1.0Explain In most cases it is defined as

1.0Explain the differences and focus of MIS systems and
KMS systems.

 

Information Systems is a crucial topic in the field
enterprise Information system.  “An
information system is a social system, which has embedded in it information
technology.” (F.Land: 1985, p 215). This led us to the
main point to discuss in this paper, which is Management Information System
(MIS) and the Knowledge Management System (KMS). 

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For You For Only $13.90/page!


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Management
information system is also one of the crucial tools in any company, which aims
at providing reliable, complete, accessible and understandable information in a
timely manner to the users of that particular system (Al-mamry, Shamasuddin
& Aziati; 2014).  In most cases it is
defined as a computer programme that holds financial information organized and programmed
to automatically produce reports on operations for every level of management in
an organisation. These programmes provide special reports easily. The main
focus of MIS is to provide manager with feedbacks about their own
participations which will in turn help them to monitor the organisation as a
whole. These programmes provide actual data over planned results from a
specific period of time.

Whereas, on the other side of the coin, Knowledge
Management System (KMS), According to Assegaff and Hussin in their paper titled
“Review of Knowledge Management Systems as Socio-Technical System” they defined
KMS as the IT that enables organisations to manage effective and efficiently
knowledge. In their papers, they go further by explaining it as a class of
information systems applied for managing organizational knowledge based on the
definition by Alavi and Leider. It is really a system of applying and using
knowledge management principles. It includes data driven objectives around the
company productivity, a competitive model and business intelligence analysis.
Some of this programmes features ca allow for data mining on customers inputs
and communication, together with the documents provided and shared. This
concept can help organizations to train their staff and orientate them on what
they have to do to effectively cut cost and becoming more productive. In
addition, these programmes also support sales and also help business leaders to
make informed critical decisions.  Some
business commentators tend to confuse Knowledge management with business
intelligence, which also looks at the acquiring data for decisions makings.

 

The major difference between the two is management
concepts are as follows:

The Management Information systems is concentrated
more managing organsiations resources that then will help to improve the
performance of the organization as whole. It also focuses on the things needed
to make sure that the organization records are controlled. This is done through
information management and IT resources.  When it comes to these systems, people are
very relevant rather than resources.  But
when you look at Knowledge management systems, it cares more with the way of
creating acquiring, sharing and using knowledge to help understanding in the
organization. In this system people are critical component to be managed. It is
focuses is to improve the company performances and to add value through proper
process.

1.1Companies that most benefits from MIS and KMS

 

Example
of company using Management Information System

One of the organisations that used MIS quite
successfully was one of the Multinational companies from the United Stated of
America called McDonald. McDonald was founded as restaurant operated by the
McDonalds family. It is one of the world’s largest restaurant operated by
revenue, it is well known for it hamburgers all over the world.  The restaurant began as a small restaurant and
the business expanded quickly. This is because they have been analyzing the
market. Inspired by the world of IT, McDonald developed wireless services
around their restaurants, which enabled them to gather information about their customer
services, length of stay and the sales level. This inspired them to join the
world of Information Management system.

How
McDonalds implemented MIS?

They implemented MIS which is used to produce important
reports in their work place. Reports such as daily list of employees and hours
they worked or monthly reports on expenses as compared to a budget was readily
available because of the system implemented.

They use these facilities to provide information to
managers and staff to understand the performance and plans is has for the
future.

 

 

Example
of company that use Knowledge Management System

 

Xerox corporations, is an America global company that
sells documents solutions and services and documents technology products to a
lot of countries in the world.  To help
their engineers to work efficiently and the support staff, Xerox designed
Eureka, an Knowledge based application that leverages web-based document share
tools using a database called Oracle.  Is
they log into Eureka, engineers can now easily document newly created solutions
using various templets via their office laptops.

How Xerox benefited from KM?

