Strategic Information Systems for Business and Enterprise: A Report

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Strategic Information Systems for Business and Enterprise
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Table of Contents
Executive Summary..................................................................................................................................4
Introduction................................................................................................................................................5
Business requirements.............................................................................................................................6
What are the key business processes for Eureka Limited?............................................................6
What are the major control risks for the business processes of the company?...........................9
Systems requirements...........................................................................................................................11
What are some of the possible accounting software features and functionalities that the
company should consider to achieve their business objectives and minimize the control risks
...............................................................................................................................................................11
Software selection..................................................................................................................................14
Visit the websites of at least three (3) accounting software package vendors (e.g. SAP,
MYOB, Xero etc.) and provide a brief description of each vendor and its products..................14
Which category of accounting software (low, medium or high-end) suitable for the company?
Give your justifications in detail.........................................................................................................16
Vendor selection.....................................................................................................................................17
Compare and contrast the features and functionalities of two accounting software packages
offered by accounting software package vendors within your selected category......................17
Which one would be the most suitable vendor and accounting software package for the
company and why...............................................................................................................................19
Conclusions.............................................................................................................................................20
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References..............................................................................................................................................21
Executive Summary
This report is prepared to understand the concepts of strategic information system
which is required for business organization. We are going to learn how the business can
run effectively by adopting a good strategy. The needs of adopting strategic
management are discussed in the given report.
We had also given how a company can select the software t, its requirements, the
selection of personnel to execute it.
Also with the case studies of Eureka Ltd, we are trying to understand the purpose of
business, how it run, the risks arising in proper functioning. The way required to mitigate
the risk and overcome them. We are going to discuss the how they select product of
software, the right vendors.
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Introduction
Strategic Information systems are the information system which is applied to the
organizations for achieving company’s objective in an efficient and effective manner.
These are designed in such a way to attain the goals in the respective time. A proper
formulation is there with the good planning structure and good execution. These are
done manually and with the help of technology. As we come to the technology part, now
a day’s many software are designed, to ease the needs of business facing in day to day
activities. Some of them are accounting software, auditing software, software to file tax,
software to maintain the securities, and much more. With the technology all the
problems are come to the minimum level.
But for the selection of right software one should have proper team who should have a
perfect knowledge of execution. A team should each and every problem which are
faced by them for the smoothening of business, they should communicate all the
problems with developer of software, and should check the software before purchasing
it.
A company should also enquire about the projects from one to another vendor, to give
cost effective or for quality improvement. All the products should be verified according to
the needs, and a report should be made for the effective decision making.
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Business requirements
What are the key business processes for Eureka Limited?
Key business refers to the all the business an organization is having. They all have one
holding and all others are subsidiaries of that. It has all segments one product or
different products. But all the products or diversification have the same goal of the
company they should work on same vision and mission. This is adopted by the
company for satisfying all the demands of the company under one head. They give e
more customer satisfaction with rapidly change in customer needs and market change.
It results in increase in customer value (Maalej, et. al., 2015).
Eureka Ltd. starts with the family business which later moves to international company.
From the last 55 years it serving themselves to meet the customer needs. As the needs
needs change the market fluctuate and it results in new product of the company. It all
need by the company to be in the market and run themselves and capture the market
as much as possible. They are giving good employment opportunities to the people,
which is increasing the employment ratio, and also helping to maintain the per capita
income. It has head office more than one place as in international market such as
Melbourne, Japan Dubai New Zealand, South Korea and in Europe. Below are the key
businesses of Eureka Limited (Maalej, et. al., 2015).
E.I.G Developments Pty Ltd
It is one of most leading property and investing companies. It’s not restrict themselves
to buy or sale the properly but also advice them to the good investment option also have
a team that work with the financial issues arising with the customers and suggesting to
how to get rid of them. IT develops themselves around the world and makes them one
of the most international development and property dealings.
Eureka technology Innovation & Investments
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It was one of the first companies to serve technology innovation and investment to all
the types of firm whether small or medium they have solutions for all. They initially
started with the Asian – Pacific regions and late they capture international market
(Maalej, et. al., 2015). They promote all the technological departments solve the issues
make them capitalize and also promote technological parks.
Eureka Sunrise Pty Ltd
It is the one of the platform which give rise to the new ones, It help them to grown seeds
to higher, gave them proper structuring financing solution to the emerging problems
they have. All they have a good team of member which are specialized in all the
respective fields, they provide solution from agriculture to business, health to beauty
and much more under the one head, It all the business strategies to capture maximum
market as they can to satisfy humans.
Australia Skypac financial group
Rather than the financial needs it deals with non financial needs of business. It focus on
how the funds should be raised, how the projects should be financed lending of money
wealth management and also give solutions to minimize the risk occur in the daily
routine of business, They have a team of expertise in the field of financing, risk
management assets valuation and all the experts which are necessary to run the
business
Feeling Fruity Juice Co Pty Ltd
It is one of leading dairy stores of AUSTRALIA which serves tasty and yummy
smoothie and handmade yoghurt . IT gives the entire healthy and nutritious product to
the customers and also gives flavors and colors to meets the taste of kids.
