Evaluating Marketing Strategy for Placement of Information Systems

Tools for Evaluating the Placement of Strategic Information Systems

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Table of Contents INTRODUCTION ...........................................................................................................................1 ASSIGNMENT 1 .............................................................................................................................1 A ............................................................................................................................................. 1 B ............................................................................................................................................. 2 ASSIGNMENT 2 .............................................................................................................................4 A ............................................................................................................................................. 4 B ............................................................................................................................................. 6 CONCLUSION ................................................................................................................................7 REFERENCES ................................................................................................................................9

A Sample Report on Evaluating Marketing Strategies

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INTRODUCTION Strategic information system is significant for the companies which can help to attain their goals and objective in an efficient and effective way. This system can be used by the business unit to take competitive advantage over its rival firms. There are various kind of information which are involved to conduct the information regarding products and services of its competitors, to know the marketing strategies of its rival firm and to provide their products and services with uniqueness as compared to its competitor entities (Turban, Sharda and Delen, 2011). There are various kind of information from each and every level within organization. In the present report, Standard Chartered PLC has been chosen is one of the leading international banking corporations which provide the wide range of banking to its customers that involves personal banking, corporate banking, wealth banking, Islamic banking, online banking etc. The purpose of this report is to identify and analyse various tools and capabilities of business intelligence and business analysis (Brown, 2007).

ASSIGNMENT 1 A There are various tools and capabilities of business intelligence tools which can be used by companies to take competitive superiority over its rival firms. It is important for a company that to use these tools in an appropriate way, so that it can give the strategic advantage to the firm. Standard Chartered bank is required to evaluate these techniques so that they can make their decisions mare effectively. There are various decisions which can be taken by various levels like strategic, operational and tactical. These tools and capabilities as given below: Executive Scorecards and Dashboards: It is important for the senior manager of company to know actual performance of an individual. These tools can help to monitor and evaluate the key performance of their employees with their past performance (Laursen and Thorlund, 2010). It also helps company to know the real time performance of an individual, which can leads to performance and efficiency of the business unit.

OLAP Analysis: It is a significant tool which can be used by the business unit to analyze various corporate information and data. It can be used by the business analyst and higher authorities that can help in taking the strategic decision making at higher level. Various business intelligence approaches provide detailed and in depth OLAP capabilities, which can identify and manipulate Get Up-To 35% Off on marketing assignment writing services in UK to secure your dream grades.

the data and information thousand times. Standard Chartered bank is required to make an effective online analytic processing system which can help to maintain their sophisticated information in an appropriate way (Stohr, Goes and Chiang, 2012).

Ad-hoc Reporting: There are various information and data which can be used in the reports.

These reports have a systematic format which can be followed by the employees. Many a times these reports requires to refreshing the data and information in reports. These reports will be enough to satisfy their staff. In order to meet the urgent information and data, an ad-hoc report can be used by the organization. It can help to generate their report in an easy way.

Operational Reporting: There are various operational tasks or job which are related to the day to day basis. In order to execute these tasks, there are various factors which can affects daily operations (Lim, Chen and Chen, 2013). The tools of business intelligence can help the firm to support operational activities of business. It also helps to monitor and supervise the real time performance of a particular job.

Forecasting: The business environment is uncertain for each and every business unit. Therefore, to forecasting tools help to the company which can identify and evaluate of potential risk in advance. A firm's ability to forecast and anticipate various changing trends are critical for the organization. Apart from that past data can be helpful for the business unit to predict potential future events in appropriate strategic planning. These techniques can help to identify and analyze these impact on business operations (Chaudhuri, Dayal and Narasayya, 2011). Forecasting also essential for a company which protect of a firm from the potential financial losses due to various external as well as the internal factors. In forecasting bank manger can uses the various tools and techniques which can help to take the various decision. Strategic decision are related with higher level which can give the direction of the company.

B There are some business analytic tools that are used by various organizations. These tools are used to identify and analyze the relevant information that is used to improve the outcomes and performance of firm. Here are some business tools that are used in today's world among which some of them, are as follows: Business experiments- These experiments are used to test the validity of information. This is basically used to make changes in one part of organization and after that, it is compare with other

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part where changes are not made. So it is more useful in comparison among the available options for the business unit.

Visual analytics- There are many methods to analyze the data in different ways. Some simple methods can sued by the management to make their decision and focus on the spotted pattern in the graph. It is especially useful in the analysis of large amount of data (Elbashir, Collier and Sutton, 2011). This tool is the combination of data analysis and human resource.

Correlation analysis- This technique is useful in analyzing whether the relation between two variables exists or not and the way in which these variables are related. If both variables fall in same direction then there is positive relation between variables and if variables fall in opposite direction then there is negative correlation.

This is more useful when one has to make

assumptions about the relations between these variables.