After implementing a KM system in their organisations,
Xerox experienced a 10 percentage reductions in labor and cost improvement just
within the initial Eureka rollout in France. The return on investment has
drastically increased as they continue to open the application to its other
engineers in other countries. According to one website, it stated that when
Xerox corp implemented this system, it solved 350.000 helpdesk problems and
save the company about $ 4m a each year.  

1.2Benefits from MIS and KM systems in organizations

MIS helps a lot of organization to keep track of its
important resources and stay organized. It allows managers to create reports
for the company’s activities. This includes reports on daily activities,
products sales, the services being used and for future decisions. It also helps
with the following activities:

1.     
Planning:  MIS helps to improve the decision making
process in an organization, this by helping the managers to make proper planning
and informed decisions.

2.     
No
information overload: MIS helps to minimize the information overload, this
because large number of data is summarized to make decision making by managers
easy.

3.     
Coordination:
it help department to be aware of the any problem that my arise and also
solutions to other departments.

4.     
It
also collects development, stock, recovers, assesses and distributes the
information.

On the other hand, KMS helps business to increase
staff performances, client satisfaction, and quality of services. In addition,
in some organization knowledge lead to innovation and innovation management. It
helps the company to have an overview of what problem need to be solved and how
to solve it. It also makes it possible for an organization to support new
technologies easily and capture the knowledge.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.0Outline MIS solution for a medium to large company

 

All business share common assets, no matter in what
type of sector it is.  Is doesn’t matter
they are into manufacturing, product or service sector.  Information helps us to find out the needs of
creating new products or services. Without information products will not get
produced, orders are not placed, the materials are not procured, the shipments
are not delivered, the customers are not billed and the business cannot
survive. In order to maximize the value of information, it must be captured,
analyzed, quantified, compiled, manipulated, made accessible, and shared. In
order to accomplish those tasks, an information system (IS) must be designed,
developed, administered and maintained.

MIS is used in a lot of business sector of almost
every country in the world today.  From
the a medical doctor that is using a software that is billing customers,
arranging appointments, using internet to an insurance business to an counting
software that is used in an accounting firm. 
It can is also be used in small business to large company at different
levels of this organizations. In all small business that are participating in
consulting, selling, research, IT and other businesses. MIS has and is becoming
the integral part of small business even in the developing nations.  Large companies have many programmes of MIS
that are being used in the business for different purposes, for example the
ASPs and MSPs can be used in providing services or management service.

How
does one implement a successful MIS? What are the important requirements? Below
are the key conditions that have to me employment to ensure benefits of the
MIS:

1.      Understand
the role of MIS, Not only IT department business

It is of importance’s that not only the IT department
understand the use of IT, but make each understand the person involved in the
use of the IT including the use of MIS. 
When designing the MIS make sure that all departments are involved at
the initial part for the programmes creation to conceptualize the use of the
application or software.  If the system
being developed is to achieve a specific goal the department that is entitled
to achieve such goal should be fully involved to give their inputs and idea
because they understand and have the best knowledge on how this application may
help their department. They understand the planning process, needs and problems
they have experienced.

 

2.      Appropriately
Designed Data Movements and Structures

 In modern
systems that is MIS, bigger organization process large number of data. Thus is
very important to have design a clear data flows and data structures.  This because the data related factors impacts
more on the final quality of the MIS implementations in any organisation. It is
of importance to have specific level of aggregates that provide correspondence level
of information, but other other hand, it doesn’t give unnecessary detailed
information, which can lead to confusing data structure and also unwanted database
and other longer response.

3.      Adjustable
structure and system

The system that is being developed should be system
that able to grow with the company, meaning that the system’s feature that are
being developed should be ” open” and ” modular” for it to be able to adjusted
in the futures. Meaning the IT personnel should be able to add or adjust the
features when necessary.  They should be
created in the style of ” less ios more” instead of just impressing the users.