Eureka Migration & Education PTY LTD
Now a days people getting migrate from one place to another in search of work to
satisfy their needs, with this emerging problems eureka come out with the solutions of
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migration it provide all the type of migration services whether it is of visa or other paper
work. It deals with the business visa to students visa to tourist visa or temporary work
visa they have all solutions.
Science and Technology ltd.Company
As E-Commerce is the one which is developing now days a new trend of business they
provide solutions to the ecommerce the product the websites and all the solutions
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What are the major control risks for the business processes of the company?
As truly said uncertainty is always certain, and give birth to the RISK. It is the rule what
we thought will never happen and what we don’t think is always happen.
As a business we have to be prepared for all those uncertainties and have backup plan
for them. Risk management is the research of the areas on which the risk is covered.
Today the risk is not only fixed with the business structure it all beyond that, it covers all
the organization boundaries, its geographical area, it customers, its database,
technology production all covered uncertain risks
Now how the risk occurs, it comes from the threats and Risk Management is to analyze
those threats and to overcome from them. It also determines the probability and change
of the occurrence of the risk. IT also covers the Risk Disaster management .Following
are the major control risks
Accept Risk
It is the one which should accept by all the stakeholders. For examples they have to
accept the risk that as the amount they investing in a company may go in a loss. Or may
they give unexpected results. All that they should play the game of risk
Mitigate Risk
In this one has to accept the steps to reduce the risk to acceptable level. For example
an organization should accepted high rated projected then lower level
Eliminate Risk
Risk cannot be zero but can be minimized. But can be prevented to take an action
against the risk. As for example a one should not work on zero rated or low rated
investment projects and to sell the loss making company
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Transfer Risk
One can easily transfer risk to another now a days many companies are there who take
your risk and give you a good results. For example insurance companies.
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Systems requirements
What are some of the possible accounting software features and functionalities that the
company should consider to achieve their business objectives and minimize the control
risks
For minimize the risk one should have good control system. I f system has good internal
control they can mitigate the risk and easily sustain all the threats to minimize the risk
(Maalej, et. al., 2015).
Internal Control is a process of achieving company’s objective effective and efficiently in
terms finance auditing and accounting with compliance of laws, policies and regulations.
It all to minimize the risk and to increase company’s profit.
Internal control is an important to detect the fraud and prevent it as soon as possible. As
per the legal regulations Companies have to perform Fraud and risk assessment
procedure to mitigate the risk of loss. They cover themselves from theft, fire, database
and all the important features. Controls should be evaluate to achieve companies
objective efficiently and effectively (Maalej, et. al., 2015). They can be done bt manually
or by software. By manualy we can employ a good tem to look after each and every
step and mitigate, but it is a long procedure, to avoid this we can adopt a good software
which has the following feature:
Assets
Company should accept software which should look over assets. Assets not only
include physical assets, also the intangible. A perfect barrier should be applied for entry
and exit of assets, all should proper entry and records. It should deal with the
disbursement of un useful assets and the risk and way of discarding it correctly. A
perfect way to cover threat and fraud.
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Personnel
Software should have an eye on personnel staff. It should ensure there is a sufficient
manpower for effective and efficient run of organizations, There should also be perfect
back up staff for emergency workloads. If the people are leaving organizations at higher
number it should report to management and proper step to be against it (Maalej, et. al.,
2015).
Laws and regulations
Software should be strict on rules and regulations. If there is any loop holes it should
inform to the management quickly, and should also suggest management how to
overcome the situations .All the taxes should be computed on time and submitted on
time without any delay should also be the feature of software to run it effectively and
efficiently. If company is getting higher penalties proper indications should be there
Performance
Measurement of performance should also be one of the features of good accounting
software. If performance is accurately measured then only the perfect report can be
generated (Maalej, et. al., 2015). Software also should have features of indication of
underperformance assets or performance, so perfect action should be taken against
them and also for the higher performance of personnel so they can be appreciated or
rewarded accordingly.
Data
Software should be strict on database . As much as barrier should be there to entry and
exit of data. Data should be checked at each point. The one who enter the data should
not processed it and one who process it can check it or one who is checking should not
may verify it. All employees have there responsibilities for the safety of data. Because
one data is leaked all the company may go in the losses. So software should ha v high
security feature for the safety of data (Maalej, et. al., 2015).
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Reports
All the reports should be automatically generated by the software on time to time. And
should also have feature to distribute it to the right person for the verification and
signature.
Waste
Minimization of waste should be the one of the feature of good accounting software. It
should have proper look on wastage if there is over wastage proper barriers should be
there to indication of that (Maalej, et. al., 2015).
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