Find What you Require
Take a look at our diversifying assignments
and find the one which you need.
Book Your Assignment at The Lowest Price Now
2924 Downloads 13 Pages 3125 Words
The Standard Chartered bank was established in 1869 by the merger of The Standard bank of South Africa and Chartered bank of India, Australia and China. This bank is an international level banking company that has its operations at global level. The cited organisation has its operations in vast field of services like personal banking, Islamic banking, retail banking and corporate banking. Through all these facilities, firm used to deliver services to its corporate, institutional, commercial, personal and retail clients. For all such facilities, bank manages all its strategies through effective information system . This system helps in collecting information regarding clients, competitors, current market trends etc. which is used in formulating strategic decisions of bank. Thus, the present report has focussed on information system of cited bank and its importance in strategy planning.
For making the business strategies that can help organisation to be competitive, The Standard Chartered Bank has set its major vision and objectives. These objectives and vision statement helps in formulating plans that are aligned with basic purposes of bank. In this sense, mentioned bank has set some clear cut missions which are as follows...
For achieving all above stated missions company collects as much information as it can. In this collection, effective information system of organisation is quite helpful (Simons, 2013). The firm rolls up all data and uses it for serving customers by maintaining their information in a useful manner. It also helps in maintaining good customer relationship along with keeping updated information of market at local and international level. Besides this, as per the current marketing trends, it applies various plans so that company's profit can be maintained at sound level which ensures better returns to the shareholders. Thus, a complete high quality service is rendered to customers and other stakeholders by bank. Some of the objectives of said bank are also delineated as below..
The Standard Chartered bank has been able to remain at leading position because of its dedication and adaptation regarding acceptance of technology. Okiro & Ndungu, (2013) states that for maintaining a sound and positive working environment at workplace, bank frames policies that are comfortable for entire staff. With the help of various software and communication technologies, workers manage their work in a proper way with coordination. Apart from this, various types of information system helps in formulating strategies and decision making process for assorted levels of management. Use of computer based communication and flow of information helps in smooth working and maintaining ethical working practices at the workplace.
According to Raine the strategies for bank are planned after collection of information through various sources. This enhances the quality of decision taken by management and makes it easier to understand the processes of business. In cited firm, information system of bank provides timely detailed information which is then submitted to managers in the form of report.Various web browsers and networked information system is used which gives the data related to customers, their complaints and feedback as well. Thus, integration of various systems and data with information system helps in making work of bank easier to manage and remain competitive in market. Apart from this, various information systems of mentioned bank like ledger cards, semi-automated machines software and hardware have aided in maintaining information and providing the best services to customers.
Munir, Perera and Baird, (2011) asserts that at the basic level, various business functions and processes are there related to manufacturing, selling, advertising, administrating, financial planning, recruiting, training and so on. In performance of all these functions, information system (IS) helps to a great extent as it keeps data of internal as well as external parties of business. Thus, IS helps in managing the stress of employees and customers by managing numerous relevant information in system. Traditionally, the Standard chartered bank (SCB) maintains all kinds of details related to customers or employees in a register or notebook. A number of registers were maintained for each function and processes separately. This makes the paperwork more difficult to handle. Abishua, (2010) has said that with introduction of IS in corporate business world, the paperwork has become very limited. Now, all kinds of work can be managed through computers and various software of company which makes the handling of information easier.
The Database management system (DBMS) in organisation is extensively used to manage different works of complex nature in company related to financial transactions. Thus, the cited bank overcome its various loopholes and provides a well-structured system for managing works. This integrated system helps in carrying out tasks in an effective and credible way.
As per the views of Gelinas, Dull and Wheeler, (2011) IS should be of such kind which is able to supply all kinds of information that are needed by managers or staff of company. Executive support system (ESS) in mentioned bank helps in this purpose. The ESS is a software that provides users with a wide range of information by converting assorted data of entire firm into promptly accessible reports that can be used for taking various decisions. These kinds of reports are mainly used by billing or accounts department to be displayed to top level managers so that they can make decisions related to the same.
The marketing information system (MKIS) is of great help for cited bank through which it remains updated about all marketing activities. The MKIS helps the mentioned bank in monitoring various market orientations. Various types of decisions related to mergers or alliances,various modes of entering into market etc. are taken by the help of this IS. Grant, Hackney and Edgar, (2010) states that use of such informations systems help primarily by transforming the raw data into usable information. Thus, use of IS helps in managing various facts so that a useful information can be created through it for making significant decisions that can affect firm's position in market.