 

4.      Training
to the user

If the idea of developing this system is to maximize
utility beside quality design quality communication of the implementations, it
is important to give quality training to the users.  Many companies are known at undermining the
legitimacy of quality training because they feel that it is not that important.
 Thus it important to organize after some
time when the user get a familiar feeling with the basic features of the system
to give the an advanced training focusing more on the efficient work and
educating them to solve their common task using MIS.

I have mentioned some of the advantages of Management
information systems for business management. With their benefit, I also
mentioned that important factors of successfully MIS implementations.  It crucial to address other aspects when
implementing the MIS especially those that are not related to technical
solutions within the MIS system.

 

 

3.0Apply
Porter’s competitive forces model in a bank.

 

The
Porter’s five competitive forces was discovered by Michael Porter’s, in the
book titled “Competitive Strategy: Techniques for analysing industries and
competitors” in the 1980’s.  The model
was developed with the idea based on the understanding that corporate strategy
should always meet the opportunities and threats in the organisation in the
external environment. Thus it is crucial for competitive strategy to be
developed based on the compression on the industry structures and the mode of
change (Porter’s 1980). It has identified five competitive external forces that
shape every sector and every industry.  The model basically aims at describing the
competitive environment a firm is embedded in an along five industry-specific
factors that drove to Porter’s mind competition (Johnson 2014)

Whether
the organisation provide service or products there is always competitive forces
in any perfect competitive business environment, including the banking sector
(Gabriel 2006). The Porter’s model for the banking industry can also be applied
into the bank sector as service-oriented business. To enhance the competition
of funds and market share to cutting down the spreads of the banks, an increase
in their expenses compared to the revenue and minimising the salary expenses
and loan-loss expenses, banks are responding to these challenges by introducing
new products and new services in order to deal with high expenses.  To do that competitive forces are eradicated
by applying the Porter’s model for banking industry. Let us examine this:

1.     
Rivalry
among Existing Firms:

In
any economy that apply the traditional economic model, competition between the
companies that has increased. This competition has been taking place globally
since the beginning of liberalisation. There are new products, free pricing and
market forces that are also affecting banks operations.  Banks contest for a competitive advantage
against its rivals.  This is true that
banks should apply the Porter’s model to challenge the competition from their
rivals.

 

 

 

2.     
Potential
Competitors:

As
long as the market of has a traditional characters of the liberal market, the
financial sector, the influences form this type of forces in the banking sector
shall be felt at any extend.  If a new, or other bank services is
introduced in the market, potential competitor is introduced.  The potential competitor threat from the new
comers will gradually increase.

3.     
 Threat
from Substitutes financial services:

To
add on the threats of new entrants, if in the financial sector there is some
financial intermediaries offering substitute products that threat for
competition will also increase.  This
organisation may refer to non-banking finances companies and other financial
organisation in the formal and informal sector.

4.     
Negotiation
Power of Buyers:

Since
the money and financial marketing has been growing, banks are faced with
challenges when comes to bargaining power from such industries within the local
markets and international markets. This makes buyers to have a big market to be
supplied with what they want on the price they want.

5.     
Negotiation
Power of Suppliers:

The
new financial products and the more access to other banking industries and
other financial sectors have enhanced opportunities for depositors from big
sources of funds in the banking sector.

Therefore,
the competitive forces on the banking sector have been influencing the prices,
costs, and size of the financial banks. 
If the bank is efficiently to manage all the competitive forces it shows
in its balance sheet and its profit and loss statement.

 

 

 

 

 

3.1Benefit
from current IS, online collaboration, Web 2.0, Social Networks and mobile
devices could benefit the bank and its customers.

