ERP implementation and significance in banking industry

ERP implementation and significance in banking industry The Industrial Credit and Investment Corporation of India (i.e., simply ICICI bank of India) is Indias 2nd largest bank (first being State Bank of India SBI) currently with total assets of value more than 3,634 billion which approximately amounts to US $ 81 billion. For the financial year ended 31st March 2010; the Net Operable Profit After Tax was found to be 40.238 billion which is approximately US $ 898 million. To achieve such a financially high value, the bank needed to have a huge network. Today, its network is one of the biggest networks in the country having 2528 corporate branches and about 6000 ATM centers across the country. It is currently present in 19 countries. Besides India (where it originated); the bank has subsidiaries in USA, UK, Singapore, Bahrain, Hong Kong etc. and representative offices in UAE, China, South Africa, Bangladesh, Thailand, Malaysia etc. The company is focussing on more and more growth and further expecting to expand its market structure. The firm i.e., ICICI Bank in the current scenario; offers an enormous wide range of banking products and various financial services to a large number of corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, venture capital and insurance sectors. The bank today had multiple number of rewards and its innovative solutions has conquered the minds of customers and managed to win over their hearts. The companys network is the biggest and it had more than 15 million customers by the current year. The growth achieved by the company in the recent few years is noteworthy. ORGANIZATIONAL OBJECTIVES As a firm grows, it has certain challenges to face and its profitability totally depends on how it uses various available resources to safeguard itself. The best way to avoid competitors and rivalry firms from sidelining you is to continuously upgrade yourself with latest technology and market trends. The main objective of ICICI bank was to have a universal bank which can provide required value to customers with financial solutions. High technology was required and at the same time, it was necessary to have a proper framework to avoid risks associated. Since, there were various applications involved; the level of vulnerabilities needed to be checked and minimized. Key Business drivers These factors govern the way the firm should manage its business. ICICI bank was established when the economic concepts of liberalizations and globalizations just started in India. Before the arrival of ICICI bank, the banking sector was under control of several state owned and foreign owned banks. But with the arrivals of economic trend like liberalization globalization; Reserve Bank of India (then, apex bank of the nation) had paved the way for private banks to come in. The state owned banks had huge network but no or little innovation involved (focus on service) while reverse was the case with foreign banks. State owned banks focussed on only poor people and gave only simple interface without provoding any special features while foreign banks targetted individuals or corporations with high net worth. So, the only opportunity possible for ICICI bank to grab market share was to target middle class on a larger scale and that too by innovations. Doing this analysis, ICICI Bank decided to position itself as a technology savvy customer friendly bank. Problems with the existing system The existing system had many applications running simultaneously to satisfy the requirements of the customers. But those applications had several vulnerabilities and their weaknesses needed to be addressed before it gets exploited by the customers and competitors. Pravin Vohra, Group CTO, ICICI bank was tensed by the speed of online transactions and he points out that the applications arent centralized enough that makes security testing of applications a highly time consuming task. He wanted to search for proper vendor to organize the given set of applications so that all the security tests can be covered as soon as possible. The main problem was that ICICI had poor risk management and they badly needed some framework to help them assess risk. Secondly the database used in the system wasnt centralized and hence the main task in front of the industry was to have centralized database so that data access becomes simple process. Expectations from the technology Now, the challenge in front of ICICI bank was to have proper framework so that all the weaknesses are corrected at the lowest possible costs. As per words of Chandra Kochar, executive director of ICICI bank; Our objective of creating a universal bank providing end to end financial services clearly required solutions which were based on new generation technology, offered end to end functionality and were highly flexible and scalable. The main problem in the existing system was risk associated with all the applications and most of the applications at that time; needed to be tested continuously so, the bank required a software to manage the testing of all applications autonomously so that the time is not wasted in manually searching for faults and available recovery solutions. To manage proper assessment of risk associated with applications, ICICI needed to have the technology which can test applications and correct problems if possible. In order to penetrate into the market, the bank needed to have the necessary technology to make system strong and to ensure smooth flow of information within the system. The other requirements from the software in India were to have open systems approach, future proof excellent technology and best of breed retail etc. ICICI wanted to achieve economies of scale. Further more, ICICI wanted to have a centralized database to support all applications going on and needed a solution which can boost up its infrastructure in friendly manner. IMPLEMENTING THE ERP TECHNOLOGY ICICI bank had positioned itself as a technology focussed industry. Most of its plants facilities were on the verge of automation and this was mandatory to achieve customer satisfaction and to rival the foreign firms. Selecting the vendor The company had some requirements in front of them and their job was to analyze which