MITS5001 IT Project: ERP Implementation in Banking Organization

This project proposal outlines the implementation of an Enterprise Resource Planning (ERP) system within a banking organization. The document begins with a background of the current practices and the need for digital disruption in banking operations, highlighting the importance of data management and departmental synchronization. The project's aims and objectives are clearly defined, including assessing the ERP system's effectiveness, the implementation process, selecting the right ERP system, and identifying the benefits for the banking organization. The proposal also identifies key stakeholders, including the banking organization itself, clients, users, investors, and shareholders, each with varying interests in the project's success. It details project benefits such as improved data security, enhanced data management, and increased business transparency. The project team structure and responsibilities are outlined, emphasizing the role of the team leader and team members in the ERP system's proper implementation. The proposal further identifies initial risks, including cost overruns, scope creep, resource limitations, and time constraints. Finally, the expected outcomes are discussed, focusing on increased operational flexibility, improved customer service, and better decision-making capabilities for the banking organization's management, along with enhanced information security and data management.

Running head: ERP IMPLEMENTATION IN THE BANKING ORGANIZATION
ERP IMPLEMENTATION IN THE BANKING ORGANIZATION
Name of the Student:
Name of the University:
Author Note:

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ERP IMPLEMENTATION IN THE BANKING ORGANIZATION
Table of Contents
Project Title:...............................................................................................................................2
Background and current practice...............................................................................................2
Project Aims and Objectives......................................................................................................2
Start date and compilation date..................................................................................................2
Project Benefits..........................................................................................................................3
Project team................................................................................................................................3
Initial risks identification...........................................................................................................4
Expected outcome......................................................................................................................4
Initial Estimates of cost..............................................................................................................5

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ERP IMPLEMENTATION IN THE BANKING ORGANIZATION
Project Title:
Implementation of ERP System in Banking Organization
Background and current practice
It has been seen that the banking organizations are going for the digital disruption in
the functioning of the organization. It has been seen that the use of the digital disruption
needs the managing of the system and the data in a proper way. In order to manage the data
and information in a proper way and bring the synchronization between functioning of the
different departments in the banking organization, the implementation of the ERP can be
adopted. The implemented ERP will bring the flexibility in the functioning of the banking
organization. Apart from that the managing of the data and the transaction information can
be achieved in a cost efficient way through the implementation of the ERP system.
Project Aims and Objectives
The project aims and objective are:
 Finding the effectiveness of the ERP system in the banking organization.
 The way for the implementation of the ERP system in the banking organization.
 Selection of the right ERP system in the organization.
 The benefits banking organizations are going to achieve through the implementation
of the ERP system.
Start date and compilation date
Stakeholders:
There are various stakeholders involved in the project. The project stakeholders are the
groups or the individuals those are directly or indirectly involved with the project. The main
stakeholder for the implementation of the ERP system is the respective banking organization.

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ERP IMPLEMENTATION IN THE BANKING ORGANIZATION
The external stakeholders are the clients, users and the investing companies who are working
with the bank. Apart from that the shareholders of the bank are also considered as the
stakeholders of the bank.
Different stakeholders have different interest regarding the implementation of ERP in
the banking organization. The users and the consumers will get benefitted from the increased
flexibility in the system after the implementation of ERP. The investors in the banking
organizations and the investors will enjoy the transparency in the business model of the
organization.
Project Benefits
There are certain benefits of running the project regarding the implementation of the
ERP system in the organization. The banking organization can manage the security of data
and information in a proper way. Apart from that the managing of the data and information
regarding the consumers of the bank can be managed in a proper way through the data
management system in the ERP. Moreover, the transparency of the business for the banking
organization can be maintained as there would be a synchronization between the different
departments of the banking organization through the implemented ERP.
Project team
For the development of the project team, formation of the team is needed to be done
in a proper way. The team leader will be responsible for the proper implementation of the
ERP system in the organization. The team members will be selected on the basis of their
skills and knowledge. The team members will be responsible for the proper implementation
of the functioning in the system. The distribution of working modules among the team
members will be done by the project team leader. It is the responsibility of the project team to

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ERP IMPLEMENTATION IN THE BANKING ORGANIZATION
give proper update to the project manager regarding the progress of the project. Apart from
that understanding of the requirements is also the responsibility of the project manager.
Initial risks identification
There are certain risks involved in the implementation of ERP in the system for the
banking organizations. Some of the identified risks are-
 Overflow of the cost: At the initial phase of the project, the budget for the
implementation of the project is estimated. In this case, at the initial stage, the cost
estimation for the implementation of the ERP system is done properly. There is a
chance for the over estimation of the budget in the process of the implementation.
 Scope creep: There is chance of the scope creep to be present in the in the
development phase. The scope creep can be happened in case if the requirements at
the initial stage is not gathered in a proper way. The consequence is related to the
overflow of the budget for the project as the drastic changes are needed during the
development phase due to the presence of the scope creep in the process.
 Lack of resources: The lack of resources can happen if the required resources are not
available the proper implementation of the project cannot be carried out. In this case,
the functionalities may not be applicable in a proper way for the ERP system.
 Project running out of time: Another risk associated with the development of the
project is the time constraint in the project. The project can run out of time. This can
raise the delivery of the project to get delayed.
Expected outcome
It can be said that the proper implementation of the ERP system can bring certain
advantages for the banking organizations. Apart from that the flexibility of the working in the
organizations can be increased. Apart from that the customer service will be improved

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through the implementation of the ERP system in the organization. Proper implementation of
the ERP system in the banks will help the management of the banking organizations to make
the right decisions regarding the expansion of the business and maintaining the business deals
with the other organization. The security of the information system along with the better
management of the data can be achieved through the implementation of ERP system.
Initial Estimates of cost