Benefit
from the Information system

Information
systems are one of the systems that is very important to the growth and
survival of business in today’s world. It doesn’t matter  it is the manufacturing sectors, construction
sectors, consulting sectors, whichever sector you might think of, all sectors
of industry depends on the management of information and data. It doesn’t matter
it is a small company or large companies like high street banks, central and
government. A diversity of information systems are being used by banks.
Currently, most banks operate with multiple legacy systems that operate on a
single mainframe computer (Lenard & Ferran 1997).  Moreover, the internet has progressed as a
complete source of protected technology that acts as a useful resource to the
banks. The arrival of internet based systems (popularly known as web based
systems) has allowed banks to be more precise and keep a hassle free record
system. However, the internet based systems have led to many security issues.  Let us discuss the following to see how the
following internet instruments benefit the banking sector:

Online
collaborations

The
online collaborative refers to the software, hardware that serve as the base
for sharing data, information both inside and outside the organisation. This
arrangement leads to the exchange of information from the source to the user.  As formerly stated, real-time communication is
also a possible purpose that can be allowed through the use of collaborative
tools.

 

Mobile
devices

Globally, Mobile phones are at the center of
information sharing.  Mobile solutions
give you superior perceptibility into your operations. It also benefits organization
in the form of communication by reacting faster to the environment that is changing
all the time. It helps an organsation to become very competitive over their competition.

 

 

 

Web
2.0

These are a web that becomes a participatory platform
in which organization not get content but also share and produce content. This is
by downloading and uploading that content.  This refers to blogs, wikis etc which helps to
break barriers between users and providers of data. These technologies are so
useful today that societies can communicate. Modern electronic financial services
can only depend on Web 2.0 which is more flexible and modular, allowing
capabilities to add.

.

3.2
Security Implications

The main challenge of most of the internet
applications is security. In our country in Namibia there have been many cases
with the ones being the ATM card cloned and credit cards faults that have been
raised due to information system weakness. Thus, banks need to make sure that
high level security prevails when using this type of technology.

However, banks have embarked on security measures
together with the IP gurus to allow free banking through the use of computer
programmes and information systems.  Some
of the security programmes including having secured server technology,
enforcing data protection acts for IT banking. All the laws make sure that the
information provided over the internet is with the owner’s consent.  This laws helps that the information is used
for the purpose is required to be used for.  Security level can also be protected by asking
password  systems, more information
provision etc. if all this things are done, human being will enjoy using
internet nd can be of help to them.

1.0Explain the differences and focus of MIS systems and
KMS systems.

 

Information Systems is a crucial topic in the field
enterprise Information system.  “An
information system is a social system, which has embedded in it information
technology.” (F.Land: 1985, p 215). This led us to the
main point to discuss in this paper, which is Management Information System
(MIS) and the Knowledge Management System (KMS). 

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Management
information system is also one of the crucial tools in any company, which aims
at providing reliable, complete, accessible and understandable information in a
timely manner to the users of that particular system (Al-mamry, Shamasuddin
& Aziati; 2014).  In most cases it is
defined as a computer programme that holds financial information organized and programmed
to automatically produce reports on operations for every level of management in
an organisation. These programmes provide special reports easily. The main
focus of MIS is to provide manager with feedbacks about their own
participations which will in turn help them to monitor the organisation as a
whole. These programmes provide actual data over planned results from a
specific period of time.

Whereas, on the other side of the coin, Knowledge
Management System (KMS), According to Assegaff and Hussin in their paper titled
“Review of Knowledge Management Systems as Socio-Technical System” they defined
KMS as the IT that enables organisations to manage effective and efficiently
knowledge. In their papers, they go further by explaining it as a class of
information systems applied for managing organizational knowledge based on the
definition by Alavi and Leider. It is really a system of applying and using
knowledge management principles. It includes data driven objectives around the
company productivity, a competitive model and business intelligence analysis.
Some of this programmes features ca allow for data mining on customers inputs
and communication, together with the documents provided and shared. This
concept can help organizations to train their staff and orientate them on what
they have to do to effectively cut cost and becoming more productive. In
addition, these programmes also support sales and also help business leaders to
make informed critical decisions.  Some
business commentators tend to confuse Knowledge management with business
intelligence, which also looks at the acquiring data for decisions makings.