vendor would satisfy their requirements. So, they went through brochures of various Application developers and studied software requirements. After studying various features offered by different vendors they decided to shortlist 2 vendors Finacle Core Banking Solution by Infosys and SAP by IBM. ICICI then finalized Fiancle Core Banking solution because it was segmented for financial institutions only. They took Finacle because of its specificity made it suitable for banks, secondly Finacles future proof technology, and extensive corporate banking features, scalable architecture, best of breed retail made it a technology worth selecting. Some of the key technological features offered by Infosys Finacle were: Advizor Helps Banks to deliver services through a self service channel Alerts Provides banks with the capability to alert end users about updates and new services Consumer Relationship Management CRM is a modular, multi lingual application to help bank to have centralized database containing all the customer information want. Core Banking CBS addresses various strategic and key technological processes taking place in a bank. It checks faults associated and corrects them. Direct banking This marketing tool helps banks to directly acquire, track and service customers. E banking Provides high flexibility for customization and robust security features Mobile banking Empowers banking transactions on mobile channels like SMS or GPRS Wealth Management Modular and integrated investment management system for specific purpose Operational data store Data warehouse centralized and secured. Treasury Finacle is an integrated treasury solution covering the entire deal lifecycle for broad range of trading and capital markets products. The major advantage was that Finacle offered so many features at comparative lesser costs compared to other similar technolnogical products. Keeping these many wide and industrial applicable features in mind, the technological software solution used was Finacle and the vendor was Infosys. Problems faced during the beginning The implementation of any technology cannot be successful right from the beginning as risks are involved. The 1st step involved is to make this technological change understandable by humans and hence the challenge was in front of ICICI was to ensure proper training to their employees. For that purpose, special officials were employed. Training were given to employees right from the day when technology was deployed. This was a key step in maintaing vendor relationships. Integrating this technological change with the existing system is the major hurdle which is to be overcomed. The biggest challenge which Finacle had was to ensure Straight Through Processing (known as STP in corporate segment) of various financial transactions. With the ICICI group having many companies under its huge corporate umbrella. Finacle had to integrate with various corporate wide applications like Credit Card, M banking, mutual funds, brokerage, call center and other applications taking place simultaneously. ICICI bank went with a phase of organic and inorganic growth to expand market share. First it bought out Bank of Madurai and then had a reverse merger with parent firm i.e., ICICI limited. Therefore, managing with the technology change was a hurdle for the bank. To overcome this obstacle, ICICI decided to have a strategic partnership with the software vendor i.e., Infosys. That strategic partnership started in 1994 and that close collaboration in 1997 led to many innovations. Getting the benefits during the end Once the problems with the implementation are identifed and corrected via proper planning toolkits, the success and benefits are guaranteed. The major advantage with Finacle was that it was a scalable and open system architecture and this made it a successful implementation. In 2000 only 400, 000 transactions while this figure was more than 2 million in 2005 years so, popularity of the bank drastically increased in only 4 years. The risks associated with people, process and technology was managed and this made ICICI a profitable firm. In 1997, ICICI was the first bank to ensure electronic banking. This made ICICI establish itself as the leader in the e commerce segment. The main advantage of using Finacle was that only 25 % routine transaction take place through branches and remaining through various delivery channels. http://www.infosys.com/finacle/Images/icici_cs_img1.gif Fig: Finacle offering various services in ICICI. Thus, the use of Finacle has helped ICICI in cutting costs and time and managing automatically various transactions that take place on a day to day basis. As shown above, ICICI managed to penetrate into various market segments by the enormous features offered by Fiancle. Today, most of the transactions take place at the bank center by its various distribution channels and not at the branches. CONCLUSIONS After studying the given case, it can be understood that what role the technological advances play in growt A powerful of a bank. A highly scalable and flexible technology platform is essential for organizations to manage growth and compete successfully. Such a software is Finacle. Fiancle, a leading IT Core Banking Solution has helped ICICI achieving its objectives across the network. Though ICICI faced certain problems and challenges in the beginning, they managed to win in the end. Thus, investing in technology helped ICICI get rich dividends. The bank has successfully used the Finacle and has managed to successfully deploy the solution in the areas of core banking, consumer driven e-banking (Electronic B 2 C segment), direct banking, corporate e-banking (Electronic B 2 B segment) and Customer Relationship Management. Thus, Finacle guaranteed flexibility to achieve proper segmentation. This helped ICICI in growing its market and having some edge over the competition. because of its high trust on technology, ICICI Bank is recognized as a leader in the region and has won a large number of awards worldwide for its technology-driven initiatives. The bank has used core technology as a strategic differentiator, thus redefining the rules of banking in India and additionally also showing how technology can do some good in transforming a banks business.