Regression analysis- This tool is used for investigating the relationship between two variables like link between demand and supply of a product. In this hypothesis made on the basis of relationship between variables. If relation is strong then hypothesis become will true (Zeng and at. el., 2010).

Scenario analysis- This tool is useful when the person has many alternatives and he has to choose only one best solution about many. This method is also known as time horizon method.

In this many alternatives outcomes are present.

Time series analysis- In this method data is collected uniformly according to the piece rate system. This is used when person has to forecast about future data on the basis of past information.

Data mining- This tool is used to identify the data or to extract it from huge set of business. After that, it identifies the patterns and relationship between the variables that can improve the performance of organization (Wixom and at. el., 2014).

Text analytics- This is useful in extracting the text from large amount of text data so this is also know as text mining. It can also be used in pattern recognition and information extraction.

Sentiment analysis- In this tool the person have to extract the sentiment or subjective data from audio, video and text data. It is useful in identifying the behaviour and attitude of an individual and also useful in knowing the opinion of the customers, competitors and employees.

Image analytics- Image analytics is used in extracting the information and their meaning from the images. These images can be like photographs and medical images. This method in also Get Up-To 35% Off on marketing assignment writing services in UK to secure your dream grades.

based on pattern recognition and signal identification. This can also be useful in face recognition technology for some security purpose.

Video analytics- Video analytics is also used in extracting the information from video. This can be used for both the purposes like information extraction and can extract behavior of an individual. It is more useful to know about the presence of an individual who came to the store (Jourdan,Rainer and Marshall, 2008).

Voice analytics- Is also known as speech analysis. In this method information is extracting from the audio files. This can analyze the words and emotional content from the file. These can be used in identifying the customers issues.

Linear programming- This is used in identifying the best result on the basis of linear programming models. These models can solve the problems of maximizing and minimizing the profits and costs simultaneously.

Factor analysis- This method in used in the organization for data reduction and structure detection. This can decrease the number of variables in data and make it more useful for the company. This can also be useful in analyze the interrelationship between variables (Trkman and at. el., 2010).

ASSIGNMENT 2 A It is important for the higher authorities of Standard Chartered bank to use these information and data to increase the performance and efficiency. Business intelligence is ability to convert the data and information in to the appropriate knowledge. It helps to create an strategic information system which can support strategic decisions. The various tools and techniques of business intelligence and analysts of business entity (Ranjan, 2009). There are the following tools which can use by the manager of Standard Chartered bank: Executive Scorecards and Dashboards: The operational and tactical performance of the company are essential for the future growth of the firm. There are various data financial data regarding their daily operations like total cash deposit by the customers, data regarding the credit facilities, and other financial performance of the department as well as the individual staff. It helps to the manager of the company to improve the company performance on a daily basis. The

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senior management of the organization can check individual performance. So that they can attain there organizational goals and objective.

Ad-hoc Reporting: There are various information and data which can use at the tactical and operational level. For example bank requires various financial statements to analyses their performance. These reports have pre set format, where the data can be change over a period of time (PopoviÄ?, Coelho and JakliÄ?, 2009). The company also make their annul report for their stakeholders to show their annual performance to them. This reports having a set format, where the information can refreshing by the manager of the bank. Therefore these tools are help to the each and every member of the company which can easily prepare a report. It can leads to efficiency at the workplace.

Operational Reporting: It is one of the important tool of business intelligence and analyses which can help to knowing the real time information regarding their job. These report playing a significant role in the banking system. Because there are various daily reports which can require to take decisions on a daily basis. The operations manager of the bank can carried out the various task like administrative and accounting duties. In order to perform their job efficiently these tools can help to make their reports like daily sales, cash, credit and other information (Ranjan, 2008).

Business experiments: There are different business analyst and experts can use these tools to analyses the profitability and performance of the company on a regular basis. So that if any improvement in business can required. It can be implemented and improve their products and services. Bank can be launch a wide range of products and services to its customers. But before they are going to introduced at the larger scale. First it can be experimented by the company in a small market segment. And getting the feedback form its customers which can help to improve their products and services. These feedback can be easily analyses and evaluated by these experts with the help of business analyses approaches.

Data mining: There a large number of data and information which can be stored and maintained by the bank. These information are valuable for these bank point of view. It is impossible to store and managed without an effective information system (Watson, 2009). The business analyst tools can help to managed and control all these data and easily identified by the manager which help to take the important decision making. There are various task which can be done by the bank manger like risk management, portfolio management, trading, customer profiling and customer

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care, where data mining techniques can be used in banks and other financial institutions to enhance their business performance.

Factor analyses: It is another significant tool of analyses of business. As we know that there are various factors which can affects the business operation. There are two types of factors which involved micro and macro factors. These factors also known as internal and external factors.

Internal factors can be controllable for the firm, but external factors are beyond the control.