 

The major difference between the two is management
concepts are as follows:

The Management Information systems is concentrated
more managing organsiations resources that then will help to improve the
performance of the organization as whole. It also focuses on the things needed
to make sure that the organization records are controlled. This is done through
information management and IT resources.  When it comes to these systems, people are
very relevant rather than resources.  But
when you look at Knowledge management systems, it cares more with the way of
creating acquiring, sharing and using knowledge to help understanding in the
organization. In this system people are critical component to be managed. It is
focuses is to improve the company performances and to add value through proper
process.

1.1Companies that most benefits from MIS and KMS

 

Example
of company using Management Information System

One of the organisations that used MIS quite
successfully was one of the Multinational companies from the United Stated of
America called McDonald. McDonald was founded as restaurant operated by the
McDonalds family. It is one of the world’s largest restaurant operated by
revenue, it is well known for it hamburgers all over the world.  The restaurant began as a small restaurant and
the business expanded quickly. This is because they have been analyzing the
market. Inspired by the world of IT, McDonald developed wireless services
around their restaurants, which enabled them to gather information about their customer
services, length of stay and the sales level. This inspired them to join the
world of Information Management system.

How
McDonalds implemented MIS?

They implemented MIS which is used to produce important
reports in their work place. Reports such as daily list of employees and hours
they worked or monthly reports on expenses as compared to a budget was readily
available because of the system implemented.

They use these facilities to provide information to
managers and staff to understand the performance and plans is has for the
future.

 

 

Example
of company that use Knowledge Management System

 

Xerox corporations, is an America global company that
sells documents solutions and services and documents technology products to a
lot of countries in the world.  To help
their engineers to work efficiently and the support staff, Xerox designed
Eureka, an Knowledge based application that leverages web-based document share
tools using a database called Oracle.  Is
they log into Eureka, engineers can now easily document newly created solutions
using various templets via their office laptops.

How Xerox benefited from KM?

After implementing a KM system in their organisations,
Xerox experienced a 10 percentage reductions in labor and cost improvement just
within the initial Eureka rollout in France. The return on investment has
drastically increased as they continue to open the application to its other
engineers in other countries. According to one website, it stated that when
Xerox corp implemented this system, it solved 350.000 helpdesk problems and
save the company about $ 4m a each year.  

1.2Benefits from MIS and KM systems in organizations

MIS helps a lot of organization to keep track of its
important resources and stay organized. It allows managers to create reports
for the company’s activities. This includes reports on daily activities,
products sales, the services being used and for future decisions. It also helps
with the following activities:

1.     
Planning:  MIS helps to improve the decision making
process in an organization, this by helping the managers to make proper planning
and informed decisions.

2.     
No
information overload: MIS helps to minimize the information overload, this
because large number of data is summarized to make decision making by managers
easy.

3.     
Coordination:
it help department to be aware of the any problem that my arise and also
solutions to other departments.

4.     
It
also collects development, stock, recovers, assesses and distributes the
information.

On the other hand, KMS helps business to increase
staff performances, client satisfaction, and quality of services. In addition,
in some organization knowledge lead to innovation and innovation management. It
helps the company to have an overview of what problem need to be solved and how
to solve it. It also makes it possible for an organization to support new
technologies easily and capture the knowledge.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.0Outline MIS solution for a medium to large company

 

All business share common assets, no matter in what
type of sector it is.  Is doesn’t matter
they are into manufacturing, product or service sector.  Information helps us to find out the needs of
creating new products or services. Without information products will not get
produced, orders are not placed, the materials are not procured, the shipments
are not delivered, the customers are not billed and the business cannot
survive. In order to maximize the value of information, it must be captured,
analyzed, quantified, compiled, manipulated, made accessible, and shared. In
order to accomplish those tasks, an information system (IS) must be designed,
developed, administered and maintained.