Nurse practitioner scope of practice

Nurse Practitioner Scope of Practice in the United StatesNurse Practitioners are registered nurses who are outstandingly recognized for providing primary care and treating acute and chronic illness and diseases. They acquired practiced skills and experience through advance education and medical training, and are authorized to serve as health and medical care resources and interdisciplinary consultants for diverse populations during health and illness. Nurse Practitioners may be generalists, like family nurse practitioners, or specialists whose areas of expertise include pediatrics, geriatrics, and psychiatry.Nurse Practitioners render a wide range of different types of preventive and clinical services as authorized by a state's Nurse Practice Act that vary from state-to-state in which some allow independent practice for nurse practitioners. In the United States, the state from which a nurse practitioner is practicing gives the nurse practitioner’s license being certified by th e American Nurses Credentialing Center (ANCC). Since the profession is regulated by the state, the extended care-giving role played by Nurse Practitioners varies. Nurse practitioners in the community may be engaged in health maintenance organizations, home health care agencies, public health departments, school or college clinics, and physician’s offices, to mention a few.With increasing demand for primary care services to underserved groups and communities, nurse practitioners are successfully qualified for rendering such service, being fully equipped with appropriate knowledge and training. Standards for practice developed by the American Academy of Nurse Practitioners (1993) provide the specific activities that a nurse practitioner can perform and govern the services granted.In general, regardless of specialty, the scope of services practiced by nurse practitioners is divided into three categories. The first category covers the assessment of health status. This includes ac tivities such as obtaining medical and health record of an individual, performing nursing assessments, and conducting physical examination on patients. Nurse practitioners also perform preventive screening procedures based on the patient’s age and history. Such screening includes those for hearing, sight, and cancer. Identification of medical health risks and requirements is also under the scope of practice of this profession.The second category is the application of suitable diagnosis based on previous examinations and clinical findings. They execute and interpret diagnostic studies such as routine laboratory tests, EKGs and X-rays. Diagnosing, treating, evaluating, and managing minor and common and acute and stable illness and diseases such as injuries, diabetes, and high blood pressure are being employed by nurse practitioners. Also, with proper training or with supervision, they are also allowed to perform minor surgeries and procedures and may be First Assistants in the OR.Central to the care provided by nurse practitioners are the conditions of the patients and the further effect of illness on the lives of the patients and the patients’ relatives. Thus, supportive counseling and educating patients regarding their health behaviors stressing out health promotion and citing preventive measures on illness and diseases are also under the practice of nurse practitioners. Providing prenatal care, conducting well-child screenings and immunizations, prescribing rehabilitation treatments and medications, though limited in some states, are also being practiced. All of these fall under the third category and can be summarized as the management of the case.This further identifies the needs of individual, family or community the assessment and interpretation of data collected.   Evaluation and execution of plan of care are also being stressed in the practice of such profession. Nurse practitioners also establish collaborative working relationship with physicians to provide comprehensive care and refer patients to other health professionals as needed to meet the appropriate health and medical goals.Nurse practitioners with specialization may include other specific activities in their scope of practice in line with their acquired specialty to further serve the target population. For pedriatric nurse practitioner, for instance, one may include the analysis of factors that may affect the child’s growth and development. Studies relating to abnormal and normal development in relation to anatomical, physiological, motor, cognitive, and social behavior of the child may be included in his scope of practice. Women’s health care nurse practitioner may perform fertility counseling and infertility management and may also give prescription and management of birth control pills and diaphragms or provide family planning services.To further improve the scope of practice, there are nurse practitioners that take advance training for c ertain clinical procedures. These procedures which can be accomplished by nurse practitioners with effective training which depends on previous experience and practice limitations of individual state Nurse Practice Acts.The continuing progress to cope with changing health care needs of the society is the responsibility of the nurse practitioners. They unite the role of being a care resource person, counselor and educator, researcher and administrator especially in the field of primary health care.   Members of such profession are liable for the expansion and improvement of the practice of such profession and this can be achieved through involvement and active participation in professional health care organizations and their activities as they ensure that the standards on the scope of practice for nurse practitioners are maintained.ReferencesKozier B., et al. (1998). Fundamentals of Nursing: Concepts, Process and Practice.Addison Wesley Longman, Inc.Nurse Practitioner Scope of Prac tice. (2007). American College of  Ã‚   Nurse Practitioners.    Retrieved 02 December 2007 fromhttp://www.acnpweb.org/i4a/pages/index.cfm?pageid=3465Pulcini J., & Wagner M. (2007). Nurse Practitioner in the United States: A Success   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Story. Retrieved 02 December 2007 from    http://www.aanp.org/NR/rdonlyres/etftrynjxwmtu4xkmt6ttfi5retun5uy2cuh4zwyz  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   dh7yghw2wiei4dne2mth4imdafkhk6uyikihb/051-056%25252ePulcini_new.pdfSherwood G. et al. (2007). Defining Nurse Practitioner Scope of Practice:Expanding Primary Care Services. Journal of Advanced Nursing Practice. Retrieved 02 December 2007 fromhttp://www.ispub.com/ostia/index.xmlFilePath=journals/ijanp/vol1n2/scope.xml

