Project Planning Practices Based Enterprise – Requirements And Benefits

Business Process

Discuss About The Project Planning Practices Based Enterprise?

Enterprise Resource Planning is the term used to refer the improved system for an organization. Under this process, a combination of software and other relevant things are adopted in order to covert the system of the organization into a digitalised system. ERP system is the technique through which organizations could make their process fast and adequate. With the adaptation of the Enterprise Resurge Planning in the workplace of the organization, chances of achievement of desired goals increase. Appropriate measures are adopted in order to evaluate the performance achieved by the organization after adaptation of the ERP system in the workplace with the performance of the organization before adaptation of the ERP system. It is a well-structured and authenticated system and it has also been considered as the most adequate system for the workplaces. This is because under this organization’s relevant issues and the gaps are resolved in order to attain the desired goals and the objectives set up by the management of the organization. Software for improving the internal communication process of an organization, software for improving the accounting and the financial policies of the organization, etc. are the main components of an improvised ERP system. Adaptation of this software helps the organization to obtain adequate as well as blunder-free outcomes.

Requirement of ERP system in the workplace of Universal Merchant Banks will be discussed and in order to evaluate the all possible factors, requirement of the organization, ERP’s requirements in relation with the Universal Merchant Banks’ procedure, risks involved in using ERP system in the workplace of Universal Merchant Banks, and the control measures will also be discussed in order to mitigate the impact of the risks over the Universal Merchant Banks’ performance. Basically this bank is situated in Ghana and planning for the expansion in the domestic as well as in the international market and for the same they have planned to adopt the ERP system in their workplace.

Business process is the chain of numerous tasks executed in the organization to obtain effective results. The chain of task differs on the basis of organizational structure. All the tasks of the business process are linked with each other and they are classified as per the business requirements. Generally, producing, buying, selling, promoting, after sale service, etc. are common tasks which are provided under an organization.

Business Requirements for ERP system

Business process of Universal Merchant Banks and other organization are unique. Generally Universal Merchant Banks’ procedure includes receiving the deposits from the customers; credit them into their savings and current account (Tasevska, Damij & Damij, 2014). Apart from depositing the consumers’ money, they also provide the facility of fixed deposit account, under which consumer needs to deposit the money for locking period to get additional rate of interest. Along with these services, Universal Merchant Banks also provide loans and advances on various bases. While evaluating the requirement of the ERP in the business process of Universal Merchant Banks, it was analysed that Universal Merchant Banks require appropriate software which needs to be connected with the head office of the Universal Merchant Bank as well as with the regulatory authority of the particular country. This is because when a consumer asks for the loan, Universal Merchant Bank can take out relevant information in relevance with the loan taken in the history and payment of that loan, etc. Checking background of the customer is very crucial in terms of providing loans and the advances because it helps the Universal Merchant Banks to be assured in relevance with the repayment of the loan (Tarhini, Ammar & Tarhini, 2015).

For instance, a Universal Merchant Bank is using out-dated technology to perform the functionalities of the Universal Merchant Bank such as manual deposit of the money from its consumers; it increases the chances of errors because faulty as well as chances of duplicate currency deposit increases. Apart from this, organization will not be able to check the appropriate information in relevance with the background of the consumer and this may lead to the issue because due to lack of information, consumer will get the loans and this also increases the chances of bad debts of the loans (Shen, Chen & Wang, 2016).

While the automated business process includes the combination of relevant software for the organization with the appropriate ERP system and this procedure has been adopted by various big Universal Merchant Banks in order to enhance their abilities (Shaul & Tauber, 2013). Following is the detailed explanation of Universal Merchant Bank’s process:

• Taking deposits from the consumers;
• Providing them the facility of Universal Merchant Bank accounts in the form savings, current as well as fixed deposit;
• Providing loans is also a big activity and this is the major source of income for Universal Merchant Banks;
• Providing its customers facilities like accounts receivables, accounts payables, advances, etc. (Seo, 2013).
• Providing to the salary to the employees and other staff of the Universal Merchant Bank;

Universal Merchant Banks’ process of business and the process for a trader and a manufacturer are quite similar. The major difference is Universal Merchant Banks deals in cash where a trader and manufacturer deal in goods and services. Adaptation of the ERP system will provide lot of benefits to the Universal Merchant Banks and it will also help them to enhance their profitability because chances of errors and disputes will be less in relevance with the manual working process of Universal Merchant Banks. Customers will also be motivated to make transactions with the Universal Merchant Banks as manual process leads to long queues for consumers for withdrawing or for depositing the money. Apart from this, ERP also leads to provide the Universal Merchant Bank’s consumers various unique services through which they can deposit their money from any part of the country as well as foreign transfer will also be allowed. Along with the depositing facility an ATM card will also be issues through which customers can withdraw their money from any part of the globe without waiting in long queues. Hence, the procedure of the Universal Merchant Banks will be quite simple with the adaptation of the advanced technology in order to attain more number of consumers and the more number of consumers will show their interest in dealing with the Universal Merchant Banks, the more profitability of the Universal Merchant Bank will be (Seethamraju, 2015).