MIS is used in a lot of business sector of almost
every country in the world today.  From
the a medical doctor that is using a software that is billing customers,
arranging appointments, using internet to an insurance business to an counting
software that is used in an accounting firm. 
It can is also be used in small business to large company at different
levels of this organizations. In all small business that are participating in
consulting, selling, research, IT and other businesses. MIS has and is becoming
the integral part of small business even in the developing nations.  Large companies have many programmes of MIS
that are being used in the business for different purposes, for example the
ASPs and MSPs can be used in providing services or management service.

How
does one implement a successful MIS? What are the important requirements? Below
are the key conditions that have to me employment to ensure benefits of the
MIS:

1.      Understand
the role of MIS, Not only IT department business

It is of importance’s that not only the IT department
understand the use of IT, but make each understand the person involved in the
use of the IT including the use of MIS. 
When designing the MIS make sure that all departments are involved at
the initial part for the programmes creation to conceptualize the use of the
application or software.  If the system
being developed is to achieve a specific goal the department that is entitled
to achieve such goal should be fully involved to give their inputs and idea
because they understand and have the best knowledge on how this application may
help their department. They understand the planning process, needs and problems
they have experienced.

 

2.      Appropriately
Designed Data Movements and Structures

 In modern
systems that is MIS, bigger organization process large number of data. Thus is
very important to have design a clear data flows and data structures.  This because the data related factors impacts
more on the final quality of the MIS implementations in any organisation. It is
of importance to have specific level of aggregates that provide correspondence level
of information, but other other hand, it doesn’t give unnecessary detailed
information, which can lead to confusing data structure and also unwanted database
and other longer response.

3.      Adjustable
structure and system

The system that is being developed should be system
that able to grow with the company, meaning that the system’s feature that are
being developed should be ” open” and ” modular” for it to be able to adjusted
in the futures. Meaning the IT personnel should be able to add or adjust the
features when necessary.  They should be
created in the style of ” less ios more” instead of just impressing the users.

 

4.      Training
to the user

If the idea of developing this system is to maximize
utility beside quality design quality communication of the implementations, it
is important to give quality training to the users.  Many companies are known at undermining the
legitimacy of quality training because they feel that it is not that important.
 Thus it important to organize after some
time when the user get a familiar feeling with the basic features of the system
to give the an advanced training focusing more on the efficient work and
educating them to solve their common task using MIS.

I have mentioned some of the advantages of Management
information systems for business management. With their benefit, I also
mentioned that important factors of successfully MIS implementations.  It crucial to address other aspects when
implementing the MIS especially those that are not related to technical
solutions within the MIS system.

 

 

3.0Apply
Porter’s competitive forces model in a bank.

 

The
Porter’s five competitive forces was discovered by Michael Porter’s, in the
book titled “Competitive Strategy: Techniques for analysing industries and
competitors” in the 1980’s.  The model
was developed with the idea based on the understanding that corporate strategy
should always meet the opportunities and threats in the organisation in the
external environment. Thus it is crucial for competitive strategy to be
developed based on the compression on the industry structures and the mode of
change (Porter’s 1980). It has identified five competitive external forces that
shape every sector and every industry.  The model basically aims at describing the
competitive environment a firm is embedded in an along five industry-specific
factors that drove to Porter’s mind competition (Johnson 2014)

Whether
the organisation provide service or products there is always competitive forces
in any perfect competitive business environment, including the banking sector
(Gabriel 2006). The Porter’s model for the banking industry can also be applied
into the bank sector as service-oriented business. To enhance the competition
of funds and market share to cutting down the spreads of the banks, an increase
in their expenses compared to the revenue and minimising the salary expenses
and loan-loss expenses, banks are responding to these challenges by introducing
new products and new services in order to deal with high expenses.  To do that competitive forces are eradicated
by applying the Porter’s model for banking industry. Let us examine this:

1.     
Rivalry
among Existing Firms:

In
any economy that apply the traditional economic model, competition between the
companies that has increased. This competition has been taking place globally
since the beginning of liberalisation. There are new products, free pricing and
market forces that are also affecting banks operations.  Banks contest for a competitive advantage
against its rivals.  This is true that
banks should apply the Porter’s model to challenge the competition from their
rivals.