Managerial Finance Essay

You have been at your job with East Coast Yachts for a week now and have decided you need to sign up for the company’s 401(k) plan. Even after your discussion with Sarah Brown, the Bledsoe Financial Services representative, you are still unsure as to which investment option you should choose. Recall that the options available to you are stock in East Coast Yachts, the Bledsoe S&P 500 Index Fund, the Bledsoe Small-Cap Fund, the Bledsoe Large-Company Stock Fund, the Bledsoe Bond Fund, and the Bledsoe Money Market Fund. You have decided that you should invest in a diversified portfolio, with 70 percent of your investment in equity, 25 percent in bonds, and 5 percent in the money market fund. You have also decided to focus your equity investment on large-cap stocks, but you are debating whether to select the S&P 500 Index Fund or the Large-Company Stock Fund. In thinking it over, you understand the basic difference in the two funds. One is a purely passive fund that replicates a widely followed large-cap index, the S&P 500, and has low fees. The other is actively managed with the intention that the skill of the portfolio manager will result in improved performance relative to an index. Fees are higher in the latter fund. You’re just not certain on which way to go, so you ask Dan Ervin, who works in the company’s finance area, for advice. After discussing your concerns, Dan gives you some information comparing the performance of equity mutual funds and the Vanguard 500 Index Fund. The Vanguard 500 is the world’s largest equity index mutual fund. It replicates the S&P 500, and its return is only negligibly different from the S&P 500. Fees are very low. As a result, the Vanguard 500 is essentially identical to the Bledsoe S&P 500 Index Fund offered in the 401(k) plan, but it has been in existence for much longer, so you can study its track record for over two decades. The graph below summarizes Dan’s comments by showing the percentage of equity mutual funds that outperformed the Vanguard 500 Fund over the previous ten years. So for example, from January 1977 to December 1986, almost 70 percent of equity mutual funds outperformed the Vanguard 500. Dan suggests that you study the graph and answer the following questions: 1. What implications do you draw from the graph for mutual fund investors? If I was to draw any implications from the graph for mutual fund investors it would be an expectation that the investors will outperform the market. As with any business the high performers will continue performing and the low performers will be let go. If we were looking at the level of market efficiency it would be expected that mutual funds would outperform the market. It is expected that half of all investors will outperform the market. 2. Is the graph consistent or inconsistent with market efficiency? Explain carefully. I believe that the graph shows consistency with market efficiency, but even the most efficient of markets must be willing to spend on research to outperform the market and even then many investors do not outperform the market. The graph is consistent with market efficiency because if even the highest performers are not outperforming the market, even with high financing, then as would be expected average investors will not be outperforming the market. 3. What investment decision would you make for the equity portion of your 401(k) account? Why? If I was to make an investment decision based on the equity portion of this 401K plan I would choose to invest in the S&P 500 index. There should also be investments made in small cap funds as this will help diversify the portfolio. Small cap funds however are not available as an option so the S&P 500 would be the best choice as an investment decision.

The Pride and Prejudice of Men and Women - 813 Words

Love is inconceivably the most confusing concept ever. Some love, simple, or not love at all, is easily achieved, while true-love is very hard to obtain. It is most certainly, at its best, described in Jane Austin’s â€Å"Pride and Prejudice†. One can most likely name a few ways love comes about, that is, â€Å"true-love† or the want to truly be with one, financial stability, and social acceptance. It is most desirable to seek â€Å"true-love†, but is seldom ever found, and when it is, the path in which comes before it will not be a smooth one. If one desires a smooth path, riches, and rise in social rank, one only needs to look no further than a rich man in need of a wife. First we meet Elizabeth and Darcy, Elizabeth being from a middle-class family†¦show more content†¦Simple and easy is all that is, Charlotte wants an easy life, Collins needs a wife. 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