Discussion
How To The New Technologies Have Introduced In IT Sector?
Nowadays, various new technologies have introduced in IT sector that are useful to perform different activities that are related to both business purpose and for personal usage. These terminologies have enhanced the proficiency of work and people are getting better business results. The purpose of making this report is to emphasize on some essential terminologies that have become so popular worldwide such as Just-In-Time, E-Commerce, SaaS, Strategic Planning, Extranet etc.
To use IT terminologies in an effective manner, their fundamental knowledge is required. I will discuss basics about these IT terms in upcoming paragraphs.
This terminology is commonly known as JIT. It is highly recommended to manage stock related activities. All those companies that perform manufacturing tasks repetitively, they prefer to use JIT terminology. Moreover, it is useful for decreasing holistic cost of inventory (Investinganswers.com, 2017).
It is the most effective and highly used terminology among people worldwide. It is used by majority of people for online shopping and as well as business enterprises are also moving towards electronic commerce for attracting most of customers (The Balance, 2017).
SaaS is a cloud computing model that provides efficient cloud services to its users. It works as a third party agent in case of host applications and make them available online to different users. SaaS model of cloud platform is easier to understand and maintenance of this model is flexible as compare to other cloud models (SearchCloudComputing, 2017).
In every business enterprise strategic planning is considered to be important for implementing various business activities effectively. This whole process of strategic planning consists of direction, strategy and effective decision making for allocation of different resources.
This system relates to transfer of a product and service from suppliers’ side to customers’ side. Besides this, it is hardwork of supplier to develop a feasible and appropriate supply chain.
Decision Support System is an effective decision making system which is helpful for business enterprises to make critical decisions without any delay (Aliev, 2017).
Cloud based infrastructure is effective and secured enough to manage cloud related services. This infrastructure consists of some important components such as servers, storage and network software and with the help of these components requirements of cloud computing model can be achieved.
Web 2.0 is the recent stage of online technology. Due to its more features, it is considered to be better than previous versions of web technologies. The new extensive features of Web 2.0 are availability of smooth and clear communication modes and connectivity of strong and reliable network solutions (WhatIs.com, 2017).
Just-In-Time Delivery
This private network is used for sharing important business information or operations with customers and suppliers in a secured way. Now, organizations can send their data online without any worry about privacy and security of their information (SearchEnterpriseWAN, 2017).
To evaluate large data sets that are commonly known as big data, this evaluation process is implemented. Under this process, hidden patterns, market trends and unfamiliar correlations are revealed. The management of Big Data is considered complex for some enterprises, so with proper analysis solution can be found.
After analysis we got to know about essential elements of data mining that are useful for statistical analysis. The most common elements of data mining are an appropriate question, background, computers, data records and domain knowledge. Each elements has its own importance in whole process of data mining. Here question is related to need of customer, background is past facts about data mining and this process can be used for future predictions. Furthermore, computers can be used to find best forecasters with proper combinations. On other side, data records are maintained in a flat file that are used in future for decision making and to perform different operations. To provide a better guidance for modelling a process, algorithms of data mining work as a knowledge domain (Ifm.eng.cam.ac.uk, 2017).
This function of ERP is related to supply of inputs that are kept reserve in some cases to manage the situations in future when demand and supply fluctuates. Reserve Stock Level works as a buffer where large amount of inventory is stored to manage uncertain future. The critical factor about this function of ERP that makes it difficult to understand are its complexity, difficult maintenance and dynamic effects on operations (MBA Skool-Study, 2017).
In case study of Business Continuity, the main risk factor for Liberty Wines Company was enlargement in overall size of company. Besides this, to provide IT related facilities more data is required and gradually slow performance of IT systems that requires quick maintenance. This risk factor is affecting productivity of employees and delay is found in their work due to lack of efficiency in IT systems. Furthermore, inventory management functions and order processing are also influenced by due to IT risk factors (Enisa.europa.eu, 2017).
If I talk about impact of IT on competitive advantage of Liberty Wines Company then there is no doubt to say that it puts positive influence. With usage of IT infrastructure, the cost has reduced in case of power consumption, hardware replacements and improvement is also found in flexibility and sustainability of backup system. New mobile apps have also contributed to increased overall speed of business processes. Moreover, with the help of all these facilities of IT infrastructure, the customer relationships of company has very much improved (Ecommerce, 2017).
E-Commerce
By using server virtualization into company, the number of servers has decreased. This results in 60% less consumption of power and air conditioning. The stock management and customer relationships have also improved in company with the proper usage of server virtualization.