 

 

 

2.     
Potential
Competitors:

As
long as the market of has a traditional characters of the liberal market, the
financial sector, the influences form this type of forces in the banking sector
shall be felt at any extend.  If a new, or other bank services is
introduced in the market, potential competitor is introduced.  The potential competitor threat from the new
comers will gradually increase.

3.     
 Threat
from Substitutes financial services:

To
add on the threats of new entrants, if in the financial sector there is some
financial intermediaries offering substitute products that threat for
competition will also increase.  This
organisation may refer to non-banking finances companies and other financial
organisation in the formal and informal sector.

4.     
Negotiation
Power of Buyers:

Since
the money and financial marketing has been growing, banks are faced with
challenges when comes to bargaining power from such industries within the local
markets and international markets. This makes buyers to have a big market to be
supplied with what they want on the price they want.

5.     
Negotiation
Power of Suppliers:

The
new financial products and the more access to other banking industries and
other financial sectors have enhanced opportunities for depositors from big
sources of funds in the banking sector.

Therefore,
the competitive forces on the banking sector have been influencing the prices,
costs, and size of the financial banks. 
If the bank is efficiently to manage all the competitive forces it shows
in its balance sheet and its profit and loss statement.

 

 

 

 

 

3.1Benefit
from current IS, online collaboration, Web 2.0, Social Networks and mobile
devices could benefit the bank and its customers.

Benefit
from the Information system

Information
systems are one of the systems that is very important to the growth and
survival of business in today’s world. It doesn’t matter  it is the manufacturing sectors, construction
sectors, consulting sectors, whichever sector you might think of, all sectors
of industry depends on the management of information and data. It doesn’t matter
it is a small company or large companies like high street banks, central and
government. A diversity of information systems are being used by banks.
Currently, most banks operate with multiple legacy systems that operate on a
single mainframe computer (Lenard & Ferran 1997).  Moreover, the internet has progressed as a
complete source of protected technology that acts as a useful resource to the
banks. The arrival of internet based systems (popularly known as web based
systems) has allowed banks to be more precise and keep a hassle free record
system. However, the internet based systems have led to many security issues.  Let us discuss the following to see how the
following internet instruments benefit the banking sector:

Online
collaborations

The
online collaborative refers to the software, hardware that serve as the base
for sharing data, information both inside and outside the organisation. This
arrangement leads to the exchange of information from the source to the user.  As formerly stated, real-time communication is
also a possible purpose that can be allowed through the use of collaborative
tools.

 

Mobile
devices

Globally, Mobile phones are at the center of
information sharing.  Mobile solutions
give you superior perceptibility into your operations. It also benefits organization
in the form of communication by reacting faster to the environment that is changing
all the time. It helps an organsation to become very competitive over their competition.

 

 

 

Web
2.0

These are a web that becomes a participatory platform
in which organization not get content but also share and produce content. This is
by downloading and uploading that content.  This refers to blogs, wikis etc which helps to
break barriers between users and providers of data. These technologies are so
useful today that societies can communicate. Modern electronic financial services
can only depend on Web 2.0 which is more flexible and modular, allowing
capabilities to add.

.

3.2
Security Implications

The main challenge of most of the internet
applications is security. In our country in Namibia there have been many cases
with the ones being the ATM card cloned and credit cards faults that have been
raised due to information system weakness. Thus, banks need to make sure that
high level security prevails when using this type of technology.

However, banks have embarked on security measures
together with the IP gurus to allow free banking through the use of computer
programmes and information systems.  Some
of the security programmes including having secured server technology,
enforcing data protection acts for IT banking. All the laws make sure that the
information provided over the internet is with the owner’s consent.  This laws helps that the information is used
for the purpose is required to be used for.  Security level can also be protected by asking
password  systems, more information
provision etc. if all this things are done, human being will enjoy using
internet nd can be of help to them.

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