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Management Information Systems - Doc

   

Added on  2021-06-14

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Running Head: MANAGEMENT INFORMATION SYSTEMS 1Management Information SystemsNamesInstitution

MANAGEMENT INFORMATION SYSTEMS2Management Information SystemsStrengthOne of the strengths associated with BofA (Bank of America) is having a strategic acquisition which increases its flexibility and speed to react to changes in the banks dynamic business environment due to the cloud approach. Although BofA operates in a business environment which is likely to change from time to time, it has implemented a proper IT infrastructure which can enable it to meet the changes without challenges. According to Janet (2011), being able to meet the changes that occur and those that are likely to affect business performance is one of the best ways of ensuring business success. Through using cloud approachto remain flexible and fast to meet the changes, this bank will remain in operation even when its competitors close down or realize other challenges. Having Clients in 140 countries who can access BofA's cash pro online portal in 11 languages is also a strength for this bank. Lisa (2013) affirms that providing customers with a wider range of experiences is one of the best ways of maintaining their loyalty. Accessing BofA cash pro online portal which gives customers an option of 11 languages makes this bank to attract loyal customers who understand different languages. Having a wider range of languages in its portal will also assist this bank to realize wider market share because people of diverse linguistic backgrounds will be able to access the services.According to Lisa (2013), customers are among the essential assets that a company can have. From this case, BofA has attracted many clients with a growth rate of 50 percent per year. This is one of the most significant strengths for this company because having many consumers mean the company has a competitive advantage that will assist it to challenge its rivals

MANAGEMENT INFORMATION SYSTEMS3Having a simple IT infrastructure is also a strength for this bank because it makes it possible for vendors and customers to understand it. From the case, its management has invested a larger percentage of its 9 billion dollars annual IT budget on new innovative applications. Some of the innovations comprise of new versions of customer applications with three features. Operating businesses based on technology and innovation plays a significant role in reducing costs and developing products or services that meet customer expectations.WeaknessesOne of the greatest weaknesses associated with this bank is failing to have enterprise resource planning (ERP) systems to integrate the functional area IS through a common database to allow information flow seamlessly across all departments to avoid poor lending practices. According to Rainer et al (2017), having proper flow of information plays a key role in identifying decisions that may negatively affect business performance. Lack of integrating ERP systems made this bank to pay 17 billion dollars to settle mortgage fraud. The other weakness associated with BofA is that its management is not proactive. According to Jozef (2017), a proactive management is one which takes actions before something that is likely to affect business performance happens. For the case of BofA, its management is reactive because it took the decision of implementing proper IT infrastructure after the 2007-2008 financial crisis had already impacted its performance. OpportunitiesBy having good IT infrastructure, this bank has the potential of attracting many investors and vendors. According to Janet (2011), stakeholders like being associated with companies that show high chances of business growth. Because BofA has implemented IT infrastructure that

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