In aforesaid bank, it is essential that all employees from top level managers to lower level staff have a complete knowledge of information technology. This will help in making them more user friendly with all kinds of software that are used within organisation for various purposes. Wonglimpiyarat, (2014) have remarked that with an increased advancement of corporate business world towards technology and IS has helped in creating useful information and storing it for various significant developments. Thus, the enterprises have become able to manipulate a range of information as per the needs of business.
The Standard chartered bank has many competitors in its business environment who also use to employ information system to manage their work and maintain competition. To be competitive means offering goods and services to customers in a differentiated way having unique features in it. For bringing such competitiveness in products and services, companies use to take help of their information system. The said bank has its rivals in this industry which are Barclays bank, HSBC, Morgan Stanley, ABN AMRO, JP Morgan etc. All these banks use to have different information system techniques which help them to sustain competition in industry. Besides this, innovation is brought in processes through the application of IS which helps in accessing various related information as per the need of company. The use of information system in managing competition and improve competitiveness in said bank is described in following section.
According to Nupur, (2010) information system helps in achievement of competitive advantage by applying two ways where first step is to identify and understanding problem in clear terms. Whereas, second step suggests to determine right technology for solving the problem. Here, firm will need a proper MIS tool so that both steps can be taken in systematic way. The mentioned bank use to take help of MIS so that it can collect various information through internal sources and transform it into useful information. On this basis, the solution to related problem is tried to find out.
The information system helps in providing competitive advantage by generating reports on various sales and services that are made by company. The cited bank use to apply same approach where it takes help of MKIS where a range of information is available through which sales and marketing related information is collected. As per Baskerville, R., Spagnoletti and Kim, (2014) the information collected by MKIS provides detailed information regarding sales and other ancillary services provided by bank and on such basis, performance is compared with rival banks. This creates a base for taking further decision related to making changes in strategies related to sales and marketing.
The another aspect where organisations can create a way to gain competitiveness in market is through better customer relationships. The SCB lays emphasis on its customers by maintaining sound relationship with them. In the views of Simons, (2013) information systems have helped the organisations in great way by allowing them great advantages and platforms so that the consumers and business firms can communicate in more open way. The quoted bank use to render its services in a way which helps them in retaining customers and maintaining long term relations with them. With a better CRM, enterprise allows various retail, corporate, merchant and personal clients to give feedback on company's performance. Apart from this, it also provides all customers to give suggestions and file their complaints as well so that bank can improve their services. Here, mentioned entity use to take help of CRM and supply various facilities to customers through faster services, better support from customer care, resolution of their various issues and so on (Okiro and Ndungu, 2013). This has helped in creating a strong bonding between customers and bank.
Zuccaro and Savard, (2010) says that the business strategies are developed to make firm able to run in the competitive environment. The pre determined plan of action gives a guideline to all employees according to which they use to work. The Standard chartered bank use to make strategies which can help in achieving the best outcomes. Through various services of bank the SCB has been able to add more customers since its inception. The said bank has come up with various innovations and development in its information system which has helped the firm in enhancing the number of customers. The bank started a system of ledger cards where company use to record all necessary details of customers in it. All the transaction made by clients were use to be recorded in these files. Besides this, it also came up with a new banking software installed in the entire system for managing day to day transaction with the name of Bank master. This system helped bank in a great extent as it made transaction for customers much easier than traditional methods. Likewise, Abishua, (2010) articulates that many other facilities of ATM, internet banking, mobile banking etc. were launched by bank as a part of strategy to expand their service in more dispersed way. In this regard the role of various information system to make strategies can also be understood in following way...
Ward and Peppard, (2016) has articulated that the information management system is an important factor that helps companies in managing their various activities that are related with entire routine nature functions to complex nature operations. It is evident that the present business environment is very dynamic where changes take place very quickly. This necessitates firms to adopt these alteration in a prompt way so as to remain competitive in business. Therefore, it is also necessary that information systems also become developed to meet changing needs of internal and external environment. In this regard, some major key trends that can can impact IS and makes it essential to bring modifications in IS in near future are as follows...
The report based on case of Standard Chartered bank focuses on strategic information system of company. The report concludes that bank uses various information system tools like DSS, ESS, TPS etc. that helps organisation in making strategic decisions as well as managing internal and external activities. Further, the report propounds that information system is also helpful in making firm competitive in business environment as it provides a vast information related to current business trends. Thus, top management makes strategic decisions to compete against them. Moreover, the final part of report articulates that banks should have necessary changes in IS according to fluctuating trends so that their functions can be handled more easily.
Please enter a valid detail address to download a sample you request.
Word Limit: 0
Word Limit: 0
Word Limit: 0
Word Limit: 0