There are numerous business requirements are available which needs to updated in relevance with adaptation of adequate set of objectives. Along with the achievement of targets, goals and objectives, it also helps in setting the adequate image in the global market. Enterprise resource planning enhances the ability of the organization in such a manner so that organization could easily reach to its desired destination. In relation with the Universal Merchant Banks’ procedure, implementation of the enterprise resource planning will help them to provide the facility to its customers of global transact. Under this facility, customers can transact with their Universal Merchant Bank from any part of the world. Along with the benefit to its customers, organization’s internal process also becomes resilient and effective. Expanding the branches of the Universal Merchant Banks across the city, in the country or in the global market, the major requirement is ERP because it will help the organization to gain the relevant information of operations in any branch. Chances of errors, theft, etc. reduce because the whole process will be performed with the help of ERP only (Sarno, et. al., 2015).

Apart from the clients’ end process; they also need to follow the policies in relation with the employees and other things of the organization. The major requirement of any business is internal communication system. Good internal communication system helps the organization to achieve its desired goals in order to gain the competitive advantage in the dynamic business environment. Along with gaining the competitive advantage, internal communication also resolves various types of issues which become the barrier in working procedure of the organization. Lack of adequate and effective internal communication system may lead to various issues in the organization such as disputes between the employer and employee, dispute situation between team members and the outcome of these results could be noticed from the performance of the organization. With the disputes situation within the workplace, no organization will be able to achieve its desired goals and targets, hence; to reach to the adequate place in the dynamic business environment, organization needs to adopt the adequate set of strategies in relevance with the internal communication process. ERP’s major component is internal communication system through which gaps could be analysed which is affecting the performance of the organization (Nofal & Yusof, 2013).

With the implementation of the ERP system within the workplace of the Universal Merchant Banks, it will resolve various issues such as internal communication system; it will remove the barriers between the higher level management and the lower level employees. Through this procedure, lower level employee would be able to convey their messages to the higher level management in relevance with the issues faced by them in the organizational workplace. Appropriate actions could be taken in such conditions to remove those barriers which are affecting the performance of the organization in the negative manner (Yeh & Xu, 2013). Apart from this, Universal Merchant Bank’s management and the directors can also adopt the policy in which lower level employees such as clerks will also be asked to get involved in the meetings under which appropriate decision will be taken in order to resolve the issues which affect the organization’s performance. This will enhance the decision making power of the organization as well as it will also improves the organizational performance because the adequate set of strategies will only be adopted in relation with the business process of the Universal Merchant Banks (Nah & Tan, 2015)

The basic procedure of Universal Merchant Bank is providing consulting services to its consumers as well as helping them for taking appropriate financial decision in respect of getting adequate amount of benefits. ERP requires the understanding from the employees of the organization in order to attain the objectives for the organization. While implementing the enterprise resource planning system in the workplace of Universal Merchant Bank, management needs to develop some policies which could help the organization’s procedures to be amended as per the ERP’s requirements. Implementation of the ERP system in the organization is also useful to gain competitive advantage. The major tasks performed by the Universal Merchant Bank is providing consulting services in relation with the finance and helping them in taking adequate investment decisions. Against to this, they charge certain percentage of commission for providing these valuable services to its consumers (Leon, 2014).

Investment decisions could be more effectively taken and suggested to the consumers through implementation of the Enterprise resource Planning system in the workplace. Apart from this, organization could also amend their functional areas to meet with the Enterprise Resource Planning’s requirements. With the implementation of the ERP technique, organization will be able to determine its objectives as well as the unique strategies will be adopted in order to amend the policies in order to meet with the requirements of the enterprise resource planning system. This system also ensures the organization to improve their performance as adaptation of the techniques will also help the organization in order to mould their activities in such a manner where ERP’s needs and the Universal Merchant Bank’s requirements could be matched up. Along with these requirements, ERP demands training measures to the employees of the organization. This will help them to understand the appropriate outcome as well as the procedure to operate the functionalities through the ERP system can also be understood adequately (Kurbel, 2016).

• Human Resource Management: This is the most crucial element of the organization and through this department; organization will be able to recognize the requirement of the organization. Under this department, most appropriate persons are appointed on the adequate places in order attain the goals for the organization. Apart from this, Universal Merchant Bank is involved in delivering consulting as well as advisory services in relation with the financial issues to its customers. Hence; they require adequate persons on the adequate places in order to fulfil the needs of their consumers (Kermani & Rouhani, 2014).
• Material Management: In terms of the material management in relation with the Universal Merchant Bank, management of the key employees such as financial experts as well as the person who have the ability to turn the consumers’ mind. Apart from this, management also needs to concentrate on its market share value and in order to maintain the market share value of the Universal Merchant Bank, appropriate set of strategies should be adopted for making the organizational work satisfactory as well as beneficial (Hunton, McEwen & Wier, 2015).
• Financial & Accounting: Accounts and the financial department for the Universal Merchant Bank have great weightage. This is due to their involvement in the finance related operations. Their functionalities are linked with this department only. Hence, requirement for this department in relation with the ERP system is quite high. Accounts department will be served with adequate software through which most of the data will be stored in that software and the access will be given to the accounts team depending upon their functionalities. Under this software, organization will be able to record appropriate data such as payroll of the employees, payments to the consumers, receivables from consumers in the form commission, due instalments from consumers, etc. Organization will be able to resolve the issues in relation with this department and the chances of error which were high in manual working will be avoided through using software in ERP system (Hoch & Dulebohn, 2013)

