice and innovative new video services. FTTP will provide an ideal platform to support a number of emerging and evolving applications, such as interactive gaming, photo sharing, PC backup and telecommuting, along with video conferencing, premises surveillance and other novel video services, which could be delivered on demand and in high definition. This innovation followed by these three firms is made in part by highly developed software, readily available to HR Managers with the potential to help make a difference in day to day business activities with the use of Information Technology. HR Managers continue to face strategic business challenges that are directly linked to their employees. They must find ways to move from pay for tenure to pay for contribution; unplug clusters of human resource inadequacy quickly and efficiently; preserve, recruit, and move forward the right people with right skills. These challenges must be accomplished with a realistic timeline with greater effectiveness and less costs as well as maximizing profits for its stakeholders. Financial Service Industry Finance is a very interesting area to go into because it offers a wide range of areas that can be worked through. The reason I am interested in it is because I love dealing with the numbers aspect of business. I love the satisfaction that comes from working with the financials. I am also interested because it will help me to manage my finances better, and it will allow me to help others to do the same. The two technologies that I researched were Oracle Financials and PeopleSoft. I found out something interesting that
9 I didn‟t know and that is that these two companies have merged together. They are now just called Oracle. These two companies have merged to speed their innovation and offer their customers a better- quality solution at a lower price. There are many industries that use Oracle and PeopleSoft for their technology needs. Some of these industries are the automotive industry, travel and transportation industry, and the financial services industry. Southwest Airlines is in the travel and transportation industry and they use Oracles services because “….it has simplified their deployment of mission critical applications by providing a standard for highly available database.” Union Bank of California is in the financial services industry and they use this technology to “view data at a granular level and form many different perspectives.” Oracle prepares them for the competitive field because it specifically allows Union Bank of California to assess profitability and mange risk across numerous customer and product segments. Oracle is used because it offers a wide range of areas that can be modified in computer systems. This prepares these businesses for the competitive field because it helps them to better manage their companies and the common thread in the companies that I mentioned and others not mentioned is leverage. Who wouldn‟t want to use a product that offers a them a leg up on others.
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References
(websites)
Financial Services Industry: http://www.peoplesoft.com, http://www.oracle.com
Human Resource Management: Http://www.hrmsllc.com, http://www.abs-usa.com
Aviation Industry: www.airlinesimulation.com, http://www.cirrusdesign.com/
Banking & Financial Institutions: www.microsoft.com/BusinessSolutions,
http://members.microsoft.com/CustomerEvidence/