Therefore manager of the bank requires to make their information system more effective which so that they can easily make their decisions (Turban, Shardaand and Delen, 2011).

Scenario analysis: This tools can help to the company to choose an appropriate alternatives in the from different alternatives. These tools can also help tom make the strategies at the higher level. It is a process which can use by the bank manger to identify and analyses the future events.

So that it can help to protect from a possible future outcomes.

B There are different management strategies which can be sued by the company at the different level. It helps to make an effective business intelligence and business analytics system in to company. It can give the competitive advantage to the firm over its rival organizations.

There are the following strategies which can be used by Standard Chartered bank: Assess the current situation: It is too important for a company to analyses the current business intelligence and organizational structure to implement of BI. In this strategies the IT experts and the business analysts must be involved (Brown, 2007). Because they have expertise in their areas which can help to make an appropriate strategies at the higher level. It can help to get the strategic superiority over its rival firms.

Develop a plan for data storage: Data and information storage and management have great significant for each and every business unit. There are various sophisticated information which are related to the the customers, products, product development, marketing plan etc. it requires an effective and secure storage system which can protect these information from outsiders. On the other hand in banking organization, there are large number of financial data can be stored in the system. These information can be used for the different levels like strategic level, operational level and tactical level (Laursen, and Thorlund, 2010). An effective system can provide an appropriate system to the firm which can leads to the efficiency in the operations. Traditional

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data warehousing means duplicating data, which means bringing in operations systems in real time will be next to impossible.

Understand what users need: The higher authorities can take the strategic decisions which directly effects the long term strategies and business plan of the bank. On the other hand tactical and operational decision can be taken by the middle and lower level of authorities. They requires a large number of information to perform their task (Chiang, Goes and Stohr, 2012). The business intelligence tools can provide a system which can solve the complex problem in shorter period of time.

Decide whether to buy and build the analytic data model: It is another important strategies for the bank. To manage the pool of information required an appropriate approach which can help to take the strategies advantages over its competitors. Manger of the bank requires that to take the decision regarding an analytic data model for their system.

CONCLUSION As per the above mentioned report it has been concluded that strategic information system are essential for each business entity. Business intelligence tools can be used by a company to take competitive advantage in the market. Additionally, it included that, the business intelligence and analysts of Standard bank. It can help to attain the goal and objective efficient.

A Sample Report on Evaluating Marketing Strategies

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REFERENCES Books and Journals ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫

Turban, E., Sharda, R. and Delen, D., 2011. Decision support and business intelligence systems. Pearson Education India.

Brown, M.G., 2007. Beyond the balanced scorecard: Improving business intelligence with analytics. CRC Press.

Laursen, G. and Thorlund, J., 2010. Business analytics for managers: Taking business intelligence beyond reporting. Vol. 40. John Wiley & Sons.

Chiang, R.H., Goes, P. and Stohr, E.A., 2012. Business intelligence and analytics education, and program development: A unique opportunity for the information systems discipline.

ACM Transactions on Management Information Systems (TMIS). 3(3). p.12.

Lim, E.P., Chen, H. and Chen, G., 2013. Business intelligence and analytics: Research directions. ACM Transactions on Management Information Systems (TMIS). 3(4). p.17.

Chaudhuri, S., Dayal, U. and Narasayya, V., 2011. An overview of business intelligence technology. Communications of the ACM. 54(8). pp.88-98.

Elbashir, M.Z., Collier, P.A. and Sutton, S.G., 2011. The role of organizational absorptive capacity in strategic use of business intelligence to support integrated management control systems. The Accounting Review. 86(1). pp.155-184.

Zeng, D., and at. el., 2010. Social media analytics and intelligence. IEEE Intelligent Systems. 25(6). pp.13-16.

Wixom, B., and at. el., 2014. The current state of business intelligence in academia: The arrival of big data.Communications of the Association for Information Systems. 34(1). p.1.

Jourdan, Z., Rainer, R.K. and Marshall, T.E., 2008. Business intelligence: An analysis of the literature 1. Information Systems Management. 25(2). pp.121-131.

Trkman, P., and at. el., 2010. The impact of business analytics on supply chain performance.

Decision Support Systems. 49(3). pp.318-327.

Ranjan, J., 2009. Business intelligence: Concepts, components, techniques and benefits.

Journal of Theoretical and Applied Information Technology. 9(1). pp.60-70.

Popovič, A., Coelho, P.S. and Jaklič, J., 2009. The impact of business intelligence system maturity on information quality. Information research.14(4).

Ranjan, J., 2008. Business justification with business intelligence. Vine. 38(4). pp.461-475.

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Watson, H.J., 2009. Tutorial: Business intelligence-Past, present, Communications of the Association for Information Systems. 25(1). p.39.

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[Accessed on 23th December].

A Sample Report on Evaluating Marketing Strategies

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