The main data problem that is found in FinCEN’s Company is unpredictable quality and standardization of data. Moreover, validation regarding deficiency of data is also found. In case of IT, the crucial problem is regarding usage offline systems to report data. This leads to lack of quick detection of emerging threats in IT field (I, & Eisenhauer, 2017).
The IT upgrades and capabilities are beneficial for FinCEN’s Company for appropriate collection and analysis of data from variety of important resources. This data is further used by law enforcement, federal states and regulatory authorities and it is delivered to them by company itself. With the help of upgrading of IT, it has become easier for FinCEN to receive, process and retrieve data in digital form. These all new modifications in IT has enhanced the customers’ convenience.
Main Factor of Dependency of Financial Intelligence
The key factor of dependency of financial intelligence is appropriate form of data analytics to evaluate different types of relationships and patterns. With the help of these patterns, potential illegal activities can be revealed (Prezi.com, 2017).
The assessment of patterns and relationships that are related to national security is necessary because it increases the ability, pace of identification of money launderers and financers of terrorist activities. Besides this, all causes of criminal activities are also found with the help of national security patterns and relationships.
According to business case study “Financial Intelligence Fights Frauds” it is found that recent recognized financial crimes of FinCEN are concerned with money laundering. This problem was also faced by another company Liberty Reserve and it was detected by FinCEN Company.
Conclusion
In conclusion, I would recommend business enterprises to deal with IT terminologies effectively because they can get better results. In this report, basic knowledge about latest terms have mentioned which is required to start work with these terms. In modern era, it has become essential for business enterprises to sustain itself in competitive market but it will be difficult to perform unless they do not adapt emerging technologies. FinCEN and Liberty Wines companies are examples that shows positive influence of IT technologies.
References
SearchCloudComputing. (2017). What is Software as a Service (SaaS)? – Definition from WhatIs.com. Retrieved 29 August 2017, from https://searchcloudcomputing.techtarget.com/definition/Software-as-a-Service
Investinganswers.com. (2017). Just in Time (JIT) Definition & Example | Investing Answers. Retrieved 29 August 2017, from https://www.investinganswers.com/financial-dictionary/businesses-corporations/just-time-jit-89
SearchEnterpriseWAN. (2017). What is extranet? – Definition from WhatIs.com. Retrieved 29 August 2017, from https://searchenterprisewan.techtarget.com/definition/extranet
WhatIs.com. (2017). What is Web 2.0 ? – Definition from WhatIs.com. Retrieved 29 August 2017, from https://whatis.techtarget.com/definition/Web-20-or-Web-2
Aliev, R. (2017). Hybris WMS/ERP Integration: Stock Levels and Reserves. hybrismart | SAP hybris under the hood. Retrieved 29 August 2017, from https://hybrismart.com/2016/10/02/2339/
MBA Skool-Study. (2017). Buffer Stock Definition | Operations & Supply Chain Dictionary | MBA Skool-Study.Learn.Share. Retrieved 29 August 2017, from https://www.mbaskool.com/business-concepts/operations-logistics-supply-chain-terms/7353-buffer-stock.html
Prezi.com. (2017). Financial Intelligence Fights Fraud. Retrieved 29 August 2017, from https://prezi.com/mwkngk-jnqvo/financial-intelligence-fights-fraud/
Enisa.europa.eu.(2017). Security certification practice in the EU – Information Security Management Systems – A case study — ENISA. Retrieved 29 August 2017, from https://www.enisa.europa.eu/publications/security-certification-practice-in-the-eu-information-security-management-systems-a-case-study
I, & Eisenhauer, T. (2017). Intranets VS Extranets – What’s the difference?. Axero Solutions. Retrieved 29 August 2017, from https://axerosolutions.com/blogs/timeisenhauer/pulse/165/intranets-vs-extranets-what-s-the-difference
The Balance. (2017). What Is Ecommerce? Are You Sure You Know? Retrieved 29 August 2017, from https://www.thebalance.com/let-s-ask-the-basic-question-what-is-ecommerce-1141599
Ecommerce. (2017). Entrepreneur. Retrieved 29 August 2017, from https://www.entrepreneur.com/topic/ecommerce
Ifm.eng.cam.ac.uk.(2017). JIT Just-in-Time manufacturing. Retrieved 29 August 2017, from https://www.ifm.eng.cam.ac.uk/research/dstools/jit-just-in-time-manufacturing/
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