RFC Case Study: Business Process Modelling & Stakeholder Analysis

This assignment provides a solution to the Reliable Finance Company (RFC) case study, which involves analyzing the company's existing payment processing system and recommending improvements to support its expansion plans. The solution identifies key stakeholders such as customers, employees, businesspersons, and the government, and outlines the scope boundaries for the project, including voucher systems for incoming payments, timely payment reminders, and creditworthiness assessments for loan approvals. Furthermore, it emphasizes the importance of a strong clerical department utilizing technology to minimize errors and improve efficiency in payment tracking and recording across all branches. The analysis suggests leveraging computer systems for updating entries promptly, reducing clerical workload, and enabling the team to focus on more productive tasks, ultimately enhancing the overall workflow and financial operations of RFC. This document is available on Desklib, a platform offering a wide range of study tools and solved assignments for students.

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Business process
modelling

RFC
Identify the stakeholders in the project
Since Reliable Finance Company is engaged in providing up of loans and enhancing its reach
the major stakeholder includes
Customers - Customers are the ones who depend on the company for loans and other
services. The ones in need of money will take the financial help from Reliable Finance
Company (Harrison & Colle, 2010).
Employees – the persons who work for the company have a strong expectation from the
company. Since the company is expanding its base; the employees are in the expectation of
their increased job profile and pay (Edward & Moutchnik, 2013).
Businessperson – As Reliable Finance Company is engaged in providing loans, the major
stakeholders include the businessperson. They need loans for various purposes and since the
rate of interest is low (Edward & Moutchnik, 2013, p. 22).
Government – the government is a big stakeholder because the government is interested in
the part of taxation. As the size of the company enhances the taxation slab will increase.
Identify the scope boundaries for the project
The scope boundaries that can be identified for the project are:
The system of incoming payment must be accompanied by a voucher. This will ensure a
better work culture and will lead to correction of the error if it happens at the earlier stage.
Ensuring timely reminder to the customers for the loan payment and in the case of early loan
repayment, the recording is done properly. Posting up of outstanding and fine to the books as
and when it occurs to remove any unwanted problem. The remainder must be made before 10
days of the due date (Needles & Powers, 2013).
Moreover, the loan should be provided as per the creditworthiness of the customer so that the
risk of default is less. If the risk is less, the chances for bad debts become less.
Identify the process that to be considered for the project
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RFC
To ensure that the system runs in full swing, it is essential that the clerical department should
be strong and make use of technology. In all the 187 branches, there must be the presence of
a strong clerical team that would help in arranging the voucher and recording of the payment.
the branch loan file needs to be arranged in a settled manner (Parriono et. al, 2012). This
would help to record payments and adjusting entries can be done with ease. Due to the
errors, the time taken to prepare accounts is huge and it can be remove by tracing the
delinquents at the very early stage. It will help in removing the offender and taking proper
steps before any problem happens. The clerical error should be minimized and that can be
done by using technology. Computers must be used for tracking, recording payment as the
updation will require less time, and entries are updates in a prompt manner. This will reduce
the clerical job and lead to a better workflow. The time that is wasted can be used in a
productive manner by the team for other purposes.
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RFC
References
Harrison, W. and Colle, D. (2010) Stakeholder Theory, State of the Art. Cambridge
University Press
Edward, F. and Moutchnik, A. (2013) Stakeholder management and CSR: questions and
answers. Oxford Press
Needles, B.E. & Powers, M. (2013) Principles of Financial Accounting. Financial
Accounting Series: Cengage Learning.
Parrino, R, Kidwell, D. and Bates, T. (2012) Fundamentals of corporate finance. Hoboken,
NJ: Wiley
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