CS507 - 1st Assignment's Solution

SOLUTION:

Role of Information System in:

Finance

Information system accumulated and analyzes financial data in order to make a good financial management decisions in running the business smoothly. The basic objective of the financial information system is to meet the firm's financial obligations as they come due, using the minimal amount of financial resources consistent with an established margin of safety. Outputs generated by the system include accounting reports, operating and capital budgets, working capital reports, cash flow forecast, and various What-If Analysis reports. The evaluation of financial data may be performed through ratio analysis, trend evaluation, and financial planning modeling. Financial planning and forecasting are facilitated if used in conjunction with a Decision Support System (DSS).

· Marketing

Marketing Information System is a routine, planned, gathering, sorting, storage and retrieval system for market information relevant to the operation of a particular business.

Most except the largest businesses do not have much of a marketing information system, if at all, with executives perhaps relying on reading a few trade publications and the monthly reports of their staff.

As far as I am aware you cannot buy a ready made marketing information system suitable for any market, rather you have to organize your own, specific to your markets, your staff and your decision needs.

The more volatile your markets, the more your organization wishes to get ahead of the pack, the more you wish to be a winner, the more you are able to respond to emerging opportunities or threats faster than your competition, the more you could perhaps benefit if you organized the routine gathering of up to date pertinent market information from within and without your organization so that it is to hand, to warn, and to present opportunities to your organization.

· Production & Operation

The mechanisms by which information technology (IT) creates business value have been debated for over 40 years, starting with Leavitt and Whistler (1958). This paper examines one way in which IT creates value by complementing or substituting for other production inputs. For early IT applications, the value was generally viewed in terms of labor substitution; by using computers an organization could automate data storage and retrieval, conduct routine transaction processing and improve organizational communications. This reduces the need for file clerks, accountants and even middle managers, who traditionally performed those functions. Later, massive computerization of factories and equipment-intensive service operations (e.g., package delivery, air transport) created value by substituting capital.

For example, computer-based scheduling and routing enabled transport vehicles to be used more effectively, reducing the need to expand fleets. Manufacturing automation systems boosted efficiency and utilization of existing facilities, permitting slower construction of new plants. Innovations in utilizing

information for supply chain management have made possible substantial reductions in raw materials and finished goods inventories.

· Human Resource Management

The Human Resource Information System (HRIS) is a software or online solution for the data entry, data tracking, and data information needs of the Human Resources, payroll, management, and accounting functions within a business. Normally packaged as a data base, hundreds of companies sell some form of HRIS and every HRIS has different capabilities. Pick your HRIS carefully based on the capabilities you need in your company.

Typically, the better The Human Resource Information Systems (HRIS) provide overall:

Management of all employee information. Reporting and analysis of employee information. Company-related documents such as employee handbooks, emergency evacuation procedures, and safety guidelines. Benefits administration including enrollment, status changes, and personal information updating. Complete integration with payroll and other company financial software and accounting systems.

Applicant and resume management.

The HRIS that most effectively serves companies tracks:

• Attendance and PTO use,
• Pay raises and history,
• Pay grades and positions held,
• Performance development plans,
• Training received,
• Disciplinary action received,
• Personal employee information, and occasionally,
• Management and key employee succession plans,
• High potential employee identification, and
• Applicant tracking, interviewing, and selection.

An effective HRIS provides information on just about anything the company needs to track and analyze about employees, former employees, and applicants. Your company will need to select a Human Resources Information System and customize it to meet your needs.

With an appropriate HRIS, Human Resources staff enables employees to do their own benefits updates and address changes, thus freeing HR staff for more strategic functions. Additionally, data necessary for employee management, knowledge development, career growth and development, and equal treatment is facilitated. Finally, managers can access the information they need to legally, ethically, and effectively support the success of their reporting employees.

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