The major task involved in the ERP system is the adaptation of the software that could meet the requirement of the organization. While evaluating the requirement of the Universal Merchant Bank’s functionalities, software related to the accounts will be more demanded in relevance with other software. After analysing the demand of the Universal Merchant Bank, it was observed that adequate adaptation of the software is necessary to avoid the glitches in the performance of the organization such as theft of data, leakage of clients’ credentials, etc. Hence, selection of the software requires proper attention in relevance with the other functionalities of the organization (Ha & Ahn, 2014).

After evaluating the need of the software, selection of the vendor should also be done on the same basis in order to maintain the confidentiality of the organization. Vendor should be reliable as well as responsible enough so that while suffering from any issues, organization could be able to resolve the issues from the help of such vendor. This will help the organization in order to maintain the relationship with the suppliers also (Garg & Garg, 2013).

ERP is the technique through which organization is able to update its procedure in terms of enhancing the business’ performance. Due to adaptation of the digitalised system, organization’s work will be done in the less time as compared to the work done by manual methods. Apart from these, various importance are available through which organization is able to enhance the efficiency of the organization:

• Appropriate inventory could be marinated as well as data in relevance with the staff as well as consumers’ will also be able to store in safe and secure manner (Eden, Sedera & Tan, 2014).
• Performance of the employees, their present days in the organization as well as the overtime done by them can also be easily determined.
• The major and the primary activity of the Universal Merchant Bank is related with finance terms so it is mandatory for the organization that ERP system should be in relevance with the enhancement of the bank’s performance (Costa, et. al., 2016).

Evaluation of the efficiency achieved after the adaptation of the ERP system could be measured with comparing the statistics of the bank prior adopting technology system. It can also be measured with the help of making comparison between the previous financial statements and the current financial statements. With regards to this statistics, a level up in the performance of the organization could only be recognised when a sufficient rate of increase is noticed in the profit ratio or in the sales ratio (Zeng & Skibniewski, 2013).

It is obvious that after adaptation of the technologies, work efficiency as well as the effectiveness in the performance of the bank will be increased. Hence, with the increased profitability and the efficiency of the organization, rate of the efficiency achieved by the organization could be recorded. With the implementation of the technologies for enhancing the performance of the organization will also leads to develop their image in the global market.  This is also a reason for adopting the advanced technology and the ERP system in the workplace because it helps the organization to gain the competitive advantage as well as the chances of exploring the business activities in the dynamic business environment will be more (Chofreh, et. al., 2014).

With the adaptation of the ERP system in the workplace of an organization, risk factors should also be considered in order to eliminate the glitch in the performance of the organization. In terms of Universal Merchant Bank, organization needs to adopt some strategies though which risk assessment could be done and in order to eliminate the impact of those risk factors, appropriate and adequate control measures should be adopted. Major risk factors available in the Universal Merchant Bank’s process are the choice of vendors and the software (Cao, Nicolaou & Bhattacharya, 2013).

Apart from this risk factor, adaptation of the customized software is also a big threat for the organization. Customization of the software in terms of ERP system is injurious for the performance of the organization because vendor may not take the responsibility for the issues faced by the organization in terms of software. Hence, organization needs to adopt that software which could help the organization in relation with the adequate ERP system whose issues could be resolved with the help of vendor (Aslan, Stevenson & Hendry, 2015).

Control measures are necessary in relevance with the adaptation of the ERP system in the organization. The major risk factor is leakage of the confidential information of the clients and the data of the organization. Hence, to resolve this appropriate security measures and the access security needs to be imposed to avoid these kinds of issues. In order to achieve the target of the organization, risk controlling measures such as ignorance of risk, acceptance of risk as well as the transfer of risk needs to be adopted (Altamony, et. al., 2016).

Conclusion

From the above discussed information, it has been observed that the Universal Merchant Bank has adopted various strategies through which organization could be able to achieve the desired targets. Adaptation of the ERP system in the workplace analyses the gaps as well as fulfil those gaps in order to meet with the customers’ satisfaction as well as to attain gaols for the organization. For the same certain set of strategies were adopted in order to enhance the performance of the Universal Merchant bank in ERP system.  Under this procedure, organization various risk factors were determined and control measures were also defined in order to avoid those risk factors